How big is the SpaceX IPO?

SpaceX priced its IPO at $135 per share on June 3, 2026, valuing the company at $1.77 trillion assuming the EchoStar spectrum and Cursor transactions close. This makes SPCX the largest IPO in history by both valuation and proceeds raised, surpassing Saudi Aramco's December 2019 IPO ($1.7T valuation, $25.6B raised). SPCX begins trading on Nasdaq on June 11, 2026.

Is the SpaceX IPO actually bigger than Saudi Aramco's?

Yes, on both dimensions. Saudi Aramco priced at $1.7 trillion in December 2019 and raised $25.6 billion. SpaceX prices at $1.77 trillion (4% higher) and reports suggest proceeds could exceed $30 billion in the upsized scenario. SpaceX would become the seventh-largest U.S. company by market cap on day one, ahead of Berkshire Hathaway and Tesla.

Should retail investors buy SPCX on the IPO?

Mixed verdict. Bull case: SpaceX is the dominant launch provider (95%+ of US launch mass to orbit), Starlink has 8M+ subscribers, and Starship enables a new TAM (point-to-point, lunar, Mars). Bear case: $1.77T values SPCX at 94x trailing sales, Musk's super-voting control limits governance, and there's a $41.3B accumulated deficit. For long-term holders who believe in space economy, dollar-cost average in over months — don't FOMO into the open.

Why is SpaceX going public in 2026?

Three reasons. First, employee liquidity — early SpaceX engineers have illiquid stock that's now worth hundreds of millions, and Musk needs to give them an exit. Second, financing Starship — Mars colonization economics require public-market capital, not private rounds. Third, currency for M&A — SPCX stock can be used to acquire Cursor ($60B deal already announced), EchoStar spectrum, and other strategic assets. Public stock is more flexible M&A currency than private equity.

Quick Answer

SpaceX IPO $1.77T: Biggest Ever, Bigger Than Saudi Aramco 2019

Published: June 9, 2026

SpaceX IPO at $1.77 Trillion: The Largest IPO in History

SpaceX prices SPCX at $135 per share, $1.77 trillion valuation, biggest IPO ever. Trading begins on Nasdaq on June 11, 2026. Bigger than Saudi Aramco’s 2019 record ($1.7T) on both valuation and dollar proceeds. Here’s the breakdown.

Last verified: June 9, 2026

TL;DR

Metric	SpaceX (June 11, 2026)	Saudi Aramco (Dec 2019)
Valuation	$1.77 trillion	$1.7 trillion
Share price	$135	$8.53 (32 SAR)
Ticker	SPCX (Nasdaq)	2222.SR (Tadawul)
Proceeds (est)	$30B+ (upsized)	$25.6 billion
Float (% of company)	~2–3%	1.5%
Lead underwriters	Goldman Sachs, JPMorgan, Morgan Stanley	Samba, NCB, etc.
Major holders post-IPO	Elon Musk (super-vote), employees, Founders Fund	Saudi government

What you’re actually buying

SpaceX revenue streams (2025 actual)

Segment	Estimated revenue	Growth
Starlink	~$12B	60%+ YoY
Launch services	~$4B	30%+ YoY
Government contracts (NSSL, NASA)	~$3B	Stable
Cursor (pending close)	New	New
EchoStar spectrum (pending close)	New	New

Total ~$19B in 2025, with consensus 2026 estimates of $28–32B post-Cursor and post-spectrum.

What makes the moat

Reusable Falcon 9 — drove cost per kg to orbit down ~10x since 2015
Starship — operational Starship enables an order-of-magnitude further cost reduction
Starlink — 8M+ subscribers, growing 60%+ YoY, profitable at the unit level
U.S. national security customer lock-in — DoD, NRO, NSSL contracts
Cursor acquisition ($60B) — AI coding revenue line stapled on
EchoStar spectrum — turns Starlink into a real consumer cellular play

The valuation math

At $135/share and $1.77T, SPCX trades at:

Multiple	Value	Comparable
P/S (trailing)	94x	Rocket Lab 131x, Microsoft ~13x
EV/Revenue (forward)	~60x	High but not record-breaking
Implied 2030 revenue	$80–120B	Aggressive but plausible

Forbes flagged the 94x P/S ratio explicitly: SPCX is cheap relative to Rocket Lab, expensive relative to mature tech. The bull thesis requires Starship economics to work.

Tim Cook, Elon Musk, and the WWDC week timing

SpaceX timing the IPO during WWDC 2026 week (Apple’s conference) is widely seen as deliberate brand positioning — bookending Cook’s farewell with Musk’s biggest financial event. Musk gets the news cycle on Wednesday June 10 (last day of WWDC) and the trading open on Thursday June 11.

Risks

1. Concentrated Musk control

Musk retains super-voting shares. SPCX investors get the financial upside but minimal governance leverage. This is OpenAI-style structure but more extreme.

2. Accumulated deficit of $41.3B

SpaceX has burned $41.3B cumulatively. Forward profitability depends on Starlink and Starship.

3. Starship execution risk

Mars and lunar economics require Starship to work at scale. Each Starship test launch is a binary event for the long-term thesis.

4. Geopolitical risk

Starlink in war zones (Ukraine, Israel, Taiwan) creates US national security entanglements. SpaceX is now an instrument of US power, with all the regulatory and PR exposure that brings.

5. Cursor integration

$60B for an AI coding company is bold. Integration risk is real — Cursor’s culture and SpaceX’s culture don’t obviously mesh.

How retail can buy in

Method	Pros	Cons
IPO allocation via Robinhood, SoFi, Public	Get IPO price	Allocations heavily oversubscribed; you may not get any
Buy on the open June 11	Guaranteed fill	Probably premium to IPO price
Wait for first earnings (Q3 2026)	Real numbers, post-pop calm	Miss the early run if it works
Pre-IPO via prediction markets	Already trading at implied $2T+	Closes at IPO

Most experienced investors will dollar-cost average over the first 30–90 days rather than slamming in at open.

How SPCX compares to the OpenAI / Anthropic IPO speculation

	SpaceX (SPCX)	OpenAI (rumored 2027+)	Anthropic (rumored Oct 2026)
Valuation	$1.77T (live)	$852B (private last round)	$965B (private last round)
IPO date	June 11, 2026	TBD 2027+	Rumored Oct 2026
Cash flow status	Cash flowing in 2025	Heavy burn	Heavy burn
Governance	Musk super-vote	Non-profit overlay	Public-benefit corp

SpaceX is the first frontier-tech IPO of the wave. If SPCX pops, OpenAI and Anthropic will accelerate. If SPCX flops, both will delay.

Sources

CNBC: “SpaceX targets $135 IPO price at valuation of $1.77 trillion” (June 3, 2026)
The New York Times: “SpaceX IPO to Be Largest Ever at $135 Share Price” (June 3, 2026)
Forbes: “SpaceX IPO: 8 Things To Know Before It Goes Public”
CNBC: SpaceX (SPCX) IPO live updates (May 20, 2026)
Zacks: SpaceX IPO 2026 Guide
SpaceX S-1 prospectus filed with the SEC (May 20, 2026)