SpaceX IPO: Live updates on everything you need to know

SpaceX IPO：你需要了解的一切实时更新

SpaceX has captured the attention of media, investors, and the public for years now — interest propelled by the company’s reusable rocket launches, the rise of its Starlink satellite network, and of course, for its founder and CEO Elon Musk. But in its 24-year history, nothing quite compares to this initial public offering. Everyone seems to be interested, and perhaps it’s because of the sheer size of this IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history. At this price, the deal also looks set to make Musk the world’s first trillionaire.

多年来，SpaceX 一直吸引着媒体、投资者和公众的目光——这种兴趣源于该公司可重复使用的火箭发射、星链（Starlink）卫星网络的崛起，当然，还有其创始人兼首席执行官埃隆·马斯克（Elon Musk）。但在其 24 年的历史中，没有任何事件能与此次首次公开募股（IPO）相提并论。每个人似乎都对此深感兴趣，这或许是因为此次 IPO 的规模极其庞大。该公司将其 5.556 亿股股票定价为每股 135 美元，筹集了 750 亿美元，使其成为史上规模最大的 IPO。按此价格计算，这笔交易似乎也将使马斯克成为世界上首位万亿富翁。

TechCrunch has followed SpaceX’s start, struggles, and successes from the early days. And we’re here for what happens next too. This article will be continually updated with all of the latest SpaceX IPO news.

TechCrunch 从早期开始就一直关注着 SpaceX 的起步、挣扎与成功。我们也将继续见证接下来发生的一切。本文将持续更新所有关于 SpaceX IPO 的最新消息。

The latest on the SpaceX IPO

SpaceX IPO 最新动态

SpaceX shares opened at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares keep rising too (which we will update here). In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%. There has been heavy trading volume, as expected. Robinhood said it has seen “record-breaking traffic on its trading platform in the hours after SpaceX’s historic public markets debut.

SpaceX 股票在纳斯达克公开交易所开盘价为 150 美元，较发行价上涨 11%，这是史上最受期待的一次首秀。此后股价持续攀升（我们将在此处更新）。盘中交易时，SpaceX 股价一度飙升 30%。最终，SpaceX 股价收于 160.95 美元，涨幅为 19%。正如预期，交易量非常巨大。Robinhood 表示，在 SpaceX 历史性的公开市场首秀后的几个小时内，其交易平台出现了“破纪录的流量”。

SpaceX COO Gwynne Shotwell was interviewed by CNBC on Friday and among the many interesting comments she made, here is one that might get the attention of Tesla shareholders. At one point in the interview, Shotwell said a “merger between SpaceX and Tesla might make Elon’s life a little easier.”

SpaceX 首席运营官格温·肖特维尔（Gwynne Shotwell）周五接受了 CNBC 的采访。在她发表的许多有趣的评论中，有一点可能会引起特斯拉股东的注意。在采访中，肖特维尔曾表示，“SpaceX 和特斯拉之间的合并可能会让埃隆的生活轻松一些。”

Among the winners are the banks, which have brought in about $500 million in total fees. The big winners are Goldman Sachs and Morgan Stanley, per the WSJ.

赢家之一是各大银行，它们总共获得了约 5 亿美元的费用。据《华尔街日报》报道，最大的赢家是高盛（Goldman Sachs）和摩根士丹利（Morgan Stanley）。

Musk took to X, the social media company he owns, to share his appreciation of SpaceX employees as the stock rose. “I love the incredible people of SpaceX beyond words,” he wrote Friday afternoon. He also reposted a number of SpaceX IPO related posts, including a photo of insiders all wearing green shoes in what appears to be a nod to “the green shoe option.” This is a provision in an IPO underwriting agreement that lets underwriters to sell up to 15% more shares than originally planned if demand is strong.

随着股价上涨，马斯克在他拥有的社交媒体公司 X 上表达了对 SpaceX 员工的赞赏。周五下午，他写道：“我无法用言语表达我对 SpaceX 这些了不起的人们的爱。”他还转发了许多与 SpaceX IPO 相关的帖子，其中包括一张内部人士都穿着绿色鞋子的照片，这似乎是在向“绿鞋机制”（green shoe option）致意。这是 IPO 承销协议中的一项条款，允许承销商在需求强劲的情况下，额外出售最多比原计划多 15% 的股票。

How to track the SpaceX IPO

如何追踪 SpaceX IPO

With an offering this large, there is a lot of financial machinery operating behind the scenes — so the first question is just when the stock makes it to the market to start trading. SpaceX is debuting on Nasdaq and you can see the official Nasdaq listing here, which will have the price of record as soon as there is one. Nasdaq also has video of the SpaceX crew ringing the bell, if that’s your thing.

由于此次发行规模巨大，幕后有许多金融机制在运作——因此第一个问题是股票何时进入市场开始交易。SpaceX 在纳斯达克上市，你可以在此处查看纳斯达克的官方上市信息，一旦有记录价格，这里就会显示。如果你感兴趣，纳斯达克还提供了 SpaceX 团队敲钟的视频。

But the price is just part of the picture. For the most up-to-the-minute information, your best bet is still financial press outlets like Bloomberg and CNBC, both of which have liveblogs running and will have close coverage of any hiccups that happen in getting the stock to market.

