SpaceX debuts at $1.75tn; analysts divided on Musk control

SpaceX began trading on June 12 after an initial public offering that was priced to raise $75 billion and set a $1.75 trillion valuation. The offering opened roughly 30% of the float to retail investors, while existing shareholders face lock-up restrictions that limit early selling.

Elon Musk will hold about 42% of the company’s equity and Class B super-voting shares that give him roughly 85% of total voting power. That voting split gives Musk control over shareholder votes despite owning a minority of the equity.

SpaceX reported that Starlink, its satellite internet division, served more than 9 million users last year and produced $15 billion to $16 billion in revenue with about $4.4 billion in operating income. The company’s artificial intelligence unit, xAI, recorded $818 million in revenue in the first quarter of 2026 and posted losses approaching $2.5 billion over the same period.

Morningstar estimated a fair value for SpaceX near $780 billion. David Morrison, senior market analyst at Trade Nation, called the IPO “overvalued” and warned investors they were “paying too much on the opening basis.” He described the voting arrangement as making shareholder influence “an impossibility” and added, “It’s his company now.”

Market participants expect a strong opening-day rally, a common outcome for large, high-profile listings, but note that sustaining elevated prices has been difficult for comparable debuts. Investors are watching the strength of the U.S. dollar and overall valuations in U.S. technology stocks as the year progresses.

SpaceX holds substantial government and defense contracts, and Starlink provides connectivity services used in aviation. The combination of commercial services and national security work has raised questions about how those activities will operate under public ownership.

The listing follows the company’s expansion from a launch vehicle maker into businesses including satellite internet, defense services and advanced artificial intelligence research.