Three weeks ago, I wrote that SpaceX's IPO numbers were so massive they could make Elon Musk the world's first trillionaire.
At the time, many investors figured the final number would come down.
It didn't.
On Thursday, SpaceX finalized its IPO price at $135 per share ahead of Friday's Nasdaq debut. The company will sell more than 555 million shares and raise approximately $75 billion in what is now the largest IPO in history.
Saudi Aramco raised about $29 billion when it went public in 2019. That was the benchmark. SpaceX just blew past it by more than $45 billion.
The company set the price before beginning its investor roadshow and never moved it.
SpaceX reported $18.7 billion in revenue during 2025, up 33 percent from the previous year. More than half of that came from Starlink, which generated roughly $11 billion while serving more than 10 million subscribers worldwide. The satellite internet business alone produced more than $4 billion in operating income.
The company spent roughly $20.7 billion on capital expenditures in 2025, a level comparable to Microsoft, Meta, and Alphabet. After reporting a profit in 2024, SpaceX posted a $4.9 billion loss as it poured money into launch infrastructure, satellites, and artificial intelligence computing capacity.
Jim Chanos, the investor known for predicting Enron's collapse, argues the company is dramatically overvalued. Senator Elizabeth Warren (D-MA) has demanded additional scrutiny from regulators and questioned some of SpaceX's projections.
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Skeptics point to the $4.9 billion loss, Musk's divided attention across multiple companies, and valuation multiples that leave almost no room for error.
Investors buying the stock are betting on something else.
SpaceX dominates commercial launches, operates the world's largest satellite internet network, holds major NASA and Defense Department contracts, and now sits in the middle of the race to build the infrastructure that powers artificial intelligence.
And then there is the number from the prospectus that jumped out at me three weeks ago and still looks ridiculous now.
Anthropic, one of the largest AI companies in the world and a direct competitor to Musk's xAI, is paying SpaceX roughly $1.25 billion per month for computing capacity through 2029. That works out to about $15 billion a year.
Not revenue from a customer.
Revenue from a competitor.
Musk also structured the company so that he remains firmly in control. Through a dual-class share structure, he retains roughly 85 percent of the voting power.
As the company disclosed in its filing:
At $135 a share, the SpaceX stake controlled by Mr. Musk would be worth more than $860 billion.
And a slight increase in the company's share price in its first days of trading could turn Mr. Musk, 54, into the world's first trillionaire.
SpaceX was founded in 2002.
It did not exist 25 years ago.
On Friday, it begins trading as one of the most valuable companies on Earth after completing the largest IPO ever recorded.
Three weeks ago, the trillionaire conversation looked like a projection.
Now it looks like a valuation.
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