SpaceX Sets $135-a-Share IPO Price, Targets Record $75 Billion Raise at $1.75 Trillion Valuation

SpaceX plans to price its initial public offering at $135 per share and raise $75 billion through the sale of 555.6 million shares, according to a source familiar with the matter who spoke to Reuters. The offering would value the company at roughly $1.75 trillion and, if completed at that scale, would exceed Saudi Aramco's $29.4 billion raise in 2019 by more than 2.5 times - the current record for any public listing.

The all-primary structure means every dollar raised flows to SpaceX rather than to existing shareholders. A 15% greenshoe option could push total proceeds past the $75 billion base, according to reporting via Investing.com. The shares are set to trade on Nasdaq under the ticker SPCX, with the debut targeted for June 12.

The roadshow begins Thursday, which Reuters noted is itself unusual: companies preparing to go public typically set only a price range before meeting with investors, not a specific target. Setting a hard number before the book-building process is complete signals either exceptional confidence in demand or a deliberate effort to anchor institutional expectations ahead of what the company expects to be one of the most closely watched investor roadshows in recent memory.

The financials behind that confidence deserve scrutiny. SpaceX reported revenue of $18.67 billion for full-year 2025 but recorded a net loss of $4.94 billion for the same period, according to figures cited by Modern Diplomacy. Revenue rose to $4.69 billion in the first quarter of 2026, though losses widened year over year. That means the $1.75 trillion ask implies a revenue multiple above 90 times trailing twelve months - a number that leans heavily on futures that do not yet generate cash.

Morningstar recently put SpaceX's value at roughly $780 billion, less than half the IPO ask, arguing that much of the proposed valuation depends on SpaceX dominating markets that do not yet exist, from AI-powered data centers in orbit to Mars-related missions, according to Business Standard's reporting sourced from Reuters. That gap between sell-side optimism and independent research is not a footnote; it is the central risk any institutional allocator has to price.

Earlier this year, SpaceX merged with Elon Musk's AI startup xAI in a transaction that valued the combined businesses at approximately $1.25 trillion. The combined platform is now being pitched to investors as a play on satellite communications, launch services, and AI infrastructure. Whether that narrative commands a $1.75 trillion price tag is precisely what the roadshow is designed to determine.

Reuters also previously reported that SpaceX is considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche. That would represent a deliberate departure from standard IPO practice, aimed at tapping Musk's retail following and broadening the shareholder base beyond institutional funds.

The listing comes as the IPO window is reopening after years of minimal large-cap issuance. Medline's $7.2 billion Nasdaq debut in December 2025 was the largest in nearly five years, according to PwC's US Capital Markets 2026 Outlook. SpaceX's planned offering would reset that benchmark by an order of magnitude. Anthropic is also reported to be preparing for a potential IPO as early as October 2026, with pre-IPO funding discussions reportedly approaching a $900 billion valuation. Together, the two deals could add trillions in market capitalization to U.S. public equity markets within a single calendar year.

For now, the order book is the number that matters. Roadshow demand will determine whether the $135 handle is a floor or a ceiling.

Sources cited:
- Reuters (via Business Standard) (https://www.business-standard.com/world-news/spacex-targets-75-billion-ipo-at-135-a-share-valuing-firm-at-1-75-trn-126060300135_1.html)
- Reuters (via Modern Diplomacy) (https://moderndiplomacy.eu/2026/06/03/spacex-targets-record-75-billion-ipo-at-135-per-share-and-1-75-trillion-valuation/)
- Reuters (via Investing.com / Gotrade) (https://www.heygotrade.com/en/news/spacex-record-75-billion-ipo-135-per-share-valuation/)
- CryptoNews.net (https://cryptonews.net/news/finance/32949207/)
- PwC US Capital Markets 2026 Outlook (via PwC Global M&A Trends) (https://www.pwc.com/gx/en/services/deals/trends.html)