Zing Open Zing
Technology

SpaceX soars past Amazon, briefly edges Microsoft in historic IPO rally

17 June 2026 · Source balance: Centre

SpaceX completed its initial public offering on Friday, becoming the largest in history by raising 75 billion dollars. The company priced shares at 135 dollars and began trading on the Nasdaq that afternoon. By Tuesday, just three days into public trading, SpaceX shares had climbed to over 200 dollars, pushing the company's valuation to roughly 2.65 trillion dollars. This briefly surpassed both Amazon's 2.64 trillion dollar valuation and nearly matched Microsoft's 2.93 trillion dollars. The stock surge added nearly 900 billion dollars to SpaceX's debut valuation. CEO Elon Musk posted that the company might reach 1 trillion dollars in revenue by 2030, compared to 18.7 billion in 2025. However, SpaceX posted a 4.9 billion dollar net loss last year despite strong Starlink satellite internet revenue. Analysts remain divided on the valuation, with some citing massive growth potential from space technology and AI data centers, while others point to SpaceX's continued losses and compare it to past mega-IPO busts that lost substantial value within a year.

Key facts

  • SpaceX raised $75 billion in IPO proceeds, the largest in history, surpassing Saudi Aramco's $24.84 billion 2019 offering
  • Stock price rose from $135 IPO to over $229 in after-hours trading, gaining approximately 70% in three trading days
  • Company valuation reached $2.65 trillion at Tuesday close, briefly surpassing Amazon ($2.64 trillion) and nearly Microsoft ($2.93 trillion)
  • SpaceX had $18.7 billion in 2025 revenue but posted a $4.9 billion net loss due to xAI AI segment burning cash
  • CEO Elon Musk controls 82.4% of voting shares and is subject to 366-day lockup; his net worth surpassed $1.27 trillion, making him world's first trillionaire
  • At least 4,400 current and former SpaceX employees became millionaires from stock grants; approximately 400 crossed $100 million threshold
  • SpaceX operates Starlink satellite broadband with over 12 million subscribers and dominates U.S. national security space launch missions

How different outlets framed it

Left-leaning coverage: Left-leaning outlets highlight that Musk built SpaceX using government subsidies, contracts, and government-funded research, yet he opposes public spending and has dismantled government programs. They argue his trillion-dollar wealth represents extreme wealth inequality while ordinary workers struggle, and they note his involvement with anti-immigrant movements and pressure on civil services contradicts his libertarian rhetoric about self-made success.

Right-leaning coverage: Right-leaning outlets celebrate SpaceX as capitalism's greatest vindication, celebrating Musk's entrepreneurial vision and the fact that thousands of employees became millionaires through stock grants. They argue his wealth is earned through innovation, not hoarding, and emphasize benefits like cheap satellite internet access, job creation, and breakthroughs in space technology. They dismiss wealth-inequality criticism as envy from politicians who ignore how private enterprise outperforms government.

Limits of this briefing

Sources contain significant partisan framing, particularly on wealth inequality and Musk's political involvement. Right-leaning sources emphasize innovation and employee wealth creation; left-leaning sources emphasize government subsidies, wealth concentration, and Musk's anti-government actions despite relying on government contracts. Valuation debates vary widely—some analysts project $3 trillion; others believe true value is far lower. Limited analyst coverage so far due to quiet period restrictions on underwriters.

Sources

More stories

See all latest stories