The world’s largest initial public offering has transformed SpaceX from a closely guarded private enterprise into one of the most valuable publicly traded companies on the planet. Its spectacular Nasdaq debut reflects extraordinary confidence in Elon Musk’s space, satellite and artificial-intelligence ambitions – but the valuation leaves almost no room for ordinary execution.

For more than two decades, SpaceX operated as one of the most coveted companies that public-market investors could not directly own.

Its reusable rockets reshaped the economics of orbital launches. Its Starlink network turned thousands of low-Earth-orbit satellites into a fast-growing global communications business. Its Dragon spacecraft became a critical transportation system for astronauts and cargo, while Starship emerged as the centrepiece of ambitions extending from lunar exploration to Mars.

On June 12, 2026, that long period of private ownership came to an end. Space Exploration Technologies, better known as SpaceX, listed on the Nasdaq under the ticker SPCX, completing what became the largest initial public offering in history. The company sold approximately 555.6 million shares at US$135 each, raising around US$75 billion and entering the public market with a valuation of approximately US$1.77 trillion.

SpaceX shares opened at approximately US$150, climbed as high as US$176.52 during the session and eventually closed at US$160.95, which is around 19 per cent above the offer price. By the closing bell, the company was valued at approximately US$2.1 trillion.

The numbers established several milestones simultaneously: SpaceX completed the largest IPO ever undertaken, became one of the world’s most valuable listed corporations, and demonstrated that global investors were willing to assign a technology-style valuation to a business combining telecommunications, aerospace, defence, artificial intelligence and infrastructure.

Yet the excitement surrounding the listing also created an unusual valuation debate. For instance, SpaceX entered public markets not as an emerging company hoping to prove its commercial model, but as a gigantic enterprise already priced for decades of expansion.

Its valuation assumes that Starlink will continue scaling internationally, Starship will become commercially reliable, launch leadership will be maintained, artificial-intelligence investments will eventually produce substantial returns, and entirely new markets – including orbital computing – will become economically viable.

The IPO was therefore much more than a conventional capital-raising exercise; it was effectively a public referendum on how much investors are prepared to pay today for technologies and industries that may only reach their full potential many years from now.

From US$800 Billion to More Than US$2 Trillion

The speed at which SpaceX’s valuation expanded is central to understanding the intensity of the IPO. In December 2025, an employee and investor share transaction valued the privately held company at approximately US$800 billion. At the time, SpaceX said it was preparing for a possible 2026 public offering, although its management cautioned that the timing, valuation and ultimate decision remained uncertain.

Just six months later, SpaceX priced its IPO at a valuation of approximately US$1.77 trillion, which is more than twice the figure attached to the December secondary transaction. Following the first-day increase, the market value moved above US$2 trillion.

There are legitimate reasons why an IPO valuation can differ substantially from a private-market tender price. Publicly traded shares are more liquid, a listing improves access to capital, disclosure requirements can reduce uncertainty, and major institutions are often prepared to pay a premium for assets they can readily trade.

However, the magnitude of SpaceX’s revaluation indicates that the listing was driven by more than improved liquidity.

Few listed companies offer comparable exposure to reusable launch systems, satellite broadband, government space programmes, national-security contracts, direct-to-mobile satellite services and potential extraterrestrial infrastructure. SpaceX’s scale, technical record and vertical integration are difficult to replicate. The company manufactures rockets, launches payloads, operates a satellite network, builds user terminals and increasingly presents itself as a future provider of orbital computing infrastructure.

That combination helped SpaceX command a valuation that would be difficult to justify using conventional aerospace-company comparisons.

It was not valued like Boeing, Lockheed Martin or another defence contractor. Nor was it assessed purely as a telecommunications operator. The market instead treated SpaceX as a platform company whose technology could support multiple industries.

This may explain the enthusiasm, but it also complicates efforts to determine what the company is actually worth.

