SpaceX: landings, explosions and a $1.77 trillion listing

Musk founded SpaceX in 2002 with about $100 million of his own money. Its first three Falcon 1 launches failed; the fourth reached orbit in 2008. [1]

On 25 May 2012, the station crew captured Dragon, the first commercial spacecraft to berth with the International Space Station. In December 2015 a Falcon 9 booster landed after an orbital launch, and in March 2017 SpaceX reflew one. On 30 May 2020, Dragon launched NASA astronauts Bob Behnken and Doug Hurley, the first crewed orbital launch from U.S. soil since the shuttle retired in 2011. [2][3][4][1]

Reusable boosters are now routine for SpaceX, which says it has flown individual Falcon 9 boosters many times. That is a company claim, but its launch record is public. [5]

Starship, the giant rocket Musk wants to send to Mars, has flown a series of test flights, several ending in explosions. On 16 January 2025, Flight 7’s upper stage broke apart minutes after launch, and debris fell over the Turks and Caicos Islands. The FAA activated an emergency debris zone. It said it briefly slowed aircraft or held them at their departure airports, and several flights diverted after running low on fuel while they waited. It required SpaceX to investigate the mishap. [1][3][4]

The FAA closed the investigation on 28 March 2025. SpaceX traced the failure to vibrations that caused fuel leaks and fires. No injuries to the public were reported. [2]

SpaceX treats explosions as part of testing quickly. Critics say the public should not carry the risk of falling debris.

On 2 February 2026, SpaceX agreed to merge with xAI, Musk’s artificial-intelligence company, which already owned X. Reuters reported a combined valuation of about $1.25 trillion. [1]

SpaceX filed for its IPO in May 2026; the filing showed heavy spending on AI and losses at the xAI business. It priced shares at $135 on 11 June, raising about $75 billion at a valuation of about $1.77 trillion, the largest IPO on record. The stock rose 19 percent on its first day of trading. [2][3][4]

The company has two classes of shares. Musk’s high-vote stock gives him control, and the structure limits outside shareholders’ rights, which governance experts criticized. [5]