SpaceX to Raise Record $75 Billion in IPO at Fixed $135 Share Price for $1.75 Trillion Valuation

NEW YORK — SpaceX, Elon Musk's rocket and satellite company, plans to raise a record $75 billion in its initial public offering by fixing the share price at $135, targeting a $1.75 trillion valuation in one of the largest and most unconventional listings in market history.

The company intends to sell 555.6 million shares in an all-primary offering, with proceeds directed toward expanding AI computing resources and its Starlink satellite network. The fixed-price approach breaks from traditional IPO practices, where companies typically set a price range and adjust based on investor demand during roadshows.

SpaceX's roadshow begins Thursday after preliminary meetings with investors. The debut is expected on Nasdaq under the ticker "SPCX" on June 12, led by underwriters Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan. The plans remain subject to change based on investor feedback.

This move positions SpaceX to lead a wave of major listings, with OpenAI and Anthropic also preparing public debuts that could collectively add nearly $4 trillion in market capitalization. The listing comes after SpaceX merged with Musk's xAI earlier this year in a deal valuing the rocket business at $1 trillion and xAI at $250 billion.

The fixed $135 price reflects Musk's signature style of defying convention. "Musk is simply taking a 'take-it-or-leave-it' approach which works for his followers and is also sensible given the market conditions and the lack of comparables," said Weiheng Chen, a senior partner at law firm Wilson Sonsini Goodrich & Rosati.

SpaceX is also planning to allocate up to 30% of the offering to retail investors, an unusually large portion designed to tap into Musk's dedicated following. Musk himself will be required to hold his shares for 366 days post-IPO, signaling long-term commitment to new shareholders.

The company has no direct public peers, complicating valuation. Morningstar recently estimated SpaceX's fair value at $780 billion — 48% below the targeted $1.75 trillion — with most of that value attributed to the Starlink satellite communications business. At the proposed valuation and 2025 revenue of $18.67 billion, SpaceX would trade at nearly 94 times trailing revenue.

For context, Rocket Lab trades at 118 times revenue, Palantir at 81 times, and Tesla at roughly 17 times. SpaceX reported a net loss of $4.94 billion in 2025, swinging from a $791 million profit the prior year, so it cannot be evaluated on a price-to-earnings basis.

Starlink remains the primary profit driver, generating most of the company's revenue and growth. However, two of SpaceX's three main businesses continue burning cash, with losses widening to $1.27 per share in the first quarter of 2026 from 18 cents a year earlier. Revenue grew to $4.69 billion in the quarter from $4.07 billion previously.

The IPO structure is all-primary, meaning all proceeds go to the company rather than allowing existing shareholders to sell shares. This approach provides SpaceX with substantial capital to fuel ambitious projects, including Starlink expansion and integration with xAI's artificial intelligence initiatives.

Investor interest is expected to be intense, driven as much by Musk's track record as by SpaceX's fundamentals. His success at Tesla has shown an ability to galvanize retail traders and deliver long-term value despite short-term volatility. The upcoming roadshow will test whether institutional investors are willing to accept the fixed price and governance structure.

Corporate governance concerns could temper enthusiasm. SpaceX plans a dual-class share structure that concentrates voting power with Musk and a small group of insiders, similar to arrangements at Tesla and other Musk-led companies. This setup prioritizes founder control but has drawn criticism from some governance advocates.

The listing arrives at a time when public markets are showing renewed appetite for large growth stories after years of muted mega-cap IPO activity. Strong performance by recent technology and AI-related listings has encouraged more private companies to consider going public.

SpaceX's business spans multiple high-growth areas. Its Falcon rockets have transformed the commercial launch industry with reusable technology that dramatically lowered costs. Starlink provides high-speed internet to remote and underserved areas worldwide, with potential for significant expansion in aviation, maritime and enterprise markets. The integration with xAI adds exposure to artificial intelligence infrastructure.

Proceeds from the IPO will support continued innovation across these segments. SpaceX aims to scale Starlink's constellation, develop next-generation vehicles including Starship, and enhance computing capabilities for AI applications.

The unconventional IPO strategy underscores Musk's influence on capital markets. By setting a firm price ahead of the roadshow, SpaceX aims to streamline the process and avoid the volatility often seen in traditional bookbuilding. This approach has worked for Musk in past ventures and aligns with his preference for direct engagement with investors and the public.

Wall Street reaction has been mixed but generally positive. While some bankers note the challenges of pricing without traditional demand discovery, others see the fixed price as pragmatic given SpaceX's visibility and strong private-market interest.

As the most anticipated IPO in years, SpaceX's debut could set the tone for the remainder of 2026's new issue market. Success would likely encourage other high-profile private companies to follow, potentially unlocking significant capital for growth sectors including AI, space technology and sustainable infrastructure.

For investors, the offering represents a rare opportunity to gain exposure to one of the world's most valuable private companies. However, risks remain, including execution challenges in scaling complex technologies, regulatory hurdles in multiple jurisdictions, and dependence on Musk's leadership and vision.

SpaceX has transformed the space industry over the past two decades, achieving milestones once considered science fiction. Its IPO marks another chapter in that evolution, bringing public market scrutiny and capital to a company long defined by ambition and innovation.

The coming weeks will reveal whether investors embrace SpaceX's terms or push back on valuation and governance. With the roadshow beginning Thursday, all eyes will be on investor meetings and any adjustments to the ambitious plans.