Key takeaways
- SpaceX raised $75 billion in the largest initial public offering (IPO) on record, opening SPCX at $150 on June 12, 2026.
- Elon Musk’s net worth has surpassed $1.1 trillion, making him the first individual to reach billionaire status.
- Starlink generated $1.19 billion in operating profit in the first quarter, but SpaceX’s artificial intelligence (AI) unit burned through $2.47 billion during the same period.
Record increase, record wealth
The company priced 555.56 million shares at $135 each on June 11, raising $75 billion in a primary offering that more than doubled Saudi Aramco’s increase in 2019. When the stock opened at $150 on the Nasdaq under the ticker SPCX on June 12, the calculations on founder Elon Musk’s net worth immediately changed.
Around noon, Elon MuskIt is bet had added about $188 billion in value. Forbes put his total net worth at around $1.1 trillion. Bloomberg’s tracker landed in a similar range. Musk became the first in the world verified billionairecrossing a threshold that no estimate of individual wealth had crossed before.
Its stake in SpaceX is nearly 38%, covering about 6.4 billion shares, including options. Tesla, Neuralink, xAI and The Boring Company round out the rest of its holdings, but SpaceX’s opening pop was the make-or-break move.
How Stocks Trade
SPCX opened at $150 and moved quickly. In 30 minutes, the stock was trading at nearly $165. It hit an intraday high of $176.45, up about 30.7% from the IPO price. Volume reached approximately 475.8 million shares, reflecting strong institutional and retail participation.
As of 3:45 p.m. ET, the stock had cooled to around $159, still up 17.8% from the offering price. The disappearance of the woodpecker was expected. Profit-taking and increased stock supply after the opening frenzy typically compress first-day gains in major listings.
Retail investors received an allocation of 22.5%, an unusually high figure for an offering of this size.
What Financial Data Really Shows
SpaceX reported revenue of about $18.7 billion for the full year and a net loss of $4.9 billion in its most recent fiscal year. In the first quarter alone, the company reported an operating loss of $1.94 billion on revenue of $4.69 billion.
Starlink is the only division to produce the income statement. SpaceX’s connectivity segment generated an operating profit of $1.19 billion in the first quarter, making it the only profitable unit on the record.
The AI division tells a different story. It generated $818 million in revenue in the first quarter, compared to $2.47 billion in losses, and accounted for 76% of the company’s $10.1 billion in capital expenditures in the first quarter. Investors are funding a bet on future dominance in launch, satellite connectivity, defense and orbital AI infrastructure, not a bottom line profit story.
What this means for markets
JPMorgan data showed that hedge funds reduced their exposure to top U.S. technology stocks ahead of the IPO. Some institutional capital was removed from Magnificent Seven positions to free up space for SPCX. This makes the start a wider market liquidity event, not just a SpaceX milestone.
SpaceX is now among the most valuable public companies in the United States after just one trading session. The valuation is based on Star link‘s recurring revenue, dominance of reusable rockets, NASA and commercial contracts, and long-term plans for Mars and space infrastructure.
What comes next
Friday was the crowning moment of the markets. The toughest test begins now: whether Starlink’s profits and leadership can grow fast enough to justify a $2 trillion-plus valuation as the AI division continues to consume capital at a pace that would strain most balance sheets.
Musk’s net worth, now officially in the 13-figure region, will move with the stock. Paper wealth based on stock prices can change quickly. The upcoming earnings report will give investors a first look at whether the filed numbers are trending in the right direction.
