The history of the corporate world has been rewritten. Elon Musk's SpaceX has officially set the price for its shares as part of the largest Initial Public Offering (IPO) in US history. The manufacturer of rockets and satellite systems has now joined the elite of the world's most valuable corporations, leaving even the giants of the oil industry behind.
Figures changing the market landscape
On the last trading day, the price of one SpaceX share was fixed at $135. This decision allowed the company to raise a colossal $75 billion. More than 555 million securities were put on the market, bringing the giant's market capitalization to the level of $1.77 trillion.
This is an absolute record. Musk surpassed the oil giant Saudi Aramco, which raised $25.6 billion in 2019. The scale of the SpaceX offering is so large that the company's valuation could grow even more over the next month.
Seventh place in the US and overtaking competitors
When trading on the Nasdaq officially starts on Friday, SpaceX will take seventh place among the largest public companies in the US. This result surprises analysts: as recently as last year, the company was unprofitable. Nevertheless, it was valued higher than JPMorgan Chase or Mark Zuckerberg's Meta. Notably, SpaceX even surpassed Musk's own company — Tesla.
"The real test will be how the market perceives the IPO over the next few weeks, not just one day," noted Adam Sarhan, CEO of 50 Park Investments in New York.
Musk's strategy: challenging Wall Street traditions
Elon Musk has once again ignored established Wall Street traditions. He allocated 30% of the shares specifically for retail investors — small buyers. This is unusually high, as banks usually prefer large funds. This move created the necessary dynamism: retail investors are actively buying up the securities.
Moreover, Musk has retained total control over the business. Even after the IPO, he will own 82% of the voting rights in SpaceX.
"SpaceX pricing is truly in uncharted territory. I have never seen a price announced rather than through the usual order-based pricing process," emphasized Rick Meckler, partner at Cherry Lane Investments.
Growth drivers and risks
Currently, Elon Musk's main source of income is not rocketry, but the Starlink satellite internet. The network is already operating in 164 countries, serving millions of users — from individuals to governments and armies. In addition to space, the company is actively developing the xAI artificial intelligence. Musk is confident that the combination of space data and computing power will give him a strategic advantage over competitors. It has also been reported that SpaceX may launch its own production of graphics processors for AI, which will add a significant amount to the founder's coffers.
However, not all experts are optimistic. The main risk is cited as dependence on government contracts.
"Financial forecasts are uncertain due to dependence on a large number of government contracts. People who buy shares are buying the future and fleeing Earth, not investing in the current company," believes Kim Forrest, Chief Investment Officer at Bokeh Capital Partners.
Market expectations
The market is eagerly awaiting the upcoming trading day. Most IPOs show a return of 10-15%. If SpaceX shares soar by 50%, it will be a sign of real hype. It is important to remember that although Elon Musk's capital exceeds the annual GDP of 125 countries, this money does not lie in a bank account. This is the value of assets, which can rise and fall, but the success of the SpaceX IPO could significantly increase his personal fortune.