SpaceX files for record $75 billion IPO at $135 per share, targeting $1.77 trillion valuation

The offering

SpaceX intends to offer approximately 555.6 million shares at a fixed price of $135 each, according to filings submitted to the US Securities and Exchange Commission on Wednesday. At that price, the company would command a market capitalisation of nearly $1.77 trillion. The $75 billion in proceeds would eclipse the previous record of $29.4 billion set by Saudi Aramco in 2019. The shares are expected to begin trading on the Nasdaq under the ticker "SPCX" on 12 June.

This is a more efficient way to structure a roadshow.

An unconventional approach

In a departure from standard practice, SpaceX is entering its roadshow (which begins Thursday) with a fixed price rather than a price range. Typically, IPO candidates gauge investor appetite through a range and set the final price the night before trading begins. Wall Street observers interpret the fixed-price tactic as a signal of strength, anchoring expectations and potentially limiting first-day price pops that would leave money on the table for existing owners. Weiheng Chen, a partner at Wilson Sonsini Goodrich & Rosati, characterised the strategy as a "take-it-or-leave-it" approach that resonates with Musk's followers.

Use of proceeds and financials

The filing states that proceeds will fund expansion of AI computing capacity, rocket launches, and satellite infrastructure. SpaceX is also obligated to repay at least part of a $20 billion bridge loan within six months; a large portion of that loan was used to retire high-interest debt at Musk's social-media and AI ventures. The company reported 2025 revenue of $18.67 billion, up from $14.02 billion a year earlier, but swung to a net loss of $4.94 billion from a $791 million profit in 2024. The loss reflects heavy spending on Starship development. Two of the company's three business segments are unprofitable; the Starlink satellite internet unit is considered the key earnings driver.

Governance and retail allocation

Musk will retain more than 80 percent voting control after the IPO through super-voting shares. The filing also reserves an unusually high 30 percent of the offered shares for retail investors, a nod to Musk's fan base. Existing shareholders will not sell in the offering; all proceeds go to the company. Musk is subject to a 366-day lock-up period.

The AI and space vision

During the roadshow, Musk and other executives will pitch investors on a vision that spans orbital AI data centres, direct-to-handset mobile services, AI semiconductor production with Tesla, and long-term bases on the Moon and a colony on Mars. The filing also discloses a contract with Anthropic to provide AI computing capacity valued at $1.25 billion per month. Morningstar recently estimated SpaceX's standalone value at roughly $780 billion, about 48 percent below the current private-market valuation, underscoring the premium embedded in the IPO price.

Market context

The IPO is widely expected to open the door for a wave of large technology listings, including potential offerings from OpenAI and Anthropic. The pricing is expected to be finalised as early as 11 June, with the official marketing process launching Thursday.