SpaceX (NASDAQ: SPCX) announced Wednesday it plans to price shares at $135 each in what is expected to become the largest initial public offering in U.S. history.
The offering would raise roughly $75 billion for Elon Musk’s rocket and satellite company, with none of the shares coming from existing owners.
At that price, the completed IPO would value SpaceX at $1.77 trillion, surpassing Musk’s electric vehicle company Tesla, which carried a market capitalization of approximately $1.6 trillion as of Wednesday’s close.
In an unusual move, SpaceX announced the fixed price before its investor roadshow had even begun, departing from the standard practice of setting a final price after marketing concludes.
Only about 5% of the company’s total shares will be available for public trading following the IPO, leaving Musk and existing investors with overwhelming ownership and control.
Musk is expected to retain roughly 42% of economic ownership and more than 85% of voting power through a special share structure that grants certain shares ten times the voting power of others.
A series of investor meetings is scheduled to begin the week of June 8, with trading potentially commencing as soon as June 12, 2026.
Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, and Barclays are serving as lead banks on the offering.
The proceeds are intended to expand SpaceX’s three core business segments: rockets and space travel including Starship development, Starlink satellite internet and mobile service, and artificial intelligence computing following the company’s 2026 tie-up with xAI.
Company executives described the combined potential market across these segments as “the largest actionable total addressable market in human history,” pegging its estimated value at $28.5 trillion.
SpaceX reported $18.674 billion in total sales for full-year 2025, representing a 33% increase over the prior year, with Starlink contributing $11.387 billion, the space business $4.086 billion, and the AI segment $3.201 billion.
The company posted a net loss of $4.937 billion for the year due to heavy investment in new rockets, satellite expansion, and AI data centers, while ending 2025 with $24.7 billion in cash on hand.
Retail sentiment on Stocktwits around SPCX has been described as “bullish” with “extremely high” message volume ahead of the anticipated debut.
The listing is set to create one of the most valuable publicly traded companies in the world while simultaneously cementing Musk’s long-term grip on one of the most strategically significant private enterprises ever brought to market.
