SpaceX set for largest listing in history

SpaceX, the space exploration company founded by Elon Musk, is poised to achieve the largest stock market listing in history. The company confirmed its offering price at $135 per share on Thursday evening, ahead of its debut on the Nasdaq stock exchange in New York.

The demand for SpaceX shares has been extraordinary. Retail investors alone have placed bids totaling more than $70 billion. This figure is expected to be significantly higher when combined with bids from approximately 1,000 institutional investors, according to Bloomberg.

SpaceX plans to issue 555.6 million shares at $135 each, raising $75 billion in new capital. This valuation places the company, a key part of Musk's empire that also encompasses Starlink, X (formerly Twitter), and the AI service Grok, at an estimated $1.8 trillion. This valuation is 92 times the company's revenue, a significantly higher multiple than tech giants like Nvidia (19.7 times) and Broadcom (24.6 times).

The highly anticipated listing of SpaceX is expected to pave the way for other major tech companies to go public. Both OpenAI, the creator of ChatGPT, and Anthropic, the developer of Claude, have reportedly applied to the U.S. Securities and Exchange Commission (SEC) for permission to list their shares on Wall Street.