source: techcrunch ai: spacex ipo: live updates on everything you need to know
level: business
spacex shares opened at $150 on the nasdaq, an 11% increase from the ipo price, and closed at $160.95, up 19%. the company sold 555.6 million shares at $135 each, raising $75 billion. this makes it the largest ipo in history. heavy trading volume followed, with robinhood reporting record traffic on its platform. elon musk, who holds about 85.1% voting power, became the world's first trillionaire on paper due to the ipo.
the s-1 filing revealed spacex lost $4.9 billion on $18 billion in revenue in 2025, with total losses exceeding $37 billion since inception. starlink satellite internet dominates the business. the filing also highlighted ai bets through its xai division and starship development. new language warned of potential future dilution, fueling speculation about a tesla merger after coo gwynne shotwell said a merger might simplify musk's life. pre-ipo deals included compute leases to anthropic for $1.25 billion per month and google for $920 million per month.
banks earned about $500 million in fees, with goldman sachs and morgan stanley as lead underwriters. about 4,400 spacex employees could become millionaires. musk's control remains strong with over 50% voting power, described as a monarchical grip. spv investors face hidden fees and payout delays. the ipo's size and musk's influence have drawn widespread attention, with ongoing updates on share performance and implications for the tech industry.
why it matters: the spacex ipo demonstrates how ai and satellite businesses can drive massive public market valuations, affecting investment strategies and tech industry power dynamics.
source: techcrunch ai: spacex ipo: live updates on everything you need to know