SpaceX’s stock market debut has rapidly transformed from a historic IPO into a broader financial and strategic reshaping of Elon Musk’s space and AI empire, raising questions about how far investors’ enthusiasm can stretch.

On June 11–12, SpaceX priced 555.6 million shares at $135, raising $75 billion in what TechCrunch called “the largest IPO in history,” which also “turn[ed] Musk into the world’s first trillionaire.”¹ The deal ultimately swelled to $85.7 billion raised as underwriters exercised additional options, and the company opened on Nasdaq at $150, an 11% pop, before closing its first day at $160.95, up 19%.¹

In the days that followed, trading remained intense. TechCrunch reported that on its first full day of trading, SpaceX shares climbed more than 15% to $186.15 amid “record-breaking traffic” at retail broker Robinhood.² The Financial Times noted that the stock “climbs 10% on Monday,” marking a second straight day of gains after the “blockbuster debut.”³ Another FT piece underscored how the listing has turned Musk into “Wall Street’s New Roll-Up Artist,” arguing that the IPO gives the now‑trillionaire “even more firepower for acquisitions.”⁴

Wall Street banks have emerged as early winners. TechCrunch estimated about $500 million in underwriting fees, with Goldman Sachs and Morgan Stanley among “the big winners.”² A Goldman-branded package framed SpaceX as “redefining industries on Earth and aiming to create new ones beyond it” while celebrating the $75 billion IPO.Elon Musk (elonmusk)⁵ Nasdaq highlighted that SpaceX “raised a record $85.7B in capital, hit a $2.1T market cap, and traded 500M+ shares on its first day.”Elon Musk (elonmusk)⁶

From inside the company and its fan base, the mood has been celebratory and nostalgic. One widely shared post marveled that the “little company (@SpaceX) that started in a warehouse in El Segundo is now going public with the largest IPO ever,” which Musk reposted to his followers.Elon Musk (elonmusk)⁷ In another viral anecdote, a SpaceX welder who accumulated stock over a decade was said to have “just become a millionaire” after the IPO.Elon Musk (elonmusk)⁸

Yet the record‑setting debut has quickly been followed by even more ambitious financial moves. The Financial Times reports that SpaceX is already “plot[ting] $20bn bond deal after record IPO,” signaling an aggressive expansion strategy funded by both equity and debt markets.⁹

As public investors, employees‑turned‑millionaires, and global banks all lay claim to SpaceX’s success, analysts are now debating whether a company priced for multi‑trillion‑dollar futures in rockets, satellites, and AI can meet the towering expectations embedded in its historic IPO.