SpaceX Raises $75B in Record IPO, Trades on Nasdaq Friday

SpaceX raised $75 billion in its initial public offering, setting a record for the largest IPO in history. The company sold 555.6 million shares at $135 each. Shares will begin trading on the Nasdaq on Friday under the ticker SPCX.

The offering values SpaceX at about $1.77 trillion, CNBC reported. That makes it the seventh-most valuable company in the US and puts its market capitalization ahead of Tesla, the electric vehicle maker also led by Elon Musk.

Revenue rose 33% last year to $18.67 billion, according to the prospectus filed with the Securities and Exchange Commission. Capital expenditures hit $10.1 billion in the first quarter of this year. The bulk of that spending went toward artificial intelligence technologies, the company said.

The previous record for a global IPO belonged to Saudi Aramco, which raised $25.6 billion in 2019. SpaceX's offering is nearly three times that size.

The $135 share price and $1.77 trillion valuation will face their first test when trading opens. Analysts and investors will watch for volume and price stability after the largest-ever equity offering.