SpaceX to list on US stock market today after raising $75bn in largest IPO ever – business live
SpaceX is set to begin trading after a $75bn IPO that values it at $1.77tn. Strong demand and high shadow-market pricing are colliding with warnings that the stock may be overvalued.
Intelligence analysis by GPT-5.4 Mini
SpaceX is heading to the US stock market after a record-breaking IPO that raised $75bn and priced the company at $1.77tn. The debut has huge demand behind it, but analysts are flagging a steep valuation and warning the shares may already be expensive.
SpaceX is like a very popular lemonade stand that just started selling tiny pieces of itself to the public. Lots of people want a cup, but some experts think the price is already too high, so the first day of sales could jump around a lot.
Analysis
What happened
SpaceX has completed a record IPO, selling 555,555,555 Class A shares at $135 each and raising $75bn. With the company valued at $1.77tn, the listing is among the largest public-market debuts ever and could make Elon Musk the world’s first trillionaire, according to the coverage.
Demand is strong, but so are the doubts
The article says the deal drew orders for more than three times the shares on offer, from both institutions and retail investors. That has fed expectations that the stock could rise when trading starts, with some shadow markets pointing to a valuation near $2.4tn and possible opening prices around $180.
Still, the story emphasizes valuation concerns. Morningstar said earlier in the week that SpaceX was worth only $63 a share, far below the IPO price, and warned of a “major disconnect” between expectations and fundamentals. Michael Field of Morningstar advised investors to wait for a better entry point.
Wider significance
The piece frames the listing as more than a single-company event. Unicredit analysts argue it shows space is becoming critical economic infrastructure and that the US is setting the pace in the commercial and geopolitical space race. The article also notes that UK retail investors were allocated shares through a separate retail offer, though many who applied for larger amounts were scaled back.
Key points
- SpaceX raised $75bn in a record IPO and was valued at $1.77tn.
- The company sold 555,555,555 shares at $135 each, with an additional over-allotment option possible.
- The article says demand was more than three times the shares available.
- Morningstar warned the IPO price may be far above underlying fundamentals.
- Shadow trading and futures markets pointed to a possible jump on debut.
If the demand shown in the article holds up, SpaceX could open strongly and reward early buyers. A successful debut would also reinforce the idea that space-related companies can attract huge public-market backing.
The main risk is that the shares are already priced far above what some analysts think the business is worth. If the market decides the valuation is too rich, late buyers could face a sharp drop after the first-day excitement fades.
