For years, SpaceX has transformed the global space industry with reusable rockets, satellite internet, and bold ambitions to send humans to Mars.
Now, the company has achieved another milestone.
SpaceX has officially completed the largest initial public offering (IPO) in history, raising US$75 billion (approximately RM304 billion). The listing values the company at US$1.77 trillion (around RM7.18 trillion), making it one of the world’s most valuable publicly listed companies.
The record-breaking IPO also pushed Elon Musk’s estimated wealth to nearly US$800 billion (approximately RM3.24 trillion), putting him closer than ever to becoming the world’s first trillionaire.
Yet behind today’s extraordinary success is a chapter of the company’s history that rarely receives attention.
More than two decades ago, when SpaceX was still an unknown startup struggling to prove itself, Malaysia became its first commercial customer, helping the company secure an important milestone during one of its most challenging periods.
SpaceX Breaks The Biggest IPO Record In History
The IPO comfortably surpassed every previous record in the global capital markets.
Priced at US$135 (around RM547) per share, the company offered 555.56 million shares, raising US$75 billion in fresh capital.
That eclipsed the previous IPO records set by Saudi Aramco, Alibaba Group, SoftBank Corp, and General Motors.
Following the listing, SpaceX now has approximately 13.08 billion shares outstanding, giving it a market capitalisation of around US$1.77 trillion (RM7.18 trillion).
The valuation places the company among the eight most valuable listed companies in the world, ahead of global giants including Tesla, Meta, Saudi Aramco, Samsung, Micron and SK Hynix.
Although the company is now publicly traded, Musk still controls approximately 82% of its voting rights, allowing him to retain effective control over major corporate decisions.
Before Becoming A Global Giant, SpaceX Was Fighting To Stay Alive
Today, SpaceX is worth US$1.77 trillion and ranks among the world’s most valuable companies. But less than two decades ago, its future looked anything but certain.
Between 2006 and 2008, the company’s first rocket, Falcon 1, suffered three consecutive launch failures. Each unsuccessful mission depleted valuable funding, while confidence among investors, customers, and the aerospace industry continued to fade.
The turning point finally came on 28 September 2008, when Falcon 1 successfully reached orbit on its fourth attempt, becoming the first privately developed liquid-fuel rocket to reach orbit.
The achievement proved the technology worked, but it did not immediately solve the company’s financial challenges.
To secure its future, SpaceX still needed something equally important: its first paying commercial customer. Without commercial contracts, proving the rocket’s capabilities alone would not be enough to sustain the business.
That opportunity came through Malaysia’s RazakSAT mission.
According to reports, payments from the RazakSAT contract provided much-needed cash flow during one of the most difficult periods in the company’s history, while also giving SpaceX its first commercial satellite launch.
Malaysia’s Connection Started Years Earlier
The relationship between Malaysia and SpaceX actually began long before Falcon 1’s successful flight.
On Christmas Day in 2003, Dr Ahmad Sabirin Arshad, who was then leading Astronautic Technology Sdn Bhd (ATSB), contacted Elon Musk to discuss launching Malaysia’s Earth observation satellite, RazakSAT, into low equatorial orbit.
At the time, SpaceX had only recently been established and had yet to prove its launch capabilities.
According to Dr Ahmad Sabirin, Musk immediately expressed confidence in the proposal.
“He said yes, he can do it.”
The discussions later continued at the company’s office in El Segundo, California.
Despite the promising discussions, Malaysia decided not to proceed immediately.
ATSB chose to wait until Falcon 1 had successfully demonstrated its reliability before committing a national satellite to the mission.
RazakSAT Became The First Commercial Satellite Launch For SpaceX
Following Falcon 1’s successful launch in September 2008, Malaysia moved ahead with the RazakSAT project.
On 14 July 2009, Falcon 1 lifted off from Omelek Island in the Kwajalein Atoll, carrying RazakSAT into orbit.
The launch represented an important achievement for Malaysia, providing an Earth observation satellite capable of capturing high-resolution images for national use.
For SpaceX, however, the mission carried another historic distinction.
RazakSAT became the company’s first commercial satellite launch, making it the first paying customer to entrust a satellite to the young aerospace company.
It also marked the fifth and final flight of Falcon 1, closing an important chapter before the company shifted its focus to larger launch vehicles.
Photographs from the mission even showed the Jalur Gemilang displayed alongside the American flag on the Falcon 1 rocket, symbolising the partnership between the two countries.
Years later, the story resurfaced after social media users highlighted Malaysia’s role during the company’s formative years.
Among those who responded was Elon Musk himself, who replied with a single word:
“True.”
The Journey From A Struggling Startup To A Trillion-Dollar Giant
Today, SpaceX operates reusable rockets, deploys thousands of Starlink satellites, supports missions to the International Space Station, and is developing Starship to carry humans to the Moon and Mars. Following its record-breaking IPO, the company is now one of the world’s most valuable businesses.
Its remarkable rise from a struggling startup to a trillion-dollar giant has become one of the greatest business success stories of the modern era.
Yet long before SpaceX became a global aerospace and AI powerhouse, Malaysia helped write one of the earliest chapters in its commercial journey, with RazakSAT becoming the company’s first commercial satellite mission; a milestone that still holds a unique place in the company’s history today.
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