The news: SpaceX started trading on public markets Friday in the biggest IPO in history.

• After initially pricing shares at $135, it opened trading at $150 per share, per CNBC. It ended Friday at $160.95.
• An SEC statement filed Thursday said the aerospace and AI company raised $75 billion, initially valuing it at $1.77 trillion. It closed Friday with a $2.11 trillion market cap.
• Critics of the IPO previously said its fixed-price, take-it-or-leave-it pricing strategy could have either left money on the table or overestimated demand, per The Wall Street Journal.

As stocks started trading, CEO Elon Musk became the world’s first trillionaire.

Musk told JP Morgan’s Jamie Dimon in early June that the company was going public to prepare for a “significant capital growth phase,” with plans to put over 100,000 satellites in orbit for communications and set up AI data centers in space.

Musk said that while SpaceX’s revenues were previously “a little unstable,” current revenue forecasts are “much more predictable.” Its S-1 filing detailed $4.3 billion of net losses in Q1 2026 on $4.8 billion in revenues. It also stated that SpaceX has a history of net losses and may not achieve profitability in the future.

The background: SpaceX’s main focuses, per its S-1 filing, are accessing space, connectivity, and AI. And although it’s a behemoth in the aerospace market through Starlink, which Musk founded in 2015, it’s an umbrella to several ventures.

• In February, SpaceX acquired Musk’s AI company xAI, which houses the Grok AI chatbot.
• xAI previously merged with the X social media platform, which Musk bought in 2022 when it was Twitter.

The bigger picture: Markets are likely valuing the tech conglomerate for its Starlink satellite internet business, which is SpaceX’s only profitable business division right now. SpaceX is currently ahead of Amazon’s Leo program in satellite launches, making it a leader in private space exploration and a key infrastructure provider for businesses ranging from startups to Big Tech.

However, Musk has some moonshot plans for SpaceX, such as space tourism, asteroid mining, and a Mars colonization program, which could distract it from current commercial ambitions.

Implications for the tech industry: While upcoming IPOs from Anthropic and OpenAI will test investor demand for enterprise and consumer AI products, the SpaceX IPO is evaluating how much public markets will pay for private aerospace and AI infrastructure, even when much of its AI-driven returns remain speculative.

This IPO puts SpaceX within the top 10 most valuable companies in the US and could be a step toward expanding the Magnificent Seven—which could draw further scrutiny over Musk’s influence on the company. Meanwhile, SpaceX’s goals of increasing compute capacity through space infrastructure could help reduce token costs for xAI and other businesses, redefining monetization of AI models.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.