SpaceX joined the Nasdaq 100 on Tuesday, weeks after its initial public offering made it the largest IPO in history, according to ABC News. The move is expected to route the company's shares into millions of individual retirement accounts that track the index.
The company's stock dropped nearly 6% in early trading Tuesday, putting the price at about $151. SpaceX opened trading on June 12 at $150 per share, soared roughly 50% in the first three days, then shed nearly all of those gains within days of listing.
Until recently, newly listed companies had to wait through an extended period before joining major indexes. The Nasdaq changed that rule in May, permitting fast entry for some large IPOs. Other exchanges followed with similar rule changes in the weeks after.
The IPO, which aims to raise as much as $75 billion, made Musk the first trillionaire at the time of listing. After Tuesday's share drop, Forbes placed his net worth at $973 billion. Google founder Larry Page holds the second-highest net worth at $303 billion, according to Forbes.
SpaceX reported revenue of $18.7 billion in 2025, a 33% jump from the prior year. Nearly a quarter of that revenue came from Starlink, the company's satellite internet service, which counts millions of subscribers. Despite the revenue growth, SpaceX posted a loss of $4.9 billion last year.
The company builds and operates spacecraft and runs thousands of satellites in orbit for Starlink. In February, SpaceX merged with xAI, Musk's AI company that offers a chatbot competing with OpenAI's ChatGPT and Anthropic's Claude.
