SpaceX Launches Largest IPO Attempt Ever With US$135 Per Share Pricing And Nearly US$1.8 Trillion Valuation

SpaceX Sets Record IPO Target With Unusual Fixed Share Price

SpaceX is preparing for a stock market debut unlike any seen before, with Elon Musk setting a fixed IPO price before the company has even begun its investor roadshow.

The move breaks with long-established Wall Street practices and highlights the company’s confidence as it seeks to complete the largest public listing in history.

The rocket, satellite and artificial intelligence company plans to sell around 555.6 million shares at US$135 each, aiming to raise US$75 billion.

If successful, the offering would value SpaceX at roughly US$1.77 trillion, placing it among the most valuable publicly listed companies in the United States and above Musk’s electric vehicle maker Tesla.

A Different IPO Playbook From Day One

Most major US companies announce a price range and spend days gathering investor feedback before deciding on a final IPO price.

SpaceX has taken a different route by publicly revealing its intended share price before formally marketing the offering.

The company is expected to begin its investor roadshow on 4 June 2026, with pricing scheduled for 11 June 2026 and trading on the Nasdaq expected to begin the following day.

Investors and bankers familiar with the deal say there are few comparable examples among large US listings.

One investor planning to participate described the offering as highly unusual.

The investor said,

"Nothing about this IPO is normal in any course or sense, but then again this is the largest IPO in history so maybe that is not surprising.”

Can Investors Justify A US$1.77 Trillion Valuation

The scale of the valuation has become one of the biggest talking points surrounding the offering.

SpaceX reported revenue of US$18.67 billion in 2025, up 33 per cent from the previous year.

However, the company also recorded a net loss of US$4.94 billion after posting net income of US$791 million in 2024.

The figures have led some analysts to question whether the valuation accurately reflects the company’s financial performance.

Tim Hatt, head of research and consulting at GSMA Intelligence, said,

"On the face of it, a 90x+ revenue multiple is high by any standard. But then again, SpaceX is not traditional in any way and there are no true public comparables."

The challenge for investors is that SpaceX operates across multiple industries, including launch services, satellite communications, defence technology and artificial intelligence, making direct comparisons difficult.

Wall Street Scrambles For Access

Despite concerns over valuation, demand for shares appears strong.

Bankers and investment firms have been competing for allocations in a deal expected to generate substantial fees and attract intense investor interest.

One institutional investor said he attempted to secure shares through Goldman Sachs but was informed that allocations were effectively a "David Solomon level decision", referring to the bank's chief executive.

His banker instead suggested purchasing shares after the company begins trading publicly.

Several international banks, including Mizuho, Deutsche Bank, UBS and Barclays, have reportedly been encouraged to focus on attracting wealthy individual investors in their home markets.

The approach marks a shift from traditional IPO strategies, which usually prioritise large institutional investors such as asset managers and hedge funds.

Retail Investors Could Receive An Unusually Large Allocation

Another notable feature of the listing is the role planned for individual investors.

SpaceX is reportedly considering allocating up to 30 per cent of the IPO to retail buyers, a far larger share than typically seen in major US offerings.

The strategy could broaden ownership while capitalising on Musk's large global following.

Not everyone is convinced.

Robert Pavlik, senior portfolio manager at Dakota Wealth, said,

"Why would you own it? It's because of the cachet that Elon Musk brings. I'm interested in it as a sideshow."

AI Ambitions Add To The Growth Story

Beyond rockets and satellites, SpaceX is increasingly positioning itself as an artificial intelligence player following the integration of Musk's AI venture xAI.

The company has outlined plans spanning orbital AI computing infrastructure, direct-to-cell satellite communications, expanded semiconductor production with Tesla and, ultimately, human settlements beyond Earth.

A filing also revealed that AI company Anthropic signed an agreement to purchase AI computing services worth up to US$1.25 billion per month.

The contract could help offset the heavy costs associated with building large-scale AI infrastructure, although either side can terminate the arrangement with 90 days' notice.

Musk Tightens His Grip On Control

While public investors will be able to buy shares, Musk is expected to maintain overwhelming control of the company after the IPO.

Following the listing, he is projected to hold around 84.4 per cent of voting power through special Class B shares carrying 10 votes each.

His stake would allow him to elect a majority of the board and effectively prevent removal from leadership without his consent.

Source: sec.gov

The governance structure has drawn criticism from shareholder advocates.

In a statement issued before the filing, the Alliance to Protect Shareholder Value described SpaceX’s governance framework as "a serious attempt to decimate protections for shareholders in novel and reckless ways while trying to give near-total executive authority to SpaceX’s leadership".

From Mars Dream To Market Giant

Founded by Musk in 2002 after the sale of his early internet ventures, SpaceX began with a simple but ambitious objective: making humanity a multi-planetary species.

The company endured years of technical failures and financial pressure before successfully launching its Falcon 1 rocket in 2008.

It later transformed the commercial launch industry with reusable rockets, secured major NASA contracts and became the first private company to transport astronauts to the International Space Station.

Today, Falcon 9 dominates the global launch market, while Starship remains central to Musk’s long-term vision of carrying people and cargo to the Moon and Mars.

Yet questions remain over whether Starship can meet NASA’s timetable for future lunar missions, particularly given the technical hurdles still facing the programme.

Astronautics expert G. Scott Hubbard said the company now faces greater scrutiny as its responsibilities grow.

Hubbard said,

"If you take risks in the space business, it needs to be understood and mitigated risk. It can't be stupid risk."

With a record-breaking IPO now approaching, investors are being asked to decide whether SpaceX’s future ambitions justify one of the richest valuations ever assigned to a public company.