SpaceX, Elon Musk's private space venture, has launched the largest initial public offering in history, with shares set to begin trading today. The company, officially known as Space Exploration Technologies Corp., is the world's most valuable venture-backed startup and a dominant force in the private space industry.
The IPO follows a remarkable fundraising journey: SpaceX raised nearly $12 billion in private investment since its founding in 2002. The offering caps a period that saw the firm redefine both the space industry and the late-stage venture market. It becomes the second public company controlled by Musk, alongside Tesla.
SpaceX's portfolio extends well beyond rockets. It owns Starlink, the satellite internet provider, as well as xAI, Musk's artificial intelligence startup. Starlink is the only major revenue-generating business within the stable, giving SpaceX a dual identity as both a space company and an AI player.
The IPO is one of the most contentious in recent memory, with debates around valuation and governance swirling. Yet the sheer scale of the listing—and Musk's track record—positions SpaceX as a bellwether for the broader space and deep-tech sectors.
Critics question whether SpaceX's diverse bets, from Starship to AI, can deliver sustainable returns as a public entity. The company's reliance on Starlink for revenue raises concerns about overexposure to a single business line, especially as competitors like Amazon's Project Kuiper gear up.