SpaceX sets $135 IPO price, targets record $75 billion raise

SpaceX is breaking with the usual IPO script by setting a fixed $135 share price before the roadshow even begins, a signal that Elon Musk’s company is trying to shape demand rather than wait for it. The offering would sell 555.6 million newly issued shares and raise about $75 billion, valuing the company at roughly $1.75 trillion to $1.77 trillion and making it the biggest IPO ever, well beyond Saudi Aramco’s $29 billion debut in 2019.

The timeline has moved quickly. The roadshow is set to start June 4, pricing is targeted for June 11, and a Nasdaq debut under the ticker SPCX is planned for June 12. That schedule was pulled forward after a faster-than-expected review by the Securities and Exchange Commission, cutting short an earlier expectation that the deal would not close until late June.

The structure of the deal is just as striking as the size. SpaceX is not planning to let existing shareholders sell stock in the offering, so the entire raise would come from new shares. Underwriters could also sell an additional 15%, or 83.33 million shares, through a greenshoe option if demand is strong, adding about $11.2 billion more at the IPO price. Goldman Sachs is leading the underwriting group, joined by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

At the proposed valuation, SpaceX would rank as the seventh-largest company in the United States by market value and sit ahead of Tesla. That price tag assumes the company’s EchoStar spectrum and Cursor transactions close, a reminder that the market is being asked to underwrite not just today’s rocket business but a broader expansion into communications and related assets. Musk is expected to keep more than 82% voting control after the offering, preserving the kind of command that has become central to the company’s pitch and to its criticism.

That governance structure is already unsettling some major public funds. New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine and CalPERS chief executive Marcie Frost sent Musk a letter calling SpaceX’s setup “extreme,” arguing that public shareholders would have too little voice, including Musk’s veto over his own removal as chief executive and mandatory arbitration for shareholder claims. Danish pension fund Akademikerpension said on May 29 it would not invest, citing governance and valuation concerns.

The offering also highlights how closely SpaceX’s value is now tied to Musk’s wider empire. Tesla reportedly owns 18.99 million SpaceX shares, worth about $2.56 billion at the IPO price, and SpaceX disclosed that xAI bought $269 million of Tesla Megapacks in April. Musk merged SpaceX with xAI in February in a deal valuing the combined entity at $1.25 trillion, blurring the line between a space company, a defense-adjacent industrial platform and a bet on Musk himself.