The Elon Musk-led rocket company is targeting a record $75 billion raise and a $1.75 trillion valuation, rewriting IPO conventions in the process.
SpaceX is not asking. The company has set a fixed IPO price of $135 per share – a take-it-or-leave-it move that sidesteps the usual bookbuilding process entirely. If the raise goes to plan, SpaceX will pull in $75 billion, a figure that would shatter every record in U.S. IPO history.
Key details
| $135
Fixed IPO price per share |
$75B
Target raise (record) |
$1.75T
Target valuation |
555.6M
Shares on offer |
The roadshow kicks off on Thursday. SpaceX plans to list on Nasdaq under the ticker SPCX, with a debut expected on June 12. Goldman Sachs, Morgan Stanley, BofA, Citi, and J.P. Morgan are running the deal. All proceeds go to the company – no existing shareholders are cashing out – and Musk himself must hold his shares for 366 days post-listing.
Up to 30% of the offering is expected to go to retail investors, a deliberately large slice designed to tap Musk’s broad base of individual followers. Proceeds will fund AI computing infrastructure and the expansion of the Starlink satellite network.
Valuation reality check
At $1.75 trillion on $18.67 billion in 2025 revenue, SpaceX trades at 93.7x price-to-sales – ahead of Palantir (81x) but behind Rocket Lab (118x). Morningstar pegs fair value at $780 billion, nearly half the asking price. The company reported a net loss of $4.94 billion in 2025, swinging from a $791 million profit the year before. Only its Starlink connectivity business is profitable.
Market reaction
The IPO is expected to jolt public markets. SpaceX, OpenAI, and Anthropic together could add nearly $4 trillion in market cap when they list, intensifying the competition for investor capital in growth equities and pulling attention toward the broader tech and space sectors.
Why it matters for traders
A fixed-price IPO of this scale is nearly unprecedented. There is no range to anchor expectations, no price discovery through demand – just a number. If institutional investors balk, the deal terms are still subject to change before the roadshow wraps. If they don’t, it signals a new template for mega listings. Watch Nasdaq sentiment, growth-tech flows, and any updates from Musk on xAI’s integration, given the earlier merger that valued the combined entity at $1.25 trillion.
What to watch next
Investor feedback during the roadshow will be the first real signal. Keep an eye on the June 12 debut date, any revision to deal size, and how SpaceX’s governance structure – dual-class shares giving Musk concentrated voting control – lands with institutional allocators.
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