Elon Musk’s space and artificial intelligence giant SpaceX has raised a staggering US$75 billion (RM318 billion) ahead of its highly anticipated stock market debut, setting the stage for what is expected to become the largest and most valuable public listing in history.
According to a filing with the US Securities and Exchange Commission (SEC), the company sold shares at US$135 each, matching the valuation estimate announced last week.
The fundraising exercise places SpaceX’s anticipated market value at nearly US$1.8 trillion, instantly making it one of the world’s most valuable publicly traded companies if shares open at or above the offering price.
The listing is also expected to further cement the wealth of SpaceX chief executive Elon Musk, who is already the world’s richest person. Analysts believe the valuation could place Musk on track to become the first individual in history with a net worth exceeding US$1 trillion.
Once trading begins on the technology-focused Nasdaq, the share price will be determined by market demand, meaning the company’s valuation could rise significantly if investor appetite remains strong.
Interest in SpaceX shares has been exceptionally high among both institutional investors and retail traders, reflecting confidence in the company’s leadership in space exploration, satellite communications and artificial intelligence.
Several analysts have already projected a higher valuation. Global brokerage Oppenheimer recently suggested SpaceX shares could climb to as much as US$190 per share after listing.
The company’s remarkable rise has drawn attention across the technology sector. The public debut is being closely watched as a benchmark for other highly valued private firms, including Anthropic and OpenAI, both of which are reportedly preparing for future stock market listings.
Former SpaceX executive Tom Mueller, who became the company’s first employee and now leads Impulse Space, described the journey as extraordinary.
Reflecting on SpaceX’s early years, Mueller recalled the challenges of developing rocket engines, failed launches and technical setbacks before the company finally achieved a successful orbital mission in 2008.
“It has been an incredible ride,” he said.
Despite becoming a public company, Musk is expected to retain overwhelming control over SpaceX. Through a dual-class share structure, he will reportedly control more than 84 per cent of voting rights while holding roughly 40 per cent of the company’s equity.
The arrangement gives Musk significantly greater influence than many other technology founders and will allow him to maintain control over major corporate decisions even as the company expands its shareholder base.
Corporate governance experts have noted that such concentrated control may present risks for investors, particularly regarding future acquisitions, executive compensation and transactions involving Musk’s other companies.
SpaceX has already expanded beyond aerospace, recently acquiring Musk’s artificial intelligence venture xAI, which previously completed the acquisition of social media platform X, formerly known as Twitter.
As investors prepare for the company’s market debut, SpaceX’s listing is widely expected to become one of the most closely watched events in financial history, potentially reshaping the global technology and investment landscape.
