SpaceX achieves record-breaking IPO, surpassing Saudi Aramco

SpaceX, led by CEO Elon Musk, has shattered the record for the largest initial public offering (IPO) in history, surpassing Saudi Aramco's previous benchmark. The space exploration company announced its IPO price at $135 per share, successfully raising approximately $75 billion by selling around 555.56 million shares. This monumental fundraising effort dwarfs the $25.6 billion raised by Saudi Aramco in 2019.

The company's valuation has soared to an estimated $1.77 trillion following the IPO. SpaceX is set to commence trading on the Nasdaq stock exchange on June 12th under the ticker symbol 'SPCX'. Upon listing, SpaceX is projected to become the seventh-largest company on the U.S. stock market by market capitalization, ranking above tech giants like Meta and Tesla.

Despite some concerns about the high offering price, investor enthusiasm for SpaceX's IPO has been exceptionally strong. Major global asset manager BlackRock committed to subscribing to at least $5 billion worth of shares. Furthermore, retail investors placed orders exceeding $70 billion, underscoring the intense demand for a stake in the pioneering space company.