Warren Moves To Stall Musk’s Moonshot

Person with a microphone raising hands in celebration

SpaceX just went public in the biggest initial public offering (IPO) in stock market history — and it made Elon Musk the world’s first trillionaire on day one.

Story Highlights

SpaceX priced its IPO at $135 per share, raising $75 billion and valuing the company at $1.77 trillion.
Elon Musk holds roughly 42% of SpaceX equity, pushing his net worth past $1 trillion.
Analysts are split — some call the valuation a fair bet on the future, while others say the stock is worth less than half the IPO price.
Senator Elizabeth Warren asked the Securities and Exchange Commission (SEC) to delay the offering, raising concerns about investor protections and accountability.

The Biggest IPO in History — By a Wide Margin

SpaceX listed on the Nasdaq under the ticker SPCX on June 12, 2026. The company sold 555.56 million shares at a fixed price of $135 each, raising $75 billion in a single day. That price was not offered as a range — it was set as one number, which is highly unusual for a deal this size. The $1.77 trillion valuation puts SpaceX in the same league as the world’s largest companies.

Musk owns about 42% of SpaceX. At the IPO valuation, that stake alone is worth more than $740 billion. Add in his holdings in Tesla, X, and other ventures, and his total net worth crossed the $1 trillion mark on listing day. No person in recorded history has ever reached that number before.

What Investors Are Actually Betting On

SpaceX brought in about $18 billion in revenue last year. That sounds strong — until you see the company also posted a $4.2 billion operating loss. So investors are not buying today’s profits. They are buying a vision: Starlink internet satellites, orbital data centers to support artificial intelligence, and eventually, human colonies on Mars. Market analyst Ron Esana said investors are “largely buying into Musk’s vision of the future” rather than current financial results.

Individual investors requested more than $70 billion in shares before the offering even closed, showing massive public demand. Supporters like market strategist Tom Lee point to Musk’s track record — building Tesla and SpaceX from scratch — as proof that long-term bets on his companies tend to pay off. The core argument is simple: if even one of SpaceX’s future businesses becomes massive, the valuation could look cheap in hindsight.

Serious Questions About the Price Tag

Not everyone is convinced. Morningstar analysts said SpaceX is “significantly overvalued” and put the company’s fair value closer to $780 billion — less than half the IPO price. NYU finance professor Aswath Damodaran, known as Wall Street’s “valuation guru,” also questioned whether the $1.77 trillion figure is grounded in real numbers or just excitement about what might happen decades from now.

Senator Elizabeth Warren sent a letter to the Securities and Exchange Commission asking it to delay the IPO. She argued that ordinary shareholders would have little ability to hold Musk or company leadership accountable, and that billions of dollars were being raised without the usual investor protections. Critics also note that SpaceX chose a single fixed price instead of a standard price range — a move that limits the market’s ability to signal whether demand is real or inflated. Whether the stock holds its value after the opening-day buzz fades will be the real test.

Why This Matters Beyond Wall Street

For everyday Americans, the SpaceX IPO is about more than stock prices. It is a signal that American-built private enterprise can still do things no government program ever could. SpaceX already launches NASA astronauts, carries military satellites, and provides internet to rural areas through Starlink. Musk built all of that without a government handout — and now the public gets a chance to own a piece of it. Whether the valuation holds up or not, the company’s real-world achievements are not in dispute.