SpaceX: From Private Powerhouse to Public Markets - What Investors Need to Know…
The long-awaited stock market listing of SpaceX in June 2026 was a landmark moment, not just for Elon Musk's flagship company, but for investors around the world.
After more than 20 years as a private business SpaceX completed the largest IPO in history, raising around $75 billion at a valuation of approximately $1.77 trillion.
Given the excitement surrounding the company, many investors are asking the same question: where does SpaceX fit in a portfolio, and when will index funds start buying it?
To the Moon... and Beyond?
The IPO has got off to a flying start.
The shares started trading on the 12th June on the Nasdaq, under the ticker SPCX, and immediately opened at a price of $150 a share, up from the IPO price of $135. The day finished with a gain of almost 20% and rose again strongly on day two of trading.
At the moment, investors are buying into a vision of the future as much as the current financials. The shares trade on a combination of scarcity, excitement and the Elon Musk factor.
By traditional valuation measures, SpaceX looks expensive. But this is not a traditional company. Investors made similar arguments about many technology businesses during the dot-com era. Whether SpaceX ultimately justifies its valuation remains to be seen, but few would argue it lacks ambition.
More Than Rockets
Most people associate SpaceX with rocket launches, but launches are only part of the story.
Today, the business is built around three key divisions.
Starlink
Starlink is the company's most important business.
The satellite broadband network provides internet access across the globe through thousands of low-Earth orbit satellites and now serves millions of customers worldwide.
In 2025, Starlink generated around $11.4 billion of revenue, representing roughly 61% of total company revenue. More importantly, it produced most of SpaceX's operating profits and effectively funded investment elsewhere in the business.
Launch Services
This division includes Falcon 9, Falcon Heavy and the developing Starship programme.
SpaceX generates revenue by launching satellites and carrying out missions for governments, defence organisations and commercial customers.
The launch business generated approximately $6 billion of revenue in 2025, or around 32% of total revenue. While strategically important, it remains capital-intensive and generally less profitable than Starlink.
AI and Computing
Following the merger with xAI in 2026, SpaceX added a third growth engine.
This division focuses on artificial intelligence, high-performance computing and data infrastructure. It's currently loss-making due to heavy investment, but management sees AI as a significant long-term opportunity.
Across all divisions, SpaceX generated approximately $18.7 billion of revenue in 2025, although substantial investment spending resulted in a net loss of around $4.9 billion.
A Record-Breaking IPO
The IPO was notable not only for its size, but also for its structure.
Around 555 million shares were sold at $135 each.
The offering raised approximately $75 billion.
Only about 4% of the company was made available to public investors.
Elon Musk still owns roughly 42% of the business and controls around 80% of the voting rights.
That final point matters.
Although SpaceX is now one of the world's largest listed companies, only a small proportion of its shares are available to buy and sell on the open market. Limited supply can amplify price movements, particularly when investor demand is strong.
When Will Index Funds Buy SpaceX?
One of the biggest questions investors have is when SpaceX will start appearing in major index funds.
The answer is simple: index inclusion follows rules, not headlines.
Nasdaq 100
Because SpaceX is listed on the Nasdaq and is already one of the largest technology companies in the market, it is expected to be added to the Nasdaq 100 relatively quickly.
When that happens, funds and ETFs that track the index will become buyers of the shares, creating additional demand.
Global Equity Indices
Broader indices such as the FTSE Developed World are likely to take longer.
Index providers typically require:
A sufficient trading history
Adequate liquidity
A minimum level of publicly available shares, known as free float
Until those requirements are met, global index funds may have little or no exposure to the company.
The S&P 500
Despite its enormous valuation, SpaceX is not currently eligible for inclusion in the S&P 500.
There are three main reasons:
Profitability – The S&P 500 requires positive earnings both in the most recent quarter and across the previous four quarters combined. Ongoing losses in the AI division mean SpaceX currently falls short.
Free Float – Only a small percentage of shares are publicly traded.
Trading History – Newly listed companies are rarely added immediately. Index committees typically prefer to see an established trading record first.
What Matters for Investors?
SpaceX is unlike almost any company that has come to market before.
It combines satellite communications, aerospace, defence infrastructure and artificial intelligence under a single corporate umbrella. Starlink has already become a highly profitable communications platform, while Starship and AI offer potentially significant future growth opportunities.
That said, investors should separate the excitement from the investment case.
A company can be revolutionary and still prove a disappointing investment if expectations become unrealistic. Equally, a business that appears expensive today can justify its valuation if it continues to execute successfully.
For now, the key point is that SpaceX's journey into mainstream portfolios will happen gradually. Despite its size and profile, widespread ownership through index funds will depend on meeting specific criteria around profitability, liquidity and free-float availability.
In other words, becoming one of the world's largest public companies is only the first step. Becoming one of the world's most widely owned companies may take considerably longer.