The IPO caps a remarkable journey for a company that raised nearly $12 billion in private investment since its founding in 2002 to become the world’s most valuable venture-backed startup with a most recent private-market valuation of $1.25 trillion. Along the way, SpaceX helped redefine both the space industry and the late-stage venture market.

Its long-awaited offering raised some $75 billion and served as an enormous liquidity event for Musk, who became the as a result, as well as his close friend and confidant of , who now owns a stake valued at more than $68 billion in SpaceX. It’s also a massive and successful exit for early venture and corporate investors including , , , and .

SpaceX’s offering was unconventional along several fronts. Along with the IPO’s record-breaking nature — more than 10x larger than ’s $104 billion offering in 2012 — the company also by setting a fixed price of $135 per share, rather than the traditional approach whereby investors and bookbuilders determine a range based on demand.

Hawthorne, California-based SpaceX is also wildly unprofitable. The company posted a net loss of $4.28 billion in the first quarter of 2026, up more than 700% from a year ago. Revenue totaled $4.69 billion in Q1, up 15% from a year ago. Its megacap valuation means it’s slated to trade at an aggressive premium of 94x revenue.

The SpaceX offering is the first in a lineup of at least three historic IPOs this year, with generative AI giants and openly racing to make it to the public markets in coming months. Altogether, the three IPOs transfer some $3 trillion in value from the private to public markets.

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Related reading:

• The SpaceX IPO Filing Looks Nothing Like Those Of The Elite Group Of Tech Giants It’s Hoping To Join
• SpaceX IPO At $1.5T Valuation Would Be 10x Larger Than Biggest VC-Backed Listing Of All Time
• Before You Cheer The IPO Window, Watch Where The Money Goes

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has been working with banks to sell off VC fund investments in the secondary market, . It’s unclear what stakes the firm tried to sell, or if it was successful.

Tiger Global was an incredibly active investor in the tech ecosystem during the pandemic-era funding boom, and it also contributed investments to several VC firms during this time period. According to 91¾«Æ· data, the firm invested in 139 startups in the first quarter of 2022 alone. 

But following a dramatic dip in the stock market in 2022, and its ripples in the private market, Tiger Global reported in fundraising documents that its portfolio companies . Tiger Global, one of the largest investors in tech at the time, quickly stopped its investment streak. Per 91¾«Æ· data, the company only invested in 45 startups in the latter half of 2022. 

A bleak private market ahead?

It’s a clear sign that Tiger Global, and perhaps the venture community at large, isn’t confident in a market bounce back anytime soon. Tiger Global was one of the first wealth management companies back in February 2022. Indeed, global venture funding continues to slow down in Q1 2023, save for the tech world’s recent obsession with generative artificial intelligence.

But it looks like things are looking up for the company, albeit only slightly. Tiger Global’s hedge fund posted 7.3% gains in the first quarter of 2023, . The firm’s fund dropped 56% and its long-only fund dropped 67% between 2021 and 2022 (to recoup losses, each fund would need to see a gain of 144% and 216% respectively). 

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