The Financial Reality Behind the Vision

SpaceX’s prospectus offered investors their first comprehensive look at a company that had historically disclosed relatively little about its finances. The filing showed that SpaceX generated approximately US$18.7 billion in revenue during 2025.

Starlink and the wider connectivity division contributed around US$11.4 billion, or roughly 61 per cent of total revenue. The space division, which includes launch operations and crew services, produced approximately US$4.1 billion.

The recently integrated artificial-intelligence business contributed additional revenue, but also significantly increased expenses and losses.

SpaceX recorded an adjusted EBITDA figure of approximately US$6.6 billion in 2025, suggesting that its established operations can generate considerable cash earnings before interest, taxation, depreciation and other adjustments.

However, the company also reported an operating loss of roughly US$2.6 billion and a net loss approaching US$4.9 billion.

Supporters of the IPO point to adjusted EBITDA, Starlink’s revenue growth and SpaceX’s control of the commercial-launch market. Critics focus on the GAAP losses, extraordinary capital requirements, interest expenses and the cost of financing multiple speculative ventures simultaneously.

Neither interpretation is entirely incorrect. SpaceX possesses a highly productive commercial asset in Starlink. Its reusable Falcon system has transformed launch frequency and lowered the marginal cost of accessing orbit. It also benefits from government and institutional contracts that provide strategically important revenue.

At the same time, the company is undertaking projects of an almost unprecedented financial scale. It must continuously manufacture and replace satellites, construct and launch Starship vehicles, operate ground infrastructure, expand Starlink internationally, develop direct-to-device connectivity, fund artificial-intelligence systems and prepare for lunar and Martian missions.

The prospectus reportedly indicated that SpaceX does not expect to become consistently profitable in the immediate future.

Therefore, investors purchasing the shares are not paying for present earnings. They are purchasing a claim on the possibility that today’s spending will create dominant infrastructure businesses later.

Starlink: The Economic Engine

The rockets may provide SpaceX with its identity, but Starlink currently provides much of its economic foundation. Starlink has turned SpaceX from a launch provider into a global connectivity company. The satellite network serves households, businesses, airlines, ships, government agencies and customers in regions where terrestrial broadband is limited or unavailable.

Its importance extends beyond subscription revenue. Starlink gives SpaceX a large internal customer for its own launches. Instead of relying entirely on external satellite operators, the company can launch its own spacecraft at scale. This increases rocket utilisation, accelerates the deployment of its network and allows SpaceX to integrate launch economics with communications economics.

Competitors attempting to build low-Earth-orbit constellations often need to purchase launches from third parties. SpaceX owns both the delivery system and the network being delivered. This vertical integration is one of its strongest competitive advantages.

Starlink could eventually develop several distinct revenue streams: residential broadband, enterprise connectivity, aviation services, maritime services, defence communications, emergency connectivity, mobile-network partnerships and direct-to-smartphone services. The challenge is that satellite broadband remains capital intensive.

Low-Earth-orbit satellites have limited operating lives and must be replenished. More customers require additional satellites, ground equipment, spectrum coordination and support infrastructure. SpaceX must also manage congestion, regulatory approvals, competition and technological obsolescence.

Starlink’s value therefore depends not merely on subscriber growth, but on whether the company can improve margins while continuously replacing and upgrading its constellation.

Investors must also consider whether SpaceX’s current lead will translate into permanent dominance.

Amazon’s Project Kuiper and other government-backed or private satellite initiatives could eventually increase competitive pressure. Telecommunications companies may also improve terrestrial networks or form competing satellite partnerships.

Starship: The Key to the Valuation

No technology is more important to SpaceX’s long-term investment case than Starship. Falcon 9 has already demonstrated the commercial advantages of reusable rockets. Starship is intended to take that model much further by transporting substantially larger payloads at a lower cost per kilogram.

A fully operational and rapidly reusable Starship could reshape the economics of the entire company.

