SpaceX plans to price its initial public offering at $135 per share, according to people familiar with the matter. Elon Musk’s rocket, satellite, and AI-linked company aims to raise $75 billion by selling about 555.6 million shares. The offering could value SpaceX at nearly $1.75 trillion, making it the largest IPO on record.
SpaceX is preparing to begin its investor roadshow on Thursday, with sources saying the company plans to use a fixed IPO price instead of the usual price range. Companies often set a range before marketing shares to investors, then adjust the final price based on demand.
However, SpaceX’s plan would give investors a direct offer at $135 per share. Sources cautioned that the terms could still change as meetings with investors begin. The company earlier held ‘testing the waters’ meetings before moving toward formal marketing.
Weiheng Chen, a senior partner at Wilson Sonsini Goodrich & Rosati, said there is no rule blocking the approach. He said, “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.”
Meanwhile, SpaceX is expected to disclose formal terms soon and could price the offering as early as June 11. The company expects to list on NASDAQ under the ticker ‘SPCX,’ with a debut possibly coming on June 12.
SpaceX is seeking a valuation near $1.75 trillion, while another estimate places the target closer to $1.8 trillion. Morningstar placed a much lower value on the company at $780 billion in a June 1 note, with most value tied to the Starlink satellite internet business.
Fabien Yip, market analyst at IG International, raised caution over the price. He said, “From a valuation perspective, it’s definitely not cheap.” He added, “Investors are buying into hopes of the company’s exponential growth in the future given it’s not yet profitable.”
Revenue rose to $4.69 billion in the quarter ended March 31 from $4.07 billion a year earlier. However, losses widened to $1.27 per share from 18 cents per share over the same period. In 2025, SpaceX reported a net loss of $4.94 billion after posting a $791 million profit a year earlier.
At a $1.75 trillion valuation and 2025 revenue of $18.67 billion, SpaceX would trade at about 93.7 times trailing revenue. That compares with Rocket Lab at 118 times, Palantir at 81 times, and Tesla at nearly 17 times.
The IPO is expected to be an all-primary offering. That means proceeds would go to SpaceX, while existing shareholders would not sell shares in the listing. One source also said Musk must hold his SpaceX shares for 366 days after the IPO.
Proceeds are expected to support AI computing resources and the company’s satellite network. SpaceX merged with Musk’s AI startup xAI earlier this year in a deal that valued SpaceX at $1 trillion and xAI at $250 billion.
Craig Coben, former Bank of America Co-Head of Asia-Pacific global capital markets, said SpaceX’s position gives it room to set its own process. He said, “When you’re the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around.”
Nevertheless, some analysts continue to question the valuation target. Vey-Sern Ling, managing director at Union Bancaire Privee, said, “It may be a stretch to achieve the valuation they want even with very generous multiples.” He added that the market remains supportive of tech-linked companies and has often given Musk strong investor backing.
Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and JPMorgan are leading the offering, along with other banks. The deal could surpass Saudi Aramco’s $29.4 billion IPO in 2019 and become the largest public listing ever.
Also Read: Goldman Sachs Leads SpaceX IPO Underwriters Ahead of NASDAQ Listing