SpaceX Sets $135 IPO Price for Record $75 Billion Raise, June 04

SpaceX publicly set a $135 share price for its initial public offering on June 3, 2026, upending Wall Street’s traditional price-discovery process. The company plans to raise $75 billion by selling 555.6 million shares, valuing it at $1.77 trillion. Pricing is expected June 11, with trading to begin June 12 on Nasdaq. This deal would be the largest IPO ever, immediately placing SpaceX among the top 10 most valuable US-listed firms.

Record Valuation Breaks IPO History

SpaceX’s $1.77 trillion valuation exceeds all previous IPOs. The $75 billion raise easily tops Saudi Aramco’s $29.4 billion from 2019. Only six companies in the S&P 500 are worth more, with Nvidia leading at $5.2 trillion. The fixed $135 price per share reflects Musk’s standing with investors and the hot market for AI-linked companies.

Musk Keeps Tight Control Post-IPO

Musk will retain 82.4% of voting power after the offering through special Class B shares that carry 10 votes each. He is not selling any of his own shares. This structure makes SpaceX a controlled company exempt from certain Nasdaq governance rules. Forbes values Musk’s net worth at $825 billion and his SpaceX stake at $542 billion.

Unconventional IPO Process Breaks Norms

SpaceX’s decision to publish a fixed price one week before pricing has few precedents among major US IPOs. The company plans to give retail investors a larger role in allocations and push for early index inclusion. Investor roadshow starts June 4, with formal pricing June 11. Wall Street firms are competing aggressively for allocation despite concerns about sky-high valuations.

Company Faces Profitability Questions

SpaceX posted a net loss of $4.94 billion in 2025 despite revenue rising 33% to $1 billion. The company absorbed xAI in an all-stock deal in February, transforming it into a satellite-internet and AI conglomerate. More than three-quarters of the $75 billion proceeds are already pledged to repay debt and pay for spectrum, leaving less than $18 billion for AI expansion and Mars colony plans.

Final Thoughts

SpaceX’s record $75 billion IPO at $1.77 trillion values the loss-making company at extreme multiples, betting on Musk’s execution and the AI boom. Investors should weigh the massive valuation against the company’s current losses and debt obligations.

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