SpaceX prices record U.S. IPO at $135 a share, targets $75 billion

SpaceX priced the biggest-ever U.S. initial public offering at $135 a share, setting up a $75 billion capital raise that will test how much demand exists for Elon Musk’s private-space empire at a $1.75 trillion valuation. The offering is built around 555,555,555 newly issued Class A shares, with trading scheduled to begin on Nasdaq Global Select Market and Nasdaq Texas under ticker SPCX.

Because the deal is all-primary, the money goes to SpaceX rather than to insiders selling stock. That matters for everyday investors: Musk and other insiders still hold about 95.8% of the company, so the IPO mainly creates fresh capital for SpaceX while repricing a business that has not yet gone public. The underwriters also have a 30-day option to buy up to 83,333,333 additional shares, a sign of how large the order book could become if demand holds after the debut.

Retail investors may get more direct access than usual. CNBC reported SpaceX was targeting a 30% retail allocation, far above the typical 5% to 10% slice offered in IPOs, and the company launched a retail-investor IPO website as part of the process. That raises the odds that ordinary Americans encounter SpaceX not only through a brokerage account, but eventually through broad market funds and retirement plans that buy public stocks. The first wave of ownership, however, is likely to remain concentrated among institutional buyers and higher-risk individual bidders willing to pay for a company tied to Musk’s ambitions.

Investors are betting that Starlink can keep scaling, that Starship can move from promise to reliable launch system, and that longer-range projects such as orbital AI data centers can justify the valuation. The risks are equally large. Analysts and commentators have pointed to governance questions, execution risk, and the danger of valuing a company so heavily on technologies that have not fully scaled.

The offering was expected to close on June 15. Separately, federal officials in Washington were investigating a large “8647” marking on the National Mall near the Washington Monument, a politically charged episode that drew U.S. Park Police and National Guard attention just as the capital braced for large crowds tied to Trump’s birthday weekend.