SpaceX IPO set at $135 a share, targeting $1.75 trillion valuation

Elon Musk’s SpaceX is reportedly planning to fix its initial public offering price at $135 per share and sell about 555.6 million new shares, aiming to raise roughly $75 billion and achieve a $1.75 trillion valuation.

According to people familiar with the matter, the deal would be structured as an all‑primary offering so proceeds go to the company, not existing shareholders, and would include a 15% greenshoe option. Setting a fixed price ahead of investor presentations and bookbuilding is highly unusual; SpaceX is also targeting Nasdaq listing under the ticker SPCX and an IPO debut as early as June 12.

The proposed size and valuation place the offering among the largest in history and underline investors’ challenge in valuing a business that mixes satellite communications, rocket services and nascent orbital AI ambitions. Reuters reporting notes SpaceX’s 2025 revenue was $18.67 billion while the company swung to a net loss, implying an extremely high trailing price‑to‑revenue multiple of roughly 93.7x at the targeted valuation. Such metrics suggest potential for significant volatility.

In a broader market context, SpaceX’s listing is expected to lead a wave of mega IPOs that could bring trillions of dollars of private market value to public markets, intensifying competition for investor capital. Corporate governance features, including dual‑class share structures that concentrate voting power, have drawn scrutiny and will likely factor into institutional demand and index inclusion debates.

Market commentators say the IPO outcome will hinge on investor appetite for speculative growth tied to unbuilt technologies — from orbital data centres to Mars ambitions — versus more conservative valuations anchored in Starlink’s current cash‑generating profile. Independent analysts’ lower private‑market estimates for SpaceX underscore wide valuation dispersion; prospective investors should weigh governance, cash burn and realistic timelines for promised businesses when assessing the offering.