SpaceX has priced its highly anticipated IPO last night at $135 per share, raising approximately $75 billion by selling around 556 million shares.

This marks the largest IPO in history by amount raised - more than double the previous record set by Saudi Aramco.

The company is valued at $1.75 trillion, or roughly 95 times trailing revenue, despite reporting significant losses.

SpaceX posted a $4.9 billion net loss in 2025 and another $4.3 billion in the first quarter of 2026, with accumulated losses exceeding $41 billion since inception.

The company turned profitable in 2024 with roughly $800 million in profit but swung to large losses after absorbing xAI, which burns about $2.5 billion per quarter.

Starlink remains the standout business, generating the majority of revenue with over 12 million subscribers across 160 countries and strong recurring profitability.

Recent deals with Anthropic and Google to rent Colossus supercomputing capacity are expected to add roughly $26 billion in annual run-rate revenue, though the contracts include 90-day termination clauses.

SpaceX also holds an option to acquire Cursor for $60 billion this year, which could further boost projected revenue.

Governance concerns have surfaced because Elon Musk controls 82% of voting power through dual-class shares while owning about 42% of the equity.

The company filed as a "controlled company," exempting it from certain NASDAQ independence requirements, drawing criticism from major investors like CalPERS.

Prediction markets currently show a 56% chance of a SpaceX-Tesla merger by 2027.

Funds Skipping or Strongly Opposing SpaceX IPO ($SPCX):

**US Funds:**
- **CalPERS** ($573B AUM) - Strongly opposes governance, sent critical letter.
- **New York State Common Retirement Fund** - Joined CalPERS in demanding changes.
- **New York City Public Pension Systems** - Part of the joint US pension letter criticizing 'unfireable' CEO structure.

**European Funds:**
- **AkademikerPension (Denmark)** - Officially **blacklisted** SpaceX; will not buy in IPO or secondary market (overvaluation + catastrophic governance).
- **Railpen (UK)** - Joined critical investor letter against governance.

**Other notes:** Many European ESG/Sustainability funds are restricted or avoiding it due to governance rules. Norges Bank (Norway) is still assessing.

I consider SpaceX to be a company that will influence an entire generation, but I believe its market valuation is overvalued, and I recommend waiting to see how the stock price develops after the IPO.

I think that everyone who owns pre-IPO shares will probably want to sell them now to make a profit.

Of course, this is not investment advice, I am neither an advisor nor an investor-it's just my perspective :-)

The shares are expected to begin trading today under the ticker $SPCX.