#SpaceXIPOAttractsOver250BillionInOrders

SpaceX has officially entered public markets with one of the most remarkable IPOs ever witnessed, marking a defining moment for both the global technology sector and capital markets. The company priced its initial public offering at $135 per share on June 11, choosing a fixed-price model rather than the traditional price range. Underwriters were instructed not to adjust the pricing despite extraordinary investor demand, highlighting management's confidence in the offering.

Trading began on June 12 under the ticker SPCX on the Nasdaq, where investors closely watched one of the largest public listings in financial history.

The IPO consisted of approximately 555.6 million shares, raising nearly $75 billion and valuing SpaceX at around $1.77 trillion. This milestone places the company among the world's most valuable publicly traded businesses and further strengthens Elon Musk's position as one of the wealthiest entrepreneurs in history.

Investor demand shattered expectations. Total subscription requests exceeded $250 billion, making the offering roughly 3.5 to 4 times oversubscribed. Retail investors alone reportedly submitted more than $100 billion in orders, far surpassing earlier estimates. Institutional participation was equally impressive, with major global investment firms placing multi-billion-dollar orders. Reports indicated that BlackRock committed at least $5 billion, while several other institutions reportedly submitted orders exceeding $10 billion each.

Unlike most IPOs, where retail investors typically receive only a small portion of available shares, SpaceX allocated approximately 20% to 30% of the offering to retail participants. Even so, overwhelming demand meant that many investors received only partial allocations despite submitting large subscription requests.

Financially, SpaceX continues to demonstrate rapid revenue expansion while simultaneously investing heavily in long-term growth.

The company generated approximately $18.7 billion in revenue during 2025, representing an impressive 33% year-over-year increase.

The largest contributor remains Starlink, which has evolved into the company's primary profit engine. Starlink produced approximately $11.4 billion in revenue, reflecting annual growth of nearly 50% while generating an estimated $7.2 billion in EBITDA, resulting in a remarkable 63% operating margin. Subscriber growth has also accelerated significantly, expanding from 4.5 million users to nearly 9 million, with projections suggesting the network could surpass 16.8 million subscribers during 2026. Today, Starlink contributes roughly 61% of SpaceX's total revenue, making satellite internet the financial backbone of the company.

Meanwhile, the rocket launch business has entered a more mature phase. Commercial launch revenue has stabilized near $5 billion, as an increasing number of Falcon 9 launches are dedicated to expanding the Starlink constellation rather than serving external customers. While launch demand remains strong, internal mission priorities are naturally limiting commercial growth.

Another major focus is artificial intelligence through xAI. However, this division continues to require enormous investment. Current estimates suggest quarterly cash burn of approximately $2.5 billion, translating into an annualized burn rate approaching $14 billion. Much of Starlink's profitability is effectively being reinvested to finance AI infrastructure, computing capacity, and future technological development.

Despite impressive revenue growth, profitability remains under pressure. Since its founding, SpaceX has accumulated approximately $41.3 billion in total losses. The company reported an estimated $5 billion net loss during 2025, while Q1 2026 operating losses reached nearly $1.9 billion. Capital expenditures remain exceptionally high, totaling approximately $10.1 billion during the first quarter of 2026, nearly double the level recorded a year earlier.

The company's valuation continues to divide analysts. Based on 2025 revenue, SpaceX currently trades at roughly 73 times sales, substantially higher than most established technology giants. Supporters argue that Starlink's global market opportunity, reusable launch technology, and AI ambitions justify a premium valuation. ARK Invest has suggested that Starlink alone could eventually support a valuation approaching $2 trillion, while more conservative analysts estimate fair value anywhere between $129 billion and $1.6 trillion, depending on long-term growth assumptions and execution.

Investors are also watching for a potential inclusion in the Nasdaq-100 Index, which could attract substantial passive investment flows from index-tracking funds and ETFs, providing additional support for the stock after listing.

To broaden investor participation, Gate introduced a dedicated IPO subscription program allowing eligible users to subscribe using USDT. The offering featured a $135 IPO price, a 5% subscription fee, investment limits ranging from 100 USDT to 500,000 USDT, immediate unlock after allocation, and additional USDT yield incentives for participants. Allocation was determined through a weighted demand system, meaning subscription size alone did not guarantee full share allocation due to overwhelming investor interest.

SpaceX's public debut represents far more than another blockbuster IPO. It reflects growing investor confidence in space technology, satellite communications, artificial intelligence, and long-term innovation. Whether the $1.77 trillion valuation proves justified will depend on the company's ability to sustain growth, manage rising capital requirements, and successfully convert ambitious technological investments into future profitability.