SpaceX lists on Nasdaq under ticker SPCX in largest IPO ever
In brief
- SpaceX IPO priced at $135 per share, raised $75 billion, surpassing Saudi Aramco's record
- Elon Musk retains super-voting control, limiting public shareholders' voting power
- Starlink satellite internet division justifies 94x sales multiple and future profitability
The Deal
Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase served as underwriters for the historic offering. SpaceX had filed its SEC prospectus publicly around May 20, following a confidential submission in April. Elon Musk and SpaceX President and COO Gwynne Shotwell rang the Nasdaq opening bell to mark the occasion.
The structure of the offering carries a critical caveat. Musk retains super-voting control of the company, meaning public shareholders get economic exposure but limited say in corporate direction. This arrangement preserves Musk's ability to steer the company's long-term strategy without board interference.
Valuation and Market Positioning
SpaceX reported over $18.67 billion in revenue for 2025. The company's trailing sales multiple sits at approximately 94x—a premium typically reserved for high-growth technology plays. Justification for that valuation comes largely from Starlink, the satellite internet division that's expected to be the company's profitability engine. As Starlink scales globally, it positions SpaceX to transition from a capital-intensive aerospace contractor into a recurring-revenue software and services business.
SpaceX is now a strong candidate for rapid inclusion in major indices like the Nasdaq 100. Inclusion in major indices would trigger automatic buying from every index fund and ETF that tracks those benchmarks, potentially reshaping how institutional capital flows into the company.
Implications for Crypto-Native Strategies
SpaceX's prospectus contains no mention of digital asset strategies, Bitcoin treasury reserves, or tokenization plans. Yet prior to the listing, some tokenized vehicles had already launched, offering fractional exposure to SpaceX through structured products on chains like BNB. The contrast is stark: real equity access now flows through traditional brokerages at scale, while synthetic tokens occupy an increasingly marginal role.
The IPO signals a broader shift in how capital markets integrate with blockchain infrastructure. Institutional-grade exposure to mega-cap growth stories no longer requires tokenization—traditional rails have become fast, accessible, and regulated.
