In a highly unusual move that underscores Elon Musk’s willingness to rewrite the traditional IPO playbook, SpaceX is planning to price its shares at a fixed $135 each, aiming to raise a record $75 billion and achieve a $1.75 trillion valuation, according to sources cited by Reuters.
The rocket and satellite company intends to sell 555.6 million shares in what would be one of the largest public offerings in history. The roadshow begins on Thursday, with the debut tentatively scheduled for June 12 on the Nasdaq under the ticker “SPCX”. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading the underwriting syndicate.
Unlike conventional IPOs, where companies set a price range and adjust based on investor feedback during bookbuilding, SpaceX is taking a “take-it-or-leave-it” approach. This fixed-price strategy reflects Musk’s confidence in strong demand and the company’s unique position in the market.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
“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,” Weiheng Chen, a senior partner at Wilson Sonsini, noted.
Breaking Tradition on Multiple Fronts
SpaceX is deviating from norms in several other ways. The offering is structured as all-primary, meaning all proceeds go directly to the company rather than allowing existing shareholders to sell shares. Musk himself will face a 366-day lock-up period on his holdings, signaling a long-term commitment to investors. The company is also planning to allocate up to 30% of the shares to retail investors — an unusually large portion designed to tap into Musk’s dedicated following.
Proceeds will fund expansion of AI computing resources and the Starlink satellite constellation, two areas central to Musk’s vision of building an interconnected future that spans Earth and beyond.
At a $1.75 trillion valuation, SpaceX would trade at approximately 93.7 times its 2025 revenue of $18.67 billion. This is rich even by high-growth tech standards. For comparison, Rocket Lab trades at around 118 times revenue, Palantir at 81 times, and Tesla at roughly 17 times.
Morningstar recently valued SpaceX at $780 billion, well below its current private-market valuation, with most of the value attributed to the profitable Starlink business. The company’s broader pitch to investors, however, rests heavily on futuristic bets: Mars colonization missions, space-based AI data centers powered by solar energy, and other technologies that do not yet exist at commercial scale.
SpaceX has tied a significant portion of its growth narrative to a potential $28.5 trillion addressable market in these emerging areas.
Financially, the picture is mixed. Starlink remains the clear cash cow, driving most revenue, profits, and growth. However, the launch services and other segments continue to burn cash. In the first quarter, revenue rose to $4.69 billion from $4.07 billion a year earlier, but losses widened. For the full year 2025, SpaceX swung to a net loss of $4.94 billion from a profit the prior year.
The governance structure is designed to preserve Musk’s control.
As with Tesla, SpaceX is implementing a dual-class share structure that will concentrate voting power in the hands of Musk and a small group of insiders. While this ensures strategic continuity, it may give some institutional investors pause regarding corporate governance and long-term accountability.
A Catalyst for the Next Wave of Mega IPOs
SpaceX’s listing is expected to kick off a wave of massive public debuts. Together with anticipated IPOs from OpenAI and Anthropic, these three companies alone could add nearly $4 trillion in market capitalization to public markets, intensifying competition for investor capital in an already crowded tech sector.
The offering comes after years of subdued large-cap IPO activity. Strong demand is widely anticipated, fueled by Musk’s track record and retail enthusiasm, but execution risks remain high. Two of SpaceX’s three main businesses are still unprofitable, and much of the valuation depends on unproven future technologies.
Still, business leaders don’t seem to be backing out.
“When you’re the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around,” former Bank of America executive Craig Coben observed.
Increasingly, analysts are seeing SpaceX’s bold approach, fixed pricing, heavy retail allocation, and strong founder control as a reflection of Musk’s signature style: high conviction, minimal compromise, and a long-term horizon that extends far beyond traditional Wall Street timelines.