SpaceX IPO Raised $85.7 Billion After Greenshoe Option Fully Exercised

SpaceX has raised a total of $85.7 billion in its initial public offering on the Nasdaq, after underwriters exercised a greenshoe option in full, adding $10 billion to the original $75 billion haul. The figure, confirmed on Sunday, makes the rocket company’s debut the largest IPO in stock market history.

The greenshoe—formally known as an over-allotment option—allowed underwriters to purchase an additional 83.3 million shares directly from SpaceX, bringing the total capital raised well above what markets had initially understood. At $135 per share, the offering valued the company at $1.8 trillion, a staggering sum for a firm that remains unprofitable but commands enormous investor confidence in its long-term trajectory.

By the close of its first full trading day, SpaceX shares had surged past $184, a gain of more than 14 per cent. The rally pushed Elon Musk’s personal fortune to levels sufficient for Bloomberg to declare him a trillionaire—though the designation is almost entirely theoretical, given that his wealth is concentrated in SpaceX equity and fluctuates with the share price.

The proceeds will fund what SpaceX describes as a “significant growth phase,” encompassing the continued development of its Starship launch vehicle, expansion of its Starlink satellite constellation, and investment in artificial intelligence applications for autonomous space operations. The company has positioned itself as both a launch provider and a communications infrastructure business, a dual identity that appears to have resonated strongly with institutional investors.

Analysts, however, have struck a cautious tone. The sky-high valuation leaves little room for execution errors, and the commercial space sector is becoming increasingly crowded. Regulatory scrutiny—particularly around orbital debris and spectrum allocation—poses additional headwinds. The question now is whether SpaceX can convert its record-breaking capital raise into the kind of sustained revenue growth that justifies a $1.8 trillion price tag.

The IPO also carries broader implications for capital markets. A listing of this scale tests the depth of public market appetite for technology-heavy, capital-intensive businesses that have traditionally relied on private funding. If SpaceX’s post-IPO performance holds, it could embolden other venture-backed companies to pursue public listings at valuations that would have been unthinkable a decade ago.

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