It could enable SpaceX to deploy larger Starlink satellites, increase network capacity, transport lunar equipment, support NASA missions, launch commercial payloads, carry infrastructure for orbital data centres and eventually support missions to Mars.

In the bullish scenario, Starship is not simply another rocket. It becomes the transportation layer for a new space economy.

This is one reason conventional financial models struggle with SpaceX. Forecasting Starship requires assumptions not only about launch frequency and pricing, but also about industries that do not yet exist at commercial scale. The downside is equally significant.

Starship remains an enormously complex engineering programme. Delays, launch failures, regulatory restrictions or higher-than-expected refurbishment costs could push back commercial deployment. The entire valuation does not depend on Starship alone, but many of the most ambitious growth assumptions become considerably harder to achieve without it.

At a valuation above US$2 trillion, investors are not merely assuming that Starship will eventually work. They are effectively assuming that it will work at scale, operate economically and unlock valuable new markets.

The New AI Narrative

SpaceX’s public-market story also includes an increasingly prominent artificial-intelligence component.

The company has presented the possibility of deploying computing infrastructure in orbit, where satellites could potentially use solar energy and transmit data through a space-based network. SpaceX argues that much of the required technology can be derived from systems already being developed for future Starlink satellites.

The concept appeals to investors because artificial-intelligence infrastructure faces major constraints on Earth. Data centres require enormous quantities of electricity, cooling equipment, land and access to power grids.

Orbital computing proposes a radical alternative: use abundant solar energy in space and dissipate heat through radiation. However, the economic and engineering questions remain substantial.

Hardware would need to be launched, maintained and replaced. Radiation can damage electronics. Data must be moved between orbit and Earth with extremely high reliability. Upgrading equipment would be more complicated than replacing servers in a conventional data centre.

SpaceX’s ownership of launch infrastructure gives it a more credible route into orbital computing than most companies. Nevertheless, credibility is not the same as proven commercial viability.

The AI narrative may become a genuine source of value but it may also inherently be functioning as a valuation bridge, allowing investors to connect SpaceX with the enormous capital currently flowing towards artificial-intelligence infrastructure.

For the share price to remain supported over the long term, the company will eventually need to convert that narrative into measurable contracts, revenue and returns.

Extraordinary Demand and the Power of Retail Investors

Demand for the offering was among the strongest signals of market sentiment. Ahead of the listing, orders from institutional and retail investors reportedly exceeded the shares available several times over. Total indications of interest were said to have crossed US$250 billion, while retail orders alone reportedly exceeded US$70 billion and may ultimately have approached US$100 billion.

SpaceX also reserved an unusually large portion of the offering for individual investors. Large IPOs are typically dominated by institutional asset managers, pension funds, sovereign funds and major clients of the underwriting banks. SpaceX’s decision to allocate a substantial retail tranche recognised the unusual level of public interest surrounding the company and Elon Musk.

Retail enthusiasm was driven by several factors. SpaceX is widely recognised, its rockets are associated with visible technological achievements, and the company operates in industries that are easy to connect with long-term narratives about innovation.

There was also considerable fear of missing out (FOMO). For years, ordinary investors watched private funds, venture-capital firms, wealthy individuals and institutional shareholders benefit from SpaceX’s rising valuation. The IPO represented the first direct opportunity for the wider public to participate.

A company may be exceptional while its shares are still too expensive. Equally, a high valuation does not automatically mean the price must fall immediately. Scarcity, momentum and index-related demand can support a share price for long periods, even when traditional valuation measures appear stretched.

The first-day performance demonstrated this tension. SpaceX rose strongly but did not experience a completely uncontrolled surge. The shares gained approximately 19 per cent by the close after briefly trading around 31 per cent above the IPO price.

The result was impressive enough to reward initial buyers, but orderly enough to suggest that the underwriters had successfully managed the offering.

A Valuation That Divides Wall Street

SpaceX’s US$135 IPO price implied a valuation of roughly 94 to 110 times trailing revenue, depending on the treatment of shares, transaction adjustments and the period used.

