SpaceX Raises $75 Billion in IPO, Closes at $2.1 Trillion Valuation Despite Ongoing Losses

SpaceX completed the largest public share offering in history on Saturday morning AEST, raising $US75 billion and closing at a 19 per cent premium to the $US135 per share price paid by new investors. 77 trillion. That figure is $US180 billion higher than its valuation less than two years earlier.

The valuation equals roughly 100 times annual revenue, and the company is currently losing billions of dollars per year. Thirty thousand CommSec customers applied for shares.

CommSec was one of eight Australian brokers that offered SpaceX IPO shares to retail investors. Anthropic and OpenAI lodged IPO documents this month and have announced plans to conduct IPOs in 2026. Analysts expect valuations for each firm to be just below $US1 trillion.

AMP chief economist Shane Oliver said SpaceX, Anthropic and OpenAI together could raise $US200 billion in 2026. US equity markets raised $US77 billion in 2025. Pengana Capital’s SpaceX shares are subject to post-IPO lock-up restrictions, most commonly 180 days.

The fund manager told investors that sales would likely occur progressively after the lock-up periods end. Wealth management group Insignia Financial, owner of MLC, did not participate. A spokesman said external investment managers are not currently participating in the SpaceX IPO and any future exposure is expected to be limited and primarily through benchmark index inclusion.

Index inclusion will drive further demand, as fund managers and exchange-traded funds that track major indices will be required to buy SpaceX shares. William Dougall of Pengana Capital said the buying is mechanical, price-insensitive, and compressed into a short window.

Datt Capital principal Emanuel Datt wrote last week that investors should consider the purchase “almost like buying a lottery ticket” and expressed skepticism about buying any business at 100 times sales at this scale.