但价格只是全貌的一部分。要获取最新信息，最好的选择仍然是彭博社（Bloomberg）和 CNBC 等财经媒体，它们都开设了实时博客，并将密切报道股票上市过程中可能出现的任何波折。

The SpaceX IPO, by the numbers

SpaceX IPO 数据概览

Here we look at some of the bigger numbers, the consequential figures, and the eyewatering amounts that make up the company’s S-1 form. For instance, SpaceX lost $4.9 billion on revenues of over $18 billion in 2025. That’s only a fraction of the more than $37 billion lost since SpaceX’s inception. As CEO, Elon Musk holds about 85.1% of the company’s voting power. You can read more about that in the next section “Who wins and who doesn’t” — and we’ll continue to drop interesting numbers in here.

在这里，我们来看看构成公司 S-1 招股书的一些大数字、重要数据和令人瞠目结舌的金额。例如，SpaceX 在 2025 年营收超过 180 亿美元的情况下，亏损了 49 亿美元。这仅仅是 SpaceX 自成立以来累计亏损超过 370 亿美元的一小部分。作为首席执行官，埃隆·马斯克持有公司约 85.1% 的投票权。你可以在下一节“谁是赢家，谁不是”中阅读更多相关内容——我们将继续在此处发布有趣的数据。

Here is another figure that caught our attention… 4,400. That’s the number of SpaceX employees who could become millionaires, according to the NYT.

这是另一个引起我们注意的数字……4,400。据《纽约时报》报道，这是可能成为百万富翁的 SpaceX 员工人数。

Who wins and who doesn’t

谁是赢家，谁不是

SpaceX is the world’s largest IPO in history and means a big payday for some investors, employees, and of course, Elon Musk.

SpaceX 是全球史上规模最大的 IPO，这意味着一些投资者、员工，当然还有埃隆·马斯克，将获得丰厚的回报。

Elon Musk becomes the world’s first trillionaire after SpaceX’s historic IPO: The SpaceX IPO has boosted Musk’s paper wealth to more than $1,000,000,000,000 at a time when he is more hated — and powerful — than ever. SpaceX 历史性 IPO 后，埃隆·马斯克成为全球首位万亿富翁： SpaceX 的 IPO 将马斯克的账面财富推高至超过 1 万亿美元，而此时的他比以往任何时候都更受争议，也更具权力。
How Elon Musk will increase his power through the SpaceX IPO: Musk, who will have more than 50% of the voting power, will have a monarchical grip over the publicly traded version of SpaceX — control that goes far beyond what other tech founders enjoy. 埃隆·马斯克将如何通过 SpaceX IPO 增强其权力： 马斯克将拥有超过 50% 的投票权，从而对上市后的 SpaceX 拥有君主般的掌控力——这种控制权远超其他科技公司创始人所享有的水平。
Who will benefit most from SpaceX IPO? Mostly Elon — and a few from his inner circle: Elon Musk has the largest stake in SpaceX by billions of shares, but others also stand to win. Here’s the rundown of who owns what. 谁将从 SpaceX IPO 中获益最多？主要是埃隆，以及他核心圈子里的少数人： 埃隆·马斯克持有 SpaceX 最多的股份，达数十亿股，但其他人也有望获利。以下是持股情况的概览。
SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift: After SpaceX makes its public debut, lower-tier SPV investors face hidden fees, lengthy payout delays, and the risk of outright fraud. SpaceX 特殊目的载体（SPV）投资者在 IPO 锁定期结束前无法知晓其真实持股情况： 在 SpaceX 公开上市后，低层级的 SPV 投资者面临着隐藏费用、漫长的支付延迟以及直接欺诈的风险。

What’s in the S-1

S-1 招股书里有什么

The S-1 registration document gave the world an unprecedented look inside SpaceX, including its financials and its various businesses. The S-1 continued to be amended as the IPO date approached, and we were on it. Here is what we found.

S-1 注册文件让全世界前所未有地深入了解了 SpaceX，包括其财务状况和各项业务。随着 IPO 日期的临近，S-1 文件不断进行修订，我们一直密切关注。以下是我们发现的内容。

The SpaceX IPO filing is filled with AI bets, Starship dreams, and Elon Musk at the center: The contents of the SpaceX IPO details a business dominated by its Starlink satellite internet offering, more than $37 billion in losses, and future business prospects through its xAI division. SpaceX IPO 文件充满了对人工智能的押注、星舰梦想，以及处于核心地位的埃隆·马斯克： SpaceX IPO 的内容详细描述了一项以星链卫星互联网业务为主导的业务，累计亏损超过 370 亿美元，以及通过其 xAI 部门展现的未来商业前景。
Starship’s path to reusability looks murky after SpaceX’s S-1: SpaceX’s IPO and Starship rocket test flight delivered two big data points that offer a realistic vision for the coming years — and one that may disappoint both the company’s boosters and its critics. 在 SpaceX 的 S-1 文件发布后，星舰的可重复使用之路看起来并不明朗： SpaceX 的 IPO 和星舰火箭的试飞提供了两个重要数据点，为未来几年提供了一个现实的愿景——这个愿景可能会让该公司的支持者和批评者都感到失望。
SpaceX warns investors of future dilution, adding fuel to Tesla merger rumors: The company added new language to its S-1, a warning to prospective investors that a major dilution could be in the cards after it goes public. SpaceX 警告投资者未来可能稀释股权，为特斯拉合并传闻火上浇油： 该公司在 S-1 文件中增加了新的措辞，警告潜在投资者，在公司上市后可能会出现大规模的股权稀释。

Pre-IPO deals and events

IPO 前的交易与事件

Leading up to the IPO, SpaceX locked in a string of deals, mostly selling off compute to improve its b… 在 IPO 之前，SpaceX 锁定了一系列交易，主要是出售计算能力以改善其 b…