SpaceX demolishes IPO records

Chart shows sums raised in the top global IPOs, plus SpaceX’s haul of $75 billion.<br>⇣(2022)PJSCAuthorityWater&ElectricityDubai$7B⇣(2025)IncMedline$7B⇣(2019)APACBudweiser$7B⇣(2021)TechnologyKuaishou$8B⇣(2013)SAParticipacoesSeguridadeBB$8B⇣(2014)SJSCBankCommercialNational$8B⇣(2007)CorpEngineeringRailwayChina$9B⇣(2018)LtdCorpTowerChina$10B⇣(2022)AGPorschehcFIngDr$10B⇣(2007)SARenovablesIberdrola$10B⇣(2007)LtdCorpBankCITICChina$10B⇣(2016)ChinaOfBankSavingsPostal$11B⇣(2019)Uber$11B⇣(2001)SAOrange$11B⇣(2009)LtdCorpEngineeringConstructionStateChina$11B⇣(2000)AGTechnologiesInfineon$11B⇣(2009)Santander(Brasil)SABanco$12B⇣(2012)AirlinesJapan$12B⇣(2005)SA{EDF}FrancedeElectricite$13B⇣(2022)LtdSolutionEnergyLG$13B⇣(2007)PAOVTBBank$13B⇣(1998)AGSwisscom$13B⇣(1997)PLCHalifax$14B⇣(2011)Glencore$15B⇣(2005)CorpBankConstructionChina$15B⇣(2001)FoodsKraft$16B⇣(2021)Rivian$16B⇣(2010)CoInsuranceLifeMutualDai-Ichi$17B⇣(2000)ABTelia$17B⇣(1993)CorpDDI$17B⇣(2006)RosneftOAO$17B⇣(2006)ChinaofBank$18B⇣(2000)AT&T$21B⇣(1997)Telstra$21B⇣(1994)TobaccoJapan$21B⇣(1989)CompaniesHoldingWater$22B⇣(1993)RailwayJapanEast$23B⇣(2012)Facebook$23B⇣(1986)GasBritish$23B⇣(1996)AGTelekomDeutsche$26B⇣(2010)GM$28B⇣(2008)Visa$31B⇣(2018)SoftBank$31B⇣(2010)LtdGroupAIA$31B⇣(1999)SpAEnel$33B⇣(2010)LtdChinaofBankAgricultural$34B⇣(2014)Alibaba$35B⇣(2006)ICBC$36B⇣(1998)NTT$37B⇣(2019)AramcoSaudi$38B⇣(2026)SpaceX$75BFifty largest IPOs in 2026 US dollars

Includes exercise of overallotment options, except for SpaceX; if fully exercised, SpaceX would raise $86 billion.

Elon Musk, who pioneered the modern electric vehicle industry, operates the world’s largest satellite network and has the only commercially operating reusable rockets, has made history again by launching the largest ever initial public offering. SpaceX raised $75 billion in a mega IPO on Thursday — a deal that has stirred an investing frenzy, fueled by a giant allocation to retail investors.<br>But many portfolio managers are cautious, given the firm’s record valuation and the sight of two other technology favorites, Anthropic and OpenAI, on deck for large offerings of their own. One reason: SpaceX’s financials stand out.

$0$1 trillion$2$3$4 Market capitalization $0$200$400$600 billion Annual revenue SpaceXNvidiaAmazonMicrosoftAppleAlphabetMetaTeslaWalmartSaudi Aramco<br>Magnificent 7<br>Others

SpaceX’s valuation places it among top global firms such as Amazon and Meta, but its revenue lags behind other companies with similar valuations.

Companies with similar annual revenue to SpaceX include Macy’s, a department store operator, and Texas Instruments, which makes analog and embedded chips. These firms generally have lower valuations.

SpaceX recorded a $4.94 billion loss in 2025 on revenue of $18.7 billion. Other firms that have posted large losses in the last two years include Warner Bros Discovery and Boeing, though both generate more revenue than SpaceX.

SpaceX lost money last year<br>Annual revenue vs. net losses for select companies with recent large corporate losses

$0$50 billion$100$150$200 Annual revenue –$20–$15–$10–$5 billion$0 Net loss USPS (2025)Ford (2025)Centene (2025)SpaceX (2025)Dow (2025)Esteé Lauder (2025)Figma (2025)Intel (2024)Boeing (2024)Warner Bros (2024)USPS (2024)

Chart showing annual revenue vs losses for firms with large losses in 2024 or 2025.

Because of the size of the deal and questions about the valuation, SpaceX’s stock will be closely watched when trading opens on Nasdaq on Friday — and long afterward.

Notes

Revenue data is for latest fiscal year available; market value data as of June 10.

Sources

Company filings, LSEG

Edited by

Ella Koeze, Tiffany Wu, Nick Zieminski