SpaceX began trading on Nasdaq on Friday after raising $75 billion in its initial public offering, a debut that immediately reset the global IPO record and cemented the rocket and satellite company as the largest listing ever, according to Reuters.
The deal far surpassed Saudi Aramco's 2019 stock market debut and marked one of the most closely watched public offerings in years. The listing valued SpaceX at about $1.77 trillion, underscoring investor appetite for large, high-profile technology and aerospace companies even as broader markets continue to weigh inflation, rates and growth concerns.
The offering is also notable for its scale within the private markets. SpaceX, led by Elon Musk, has long been one of the most valuable startups in the world, but the size of this listing places it in a separate category. The company is known for its rocket launches, satellite internet business and central role in the commercial space race.
Market participants are already looking beyond SpaceX. The debut is being seen as a potential opening act for a broader wave of mega IPOs, especially among artificial intelligence companies.
OpenAI, the maker of ChatGPT, recently disclosed that it had confidentially filed for a U.S. IPO. The company has said it has not finalized a timetable, though Reuters reported it has been preparing for a possible listing as early as September. OpenAI has also said it sees tradeoffs between remaining private and going public, with the option to move sooner if that becomes the better path.
Anthropic, another major AI company and the developer of Claude, has also confidentially filed for a U.S. listing. The company recently raised new funding at a valuation of $965 billion, placing it among the most highly valued private technology firms. Its potential offering would be closely watched by investors eager for exposure to the AI sector.
Together, the moves by OpenAI and Anthropic suggest that the pipeline for large public offerings may be building, with Wall Street positioning for more listings from companies that have remained private longer than many of their predecessors.
A listing on this scale has implications beyond the company itself. Large IPOs can influence benchmark indices, shift capital flows and shape investor sentiment around growth stocks more broadly. They can also revive interest in the public markets after periods when private funding has dominated the technology landscape.
The size of SpaceX's debut may encourage other major startups to consider similar moves if market conditions remain favorable. It also highlights the continuing concentration of investor attention around companies tied to space technology and artificial intelligence, two sectors that have drawn substantial capital and public interest.
For now, SpaceX's public market entrance stands as a milestone in its own right. But its impact may extend further if it helps set the stage for a new era of blockbuster listings across the technology sector.