SpaceX has entered the public markets.

Following one of the most eagerly awaited and debated initial public offerings in recent history, Elon Musk's rocket company commenced trading on the Nasdaq exchange on June 12 at a set price of $135 per share, even as many individual buyers are expected to pay significantly more.

This listing stands out for several key factors. SpaceX aims to secure $75 billion through the SPCX ticker, potentially marking the biggest IPO ever. Elon Musk, who also leads Tesla valued at over a trillion dollars, will retain control with 85 percent of the voting shares, positioning him to become the first trillionaire globally. However, everyday investors might find access limited since demand has exceeded available shares by more than four times according to recent reports.

The strong interest highlights enthusiasm for SpaceX's goals. The firm manages about 82 percent of American space launches and nearly 50 percent of the worldwide commercial space sector. Its Starlink satellite internet service has proven highly profitable, surpassing 10 million users worldwide earlier this year.

Earlier this year, SpaceX reached a valuation of $1.25 trillion following its combination with xAI, Musk's artificial intelligence firm that includes ownership of X.com, the former Twitter. This merger places the entry price at a record level, though Musk undertook the combination at considerable personal and corporate expense.

Preparations began in May with SpaceX submitting its S-1 filing to the Securities and Exchange Commission. The document outlined ambitions for additional rocket missions, establishing a lasting human presence on Mars, and developing orbital data centers to support AI operations. As is characteristic of Musk's approach, many of these objectives appear highly ambitious.

The filing also disclosed various instances of Musk benefiting through related-party transactions. Tesla holds nearly 19 million shares of SpaceX Class A stock, representing under 1 percent of total shares. After the February merger of xAI into SpaceX, Tesla's interest in xAI converted accordingly. SpaceX purchases vehicles and energy products from Tesla while providing office space to the Boring Company. Musk is identified as a potential risk due to possible competition from his other ventures for key resources.

SpaceX continues to operate at a loss. It reported a deficit of approximately $4.9 billion for 2025 and additional billions in the initial quarter of 2026, driven primarily by investments in large-scale AI infrastructure. At the current rate of expenditure, the funds from the IPO may be depleted in about 2.5 years.

Even without direct purchase, ownership could occur indirectly. Recent adjustments to Nasdaq rules permit large firms to join the Nasdaq 100 index after only 15 trading days rather than awaiting the yearly update. Consequently, major exchange-traded funds may need to acquire substantial amounts of SpaceX shares soon after the debut.