SpaceX sets share price at $135 for record $1.77 trillion IPO, largest in history

SpaceX reveals its share price and record valuation: 555.6 million shares at $135 apiece, at a $1.77 trillion valuation | Fortune

It's official: SpaceX is on track to be the largest IPO in history, seeking to raise $75 billion once it goes public later this month. The company will sell 555.6 million Class A shares at a fixed price of $135 each, according to an amended statement filed with the SEC on Wednesday. Combined with the company's total shares outstanding, that prices SpaceX at roughly $1.77 trillion; enough to make it, on arrival, the seventh-largest company in the U.S. per the Fortune 500 list, walloping current no. 7 spot Berkshire Hathaway, and even CEO Elon Musk's other darling, Tesla, which trades at a market cap of about $1.6 trillion. The company going public is not just a rocket maker, anymore. February's all-stock absorption of xAI turned SpaceX into a money-losing satellite-internet and AI conglomerate, with proceeds earmarked partly for expanding AI compute alongside the Starlink network. Musk makes the goal in the prospectus very clear: get a colony of a million people on Mars. The rockets are to transport there, and the AI is to organize the colony and also figure out how to get a million people on Mars. How much of the $80 billion actually reaches that buildout is another question: as Fortune has reported, more than three-quarters of the proceeds are already spoken for, pledged to repay debt held by Valor Equity Partners, X Corp, and xAI investors, and to pay EchoStar for a spectrum acquisition, leaving less than $18 billion for the AI express. What is clear is that Musk has full control of the company. The amendment shows the founder, CEO, CTO, and chairman holding roughly 82.4% of voting power after the offering, enough to elect or eject a majority of the board outright and to make SpaceX a "controlled company" exempt from certain Nasdaq governance rules. Public shareholders are just along for the ride to space. The filing starts the timer on a hot IPO summer, with the other rumored trillion-dollar listings -- Anthropic and OpenAI -- set to follow. Anthropic confidentially filed its prospectus on Monday. The question on Wall Street's mind is whether there's enough money in the public markets to absorb them all. Nasdaq controversially rewrote its rules last month in anticipation of the megacap arrivals, allowing the largest IPOs to enter its prestigious Nasdaq 100 index after just 15 trading days, rather than waiting months for the index's regular reconstitution; and scrapping its 10% minimum float requirement in the process. SpaceX is expected to float barely 4% of the company, and Nasdaq index funds will be forced to absorb SpaceX shares mechanically, at whatever price prevails. That hands early SpaceX investors a ready exit in what would be the biggest payday in startup history. SpaceX's lockup period, like everything else about the company, is unorthodox: instead of a standard 180-day cliff, insiders can sell up to 20% of their locked shares once the company reports its first quarterly earnings, with an additional 10% if the stock is trading at least 30% above the IPO price.The shares unlock in staggered tranches starting after the company's second earnings report; expected to be around late July or early August. Musk himself can't sell for 366 days. The structure is designed to gradually increase the float -- and accelerate SpaceX's inclusion in the Nasdaq 100.

SpaceX targets $1.75 trillion valuation in all-primary IPO next week, sources say

SpaceX is preparing for a massive initial public offering targeting a valuation of $1.75 trillion. The company plans to raise at least $75 billion by selling new shares. This move is expected to be the largest IPO ever. Investors will get a chance to buy into Elon Musk's vision for space exploration and technology. SpaceX, Elon Musk's rocket and satellite company, plans to target a valuation of $1.75 trillion in its blockbuster initial public offering, which will consist entirely of new shares, three people familiar with the matter told Reuters on Tuesday. The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said. Shareholders would likely have to wait until at least after the company reports its first quarterly earnings, under a staggered lockup, Reuters previously reported. US MarketsPowered By As on 03 Jun 2026, 01:30 AM IST S&P 500 Top Gainers Hewlett Packard56.15(19.47%) Corning200.40(13.41%) Alexandria Real Estate52.74(8.45%) Aptiv73.85(7.65%) Gainers" S&P 500 Top Losers Trade Desk21.10(-9.13%) Intuit322.14(-8.94%) Coterra Energy32.56(-8.62%) Cboe Global Markets275.59(-8.44%) Losers" After some early meetings with investors, or a "testing the waters" process, the company has indicated it plans to raise at least $75 billion in its base offering, the sources said, requesting anonymity to discuss confidential information. The greenshoe option, set at ⁠15%, would ⁠allow underwriters to sell additional shares if investor demand exceeds expectations, one of the sources said. Pure primary offerings are not unprecedented, although they are not the most common structure for large listings, which are often a mix of primary and secondary shares allowing early investors to sell down stakes. In 2021, for instance, Rivian Automotive's IPO was structured entirely as a primary issuance, with early backers including Amazon and Ford not selling shares at the time of listing as the company raised capital to fund expansion. Other features of the proposed offering that diverge from conventional public listings are early inclusion in the Nasdaq 100 index and unusual provisions giving Musk effective control over the board and his roles as chief executive and chairman. The move marks the first time SpaceX has communicated specific fundraising and valuation targets to banks after early investor meetings, as it prepares for what is expected to be the largest-ever IPO. Reuters ⁠previously reported the company was considering a preliminary valuation of around $1.75 trillion. The roadshow for the IPO is set to begin on Thursday, Reuters previously reported. The plans, including the size of the raise, are subject to change as investor meetings get under way, the sources cautioned. The IPO will give public investors a rare opportunity to ⁠buy into Musk's vision for space, satellite communications and artificial intelligence through SpaceX, which has emerged as the crown jewel of the world's richest person's business empire. SpaceX did not respond to a request for comment. MEGA IPO WAVE The listing is expected to kick off a wave of mega IPOs, with SpaceX, OpenAI and Anthropic together poised to add almost $4 trillion in market capitalization to public markets and intensify competition for investor dollars. Unlike most IPO candidates, SpaceX lacks a clear public market benchmark. Analysts say investors must piece together comparisons from aerospace, telecom and defense companies while factoring in Starlink's growth potential and Musk's long-term ambitions, making valuation a complex task. For many investors, the bet is as much on Musk as on SpaceX. His track record at electric-vehicle company Tesla and his ability to galvanize retail traders could likewise spur strong demand for shares, as his reputation has done for past ventures. Still, two of SpaceX's three businesses are burning cash, with only its connectivity segment, home to the Starlink satellite constellation, generating profits and widely viewed as the company's cash cow. Beyond rockets and satellites, SpaceX is pitching investors a future that includes ambitious projects such as data centers in orbit, positioning itself to benefit from a surge in AI-related infrastructure spending. SpaceX merged with Musk's AI startup xAI earlier this year in a deal that valued the rocket and satellite ⁠company at $1 trillion and the developer of the Grok chatbot at $250 billion. Its revenue rose to $4.69 billion in the three months ended March 31 from $4.07 billion a year ago. Losses widened to $1.27 per share versus 18 cents per share over the same period. In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the company swung to a net loss of $4.94 billion from a profit of $791 million. Since a large part of SpaceX's pitch to investors hinges on Musk, some corporate governance concerns could give investors pause, experts have said. Measures, including a dual-class share structure laid out in the IPO prospectus, concentrate voting power in the hands of Musk and a small group of insiders. SpaceX is aiming to trade on the Nasdaq under the ticker symbol "SPCX." The debut is expected as early as June 12, Reuters has previously reported, after the company accelerated the timeline of its IPO. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are the joint book-running managers for the offering, leading a syndicate of global investment banks underwriting the deal.