Senator Slams SpaceX Deal—SEC On Notice

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

Story Highlights

SpaceX went public on June 12, 2026, at $135 per share, raising $75 billion and hitting a $1.77 trillion valuation.
Elon Musk owns roughly 42% of SpaceX, pushing his total net worth past $1 trillion for the first time in history.
Analysts at Morningstar say SpaceX is significantly overvalued, putting its fair value closer to $780 billion.
SpaceX reported about $18 billion in revenue last year but also posted a $4.2 billion operating loss, raising questions about the price tag.

The Biggest IPO Ever — By a Wide Margin

SpaceX began trading on the Nasdaq under the ticker SPCX on June 12, 2026. The company sold about 555 million shares at a fixed price of $135 each, raising $75 billion in a single day. That makes it the largest IPO in stock market history — far bigger than any previous record. The $1.77 trillion valuation puts SpaceX in the same league as the most valuable companies on earth.

Musk holds roughly 42% of SpaceX’s equity. At the $1.77 trillion valuation, that stake alone is worth more than $740 billion. Add in his Tesla shares and other holdings, and his total net worth crossed $1 trillion on IPO day. No person in recorded history has ever reached that number before. Some reports noted his wealth grew by roughly $1 million per minute as trading opened.

The Numbers Behind the Price Tag

SpaceX brought in about $18 billion in revenue last year. That sounds impressive — until you see the other number. The company posted an operating loss of $4.2 billion in the same period. That means SpaceX is spending far more than it earns right now. Investors are not paying $1.77 trillion for what SpaceX makes today. They are paying for what they believe it could become.

Analysts at Morningstar put the company’s fair value at around $780 billion — less than half the IPO price. That gap is not small. One market commentator said investors are “largely buying into Musk’s vision of the future” rather than its current balance sheet. The bullish case rests on Starlink internet expansion, orbital data centers supporting artificial intelligence (AI) operations, defense contracts, and eventual Mars missions. None of those future businesses have proven they can generate large profits yet.

Critics Say the Deal Skips Normal Rules

Senator Elizabeth Warren sent a letter to the Securities and Exchange Commission (SEC) asking it to delay the IPO. She raised two main concerns. First, she questioned whether the financial assumptions behind the $1.77 trillion price were sound. Second, she warned that the deal’s structure would let SpaceX raise billions of dollars without giving ordinary shareholders real ways to hold Musk or company leadership accountable.

🤯 SpaceX IPO just pushed Elon Musk into trillionaire territory.

Net worth: around $1.1T.

The crazy part? Elon once said he wants to build a $10T company.

Man is already 10% of the way there.

History is happening in real time.

— De UniQue 👑 (@Abdulkarim2) June 12, 2026

The deal used an unusual fixed-price structure. Most IPOs offer a price range so the market can signal demand. SpaceX set a single number — $135 — with no range. That approach is rare and limits the price-discovery process that normally helps investors judge whether a deal is fairly priced. Individual investors still requested more than $70 billion worth of shares, showing strong public appetite. But strong demand does not automatically mean the price is right.

What This Means for Everyday Americans

This story cuts across the usual political divide. Conservatives who admire Musk’s record of building real things — rockets, satellites, electric cars — see a self-made success story that rewards risk and vision. Critics on the left point to a governance structure that concentrates enormous power in one man’s hands, with limited checks from shareholders or regulators. Both concerns are legitimate, and neither cancels the other out.

What both sides can agree on is this: when one person can become the world’s first trillionaire in a single trading day, it raises hard questions about who the financial system is really built to serve. The SpaceX IPO may well prove to be the bet of the century. Or it may be the latest example of Wall Street pricing a dream decades before anyone knows if it comes true. Either way, ordinary investors buying in at $135 a share are the ones taking that risk — not the insiders who got in long before the opening bell rang.

Elon Musk is the first trillionaire as of June 12, 2026, thanks to SpaceX IPO boosting his Tesla and SpaceX stakes to $1.1T.
Next trillionaire? Jensen Huang via AI, Gautam Adani in energy, or someone else?

— Exiting My Shell (@exitingmyshell) June 12, 2026