Congratulations to SpaceX

Today, SpaceX (SPCX) began trading on the Nasdaq, completing the largest initial public offering ever brought to market. For EVIDENT and our clients, who participated as pre-IPO investors in the company, the listing is a defining milestone: the moment a position held in private markets is realised through public-market liquidity.

We extend our congratulations to SpaceX on a historic achievement, and we are proud to have stood among its pre-IPO investors on the path to the public market.

‍A landmark public debut

SpaceX priced its offering at US$135 per share, raising approximately US$75 billion and valuing the company at approximately US$1.75 trillion. The transaction is the largest IPO in history and places SpaceX among the most valuable companies ever to enter the public market on its first day of trading.

Investor demand was substantial. Reporting indicates interest exceeded US$250 billion against the targeted raise, leaving the offering several times oversubscribed ahead of pricing. The company has been positioned for early index inclusion in the days following its debut, a feature expected to generate additional structured demand from passive funds. With only a small share of the company in public float at listing, the opening sessions will be an exercise in price discovery as much as a verdict on the company itself.

‍From private access to public liquidity

The defining feature of modern markets is that the most significant value is increasingly created inside private companies, often over many years, before the public market is able to participate. SpaceX is the clearest example of that pattern: a company that spent more than two decades compounding value in private markets, with participation effectively limited to a narrow set of investors able to access it ahead of a listing.

For EVIDENT's clients, exposure to that value did not begin on the day of the listing. It began earlier, through pre-IPO participation made possible by EVIDENT's infrastructure for private market access — the position that this debut has now carried into public liquidity. This is the outcome EVIDENT is built to deliver: connecting institutional and qualified capital with leading private companies well before the public market threshold, within a regulated framework.

‍A company built in private markets

SpaceX's filings group the business into three segments: its launch services (Space), the Starlink satellite network (Connectivity), and an artificial intelligence segment. Starlink, the satellite-internet business, is the company's primary revenue driver.

‍What the listing affirms

SpaceX's debut is a landmark for the public markets. It is also a clear illustration of the access gap that defines the private ones: extraordinary value, compounded over years, beyond the reach of most investors until the moment of listing.

Closing that gap is the work EVIDENT exists to do - giving institutional and qualified investors structured, regulated access to the private companies shaping the next era of growth, and bringing the standards of modern market infrastructure to a market that has long turned on proximity rather than process. SpaceX's journey to the public market, and EVIDENT's place in it as a pre-IPO investor alongside our clients, is a demonstration of what that access can achieve.