SpaceX IPO: SPCX Stock Lists on Nasdaq in the World’s Biggest IPO Debut; How to Buy From India

SpaceX made its Nasdaq debut today under the ticker SPCX at $135 per share, valuing the company at $1.765 trillion and officially making Elon Musk the world’s first trillionaire. The company raised $75 billion in the biggest IPO ever, more than double Saudi Aramco’s 2019 record. 

The listing valued SpaceX at nearly $1.77 trillion, putting it ahead of Tesla, JPMorgan, and almost every listed company in the world. Twenty-four years after Musk founded the company in a warehouse in El Segundo, California, SpaceX is now a stock you can buy from your phone. 

Let's break down what SpaceX actually contains, why the SpaceX valuation is far more contested than the celebrations suggest, and what it means if you're an investor in India watching this unfold.

What Does SpaceX Do? Starlink, Launches, Starship and xAI

Most people picture SpaceX as the company that lands rockets vertically on drone ships. That is real, but it stopped being the primary financial story some time ago. Today, SpaceX runs three separate businesses under one name, at very different levels of financial maturity.

1. Launches and aerospace. SpaceX's Falcon 9 rocket has completed over 400 successful missions. It is reusable, a first in the industry, and that one breakthrough cut launch costs so sharply that SpaceX became NASA's biggest launch partner after the agency ended its Space Shuttle programme in 2011. The company now conducts more orbital launches per year than every other country combined.

2. Starlink. SpaceX has deployed over 9,600 satellites in low-Earth orbit, and Starlink now has 10.3 million subscribers across 164 countries as of March 2026. In India, both Bharti Airtel and Reliance Jio have signed partnership agreements with SpaceX to bring Starlink's broadband services to India, pending regulatory clearance. This is the part of SpaceX that actually makes money.

3. xAI. In February 2026, SpaceX absorbed Musk's AI company xAI, which also acquired X, formerly known as Twitter, adding the Grok chatbot, subscription revenue, and AI compute infrastructure to SpaceX's books. This part is burning cash at a significant scale.

When you buy SPCX stock, you are buying all three, bundled together, at a single price.

The Financial Reality of SpaceX

SpaceX reported $18.7 billion in revenue in 2025, with a net loss of $4.9 billion and EBITDA of $6.58 billion for the year. The headline numbers look like a growth company story. But the segment breakdown tells a more specific story about which part is working and which parts are not.

Source: SpaceX S-1 Prospectus, SEC, May 20, 2026

Starlink is the only part that makes money. It threw off $7 billion of EBITDA in 2025 at 63% margins, and that cash is what funds Starship development and the xAI expansion. Without Starlink, SpaceX as currently structured bleeds billions.

Think of it this way: Starlink is the salaried professional in the family paying the rent. Starship is the expensive side project with enormous potential. xAI is the startup that hasn't broken even yet. You are buying all three wrapped into one ticker. The valuation multiple reflects that optimism, and then some.

Source: Nasdaq, company S-1 filings, Bloomberg

At $1.77 trillion, investors are being asked to pay approximately 94 times trailing annual revenue, a price-to-sales multiple that exceeds even the most aggressively priced names in the current market, including Nvidia and Palantir. Morningstar pegs fair value near $780 billion, suggesting the IPO price is roughly double what the business is worth today. ARK Invest, conversely, sees a path to $2.5 trillion or more by 2030. The distance between those two estimates is wider than Reliance Industries' entire market capitalisation. 

SpaceX Valuation: Where Its $1.77 Trillion M-Cap Ranks

For scale: Reliance Industries, India's most valuable company, has a market cap of approximately $235 billion. SpaceX's IPO valuation is more than seven times that. Here is where it sits among the world's largest companies on listing day.

Source: Companies Market Cap, Nasdaq, Bloomberg (data as of June 10, 2026)

One other number worth keeping in mind: $1.77 trillion is roughly equivalent to the entire annual GDP of Australia. That is the scale of the company that just started trading.

Elon Musk Net Worth After SpaceX IPO: How SPCX Made Him a Trillionaire

Before today, Musk's net worth stood at approximately $971 billion according to Bloomberg Billionaires Index, with his wealth spread across Tesla (approximately $455 billion in stock and options) and his SpaceX equity. At the $1.77 trillion IPO valuation, Musk's SpaceX stake alone is estimated at approximately $866 billion, pushing his total net worth above $1.1 trillion.

Larry Page, Alphabet's co-founder, sits in second place globally at approximately $304 billion, meaning Musk's net worth is now more than three times that of the second-richest person on the planet. In Indian terms: $1.1 trillion converts to roughly Rs. 92 lakh crore at current exchange rates. That is close to 25% of India's entire GDP.

There is one detail about the share structure that matters for investors. Musk maintains nearly 80% voting control through a dual-class share structure. This means that retail buyers of SPCX participate financially in the company's growth but have no practical say in how it operates. 

SpaceX Nasdaq 100 Inclusion

There is a specific technical event in SPCX's immediate future that most retail coverage has missed. 

In March 2026, Nasdaq implemented rule changes that allow any newly listed company ranking in the top 40 by market capitalisation to be fast-tracked into the Nasdaq 100 within 15 trading days, down from a previous wait of several months. SpaceX qualifies. Counting from the June 12 listing, the 15-trading-day deadline falls around July 1, 2026.

Once included, all funds tracking the Nasdaq 100, including the Invesco QQQ Trust, will be required to buy SPCX as part of index rebalancing. This is likely to force approximately $7 billion in mechanically driven purchases, concentrated in a stock with a public float of only about 3%.

The S&P 500 is a different story. S&P Global confirmed it will maintain current inclusion rules requiring profitability in the most recent quarter and in the trailing four quarters as a whole, a criteria SpaceX does not meet, given its $4.9 billion net loss in 2025. S&P 500 ETF, SPY and VOO, holders will not automatically own SPCX until that changes.

If you hold QQQ or any Nasdaq 100-linked fund, you will own SpaceX within the month. No action required.

How Can Investors Buy SpaceX Stock From India?

Indian investors could not buy SPCX at the IPO price directly. The retail allocation of 30% of shares, roughly $22.5 billion, went to US-based platforms, and India was not included in the direct allocation. Post-listing however, the route for Indian investors to buy SpaceX stock is open.

Here's how you can buy SpaceX shares from India on INDmoney: 

Step 1: Download the INDmoney app from the Play Store or App Store, if you haven’t already.
Step 2: Create your US Stocks account and complete the digital KYC process.
Step 3: Add funds to your US Stocks wallet.
Step 4: Go to the US Stocks section and search for SpaceX or SPCX.
Step 5: Tap Buy, enter the number of shares or dollar amount you want to invest, and click Place Buy Order.

History is not on the side of buying giant IPOs at peak excitement. The S-1 itself flags this. If you are considering investing, the smarter question is not whether SpaceX will change the world but whether this is the right price to pay for that story.