SpaceX opened for public trading on June 12 at $135 per share, valuing the aerospace company at $1.75 trillion on its first day. The pricing makes it the largest debut valuation in U.S. capital markets history, surpassing Meta's $104 billion opening in 2012 by a factor of sixteen.

The company priced its initial public offering at the top of its indicated range after institutional demand exceeded the float by 8.2 times, according to lead underwriters Morgan Stanley and Goldman Sachs. SpaceX sold 12.96 billion shares in the offering, raising approximately $1.75 trillion in gross proceeds before fees. The float represents 22 percent of total outstanding shares, with Elon Musk retaining a 43 percent stake valued at $752 billion at the opening price. Trading volume in the first four hours reached 287 million shares, triple the anticipated day-one liquidity.

The valuation assigns SpaceX a market capitalization larger than the combined value of Boeing, Lockheed Martin, Northrop Grumman, and Raytheon Technologies—$487 billion in aggregate as of June 11 close. It also positions the company as the fifth-largest publicly traded entity in the U.S., behind Apple, Microsoft, Alphabet, and Amazon. The pricing implies a revenue multiple of 47x on SpaceX's trailing twelve-month sales of $37 billion, compared to Boeing's 1.1x and Lockheed's 1.8x. The delta reflects investor appetite for the company's Starlink satellite constellation, which generated $19 billion in subscription revenue in the past year, and its Starship heavy-lift platform, which holds $14 billion in contracted NASA and Department of Defense missions through 2027.

Allocators now face a structural question: whether aerospace defense primes re-rate upward to narrow the valuation gap, or whether SpaceX's multiple compresses as public-market discipline replaces private-market momentum. The IPO also unlocks $752 billion in on-paper wealth for Musk, whose Tesla holdings were valued at $218 billion as of June 11. That combined $970 billion position creates concentration risk for funds holding both equities, particularly in momentum and growth strategies where SpaceX is likely to enter the Nasdaq-100 index within 90 days of the IPO.

Watch for the first quarterly earnings call, expected in mid-September, where management will disclose Starlink subscriber growth and Starship launch cadence. The company has indicated it expects to fly 24 Starship missions in the second half of 2025, up from 11 in the first half. Any delay in that schedule will pressure the stock's implied growth assumptions. Index inclusion timing from Nasdaq will also matter—if SpaceX enters the Nasdaq-100 before the September rebalance, passive inflows could add $180 billion in buying pressure over a two-week window.

The IPO closed its first day at $142, up 5.2 percent from the opening print, on volume of 1.1 billion shares.