That is an extraordinary multiple for a business reporting significant net losses. For comparison, even leading profitable technology companies typically trade at substantially lower sales multiples. SpaceX is therefore priced not merely as a fast-growing business, but as a company expected to dominate several enormous markets.

The disagreement among analysts is quite wide. A bullish early assessment reportedly placed a price target near US$190, which would imply further upside from the first-day close. Optimists argue that traditional multiples cannot adequately capture SpaceX’s technological lead, its vertically integrated model or the optionality created by Starlink, Starship, defence programmes and orbital computing.

At the other end of the spectrum, Morningstar estimated a fair value of around US$63 per share, equivalent to approximately US$780 billion. That assessment was more than 50 per cent below the IPO price and substantially below the first-day market value.

The gap between US$63 and US$190 illustrates the scale of uncertainty. This is not a situation in which analysts broadly agree on expected earnings and differ slightly over the appropriate valuation multiple. They disagree over the structure of SpaceX’s future business, the probability of its most ambitious projects succeeding, and how much investors should pay today for optionality that may take years to mature.

So What’s the Bull Case?

The optimistic case begins with SpaceX’s execution record. The company has repeatedly accomplished goals that were once dismissed as unrealistic. Reusable orbital-class boosters, frequent commercial launches, private astronaut transportation and a giant low-Earth-orbit communications network have all moved from aspiration to operation.

SpaceX also holds structural advantages. Its launch cadence provides extensive operational data. Reusability lowers costs. Vertical integration gives it control over manufacturing, deployment and network operations. Starlink generates recurring revenue, while government and defence contracts reinforce the strategic importance of its services.

The US$75 billion raised through the IPO gives the company an extraordinary financial reserve. It can fund Starship development, satellite deployment, AI infrastructure and international expansion without relying as heavily on private funding rounds.

Public ownership may also make it easier for SpaceX to use shares for acquisitions, compensate employees and raise additional capital.

Under a highly successful scenario, the company could become a combination of global telecommunications network, orbital logistics provider, defence contractor, AI-infrastructure company and interplanetary transportation system.

Very few companies offer exposure to a comparable set of possibilities.

And What’s The Bear Case?

The bearish argument is not necessarily that SpaceX is a weak company. It is that too much success may already be reflected in the price.

At a valuation above US$2 trillion, even strong growth may not be enough. SpaceX must produce growth that exceeds the already extraordinary expectations embedded in its share price.

The company remains capital intensive, unprofitable on a GAAP basis and dependent on continued technological execution. Its projects face regulatory, technical, geopolitical and financing risks.

Government relationships are another consideration. A meaningful portion of SpaceX’s business comes directly or indirectly from public agencies. Such contracts can be durable, but they may also become subject to political scrutiny, budget changes and national-security requirements.

Corporate governance is also likely to remain controversial. Elon Musk retains substantial voting control, limiting the influence of ordinary shareholders. Investors are effectively accepting that the founder’s strategic authority is a core component of the company – even when his priorities may differ from those of minority shareholders.

The integration of multiple businesses may create opportunities, but it also makes the company harder to evaluate. Profitable or maturing operations could be required to support expensive speculative ventures for extended periods.

Finally, insider selling and lock-up expirations may increase the supply of shares over time. Employees and early investors have accumulated enormous gains. As restrictions lapse, some may naturally diversify their wealth, creating potential pressure on the market price.

What Could Happen Next?

SpaceX shares are likely to remain volatile. In the bullish near-term scenario, scarcity, retail interest, institutional accumulation and potential index buying could push the valuation higher. A move towards US$190 would place the company further into the group of the world’s largest corporations.

A more balanced scenario would involve the shares trading within a broad range while investors wait for quarterly results, Starlink growth figures, Starship milestones and clearer information about capital expenditure.

The bearish scenario could emerge if enthusiasm fades before earnings catch up with the valuation. Any major Starship delay, Starlink slowdown, regulatory dispute or unexpectedly large loss could lead investors to reassess the premium they are willing to pay.

Lock-up expirations may become important milestones. A larger supply of tradable shares could reduce the scarcity premium and provide a more reliable view of long-term market demand.

The first trading day proved that investors wanted SpaceX shares. It did not establish what those shares will be worth after the excitement of the listing fades.

What the IPO Means for Global Capital Markets

The SpaceX listing may have consequences beyond the company itself. It demonstrates that public markets can still absorb extraordinarily large offerings when the underlying story is strong enough. The successful transaction could encourage other highly valued private technology companies to accelerate their listing plans.

It may also change how late-stage private companies think about remaining private. For years, many technology businesses delayed IPOs because abundant private capital allowed them to grow without accepting public-market scrutiny. SpaceX itself reached an enormous valuation before listing.

Its IPO shows both the strength and weakness of that model. Private markets can finance companies at exceptional scale, but public markets still provide unparalleled liquidity and access to a far larger investor base.

SpaceX may therefore become a template for other “mega-unicorns”: stay private through the most uncertain stages of development, build a substantial operating business, and only then approach public investors with an offering large enough to reshape the market.

How Investors in Oman Can Buy SpaceX Shares

For investors in Oman, an important distinction must be made: the initial public offering has already been completed. Oman was not included among the jurisdictions publicly identified for direct international participation in the pre-listing SpaceX retail allocation. Therefore, most Oman-based individual investors were unlikely to have received shares at the US$135 IPO price.

Now that SpaceX is listed on Nasdaq under the ticker SPCX, eligible investors in Oman can potentially purchase the shares in the secondary market through a brokerage account providing access to US exchanges.

Interactive Brokers, commonly known as IBKR, is one possible platform. Oman residents can apply for international brokerage accounts, subject to identity verification, proof of address, financial-profile checks and the broker’s approval process.

After an account has been approved and funded, an investor would generally need to:

1. Request or confirm permission to trade US stocks.
2. Transfer funds to the brokerage through a bank wire.
3. Convert Omani rials or another deposited currency into US dollars when necessary.
4. Search for the Nasdaq ticker SPCX.
5. Review the company name and exchange carefully.
6. Place an order during US market hours or submit an eligible order outside normal hours.

A limit order may offer more price control than a market order during periods of extreme volatility. A market order prioritises execution but may be filled at a significantly different price when the share price is moving rapidly.

Other possible routes include international brokers such as Saxo or Swissquote, as well as Oman-based investment companies that provide access to overseas markets. United Securities and Horizons Capital Markets, for example, advertise multi-market or international trading services. Investors should confirm directly whether Nasdaq-listed SpaceX shares are supported, what custody structure is used and what fees apply.

The investor should also check:

• Brokerage commissions and minimum charges;
• Foreign-exchange conversion spreads;
• Incoming and outgoing bank-wire fees;
• Custody or inactivity charges;
• Whether real shares or contracts for difference are being offered;
• Availability of fractional shares;
• US dividend-withholding rules;
• US estate-tax implications for non-US investors;
• The broker’s regulator and investor-protection arrangements.

Buying a contract for difference is not the same as owning a SpaceX share. A CFD is a leveraged derivative issued by a broker and can expose the customer to additional financing, counterparty and liquidation risks. Investors seeking actual ownership should verify that the platform offers the underlying Nasdaq-listed equity.

An Oman-based investor should also remember that access to the stock does not make the valuation less demanding. Purchasing SPCX after listing means buying at the prevailing market price – not the US$135 IPO price – unless the shares later return to that level.

Disclaimer: This article is intended solely for general information and journalistic analysis. It does not constitute investment, financial, legal or tax advice, nor does it recommend buying, selling or holding SpaceX shares or any other security. Investors in Oman should conduct their own research, read the official prospectus, understand the risks and consult appropriately qualified financial, legal and tax professionals before making investment decisions.