SpaceX (SPCX.O) has publicly set its initial public offering (IPO) share price at $135, a week ahead of its landmark offering. This unprecedented move, eschewing the traditional Wall Street price-discovery process, underscores Elon Musk’s determined approach to raise a record sum. The decision reflects Musk’s reputation for innovation and ambition, even as the capital raise positions SpaceX for exceptionally high valuations.
SpaceX is a company operating across aerospace, telecommunications, and defence sectors, pioneering advancements in space exploration and connectivity. The amended IPO filing confirms the $135 price, with the company aiming to raise an unparalleled $75 billion. This deal would value SpaceX at a staggering $1.75 trillion, immediately placing it among the top 10 most valuable U.S.-listed firms. Despite a net loss of $4.94 billion in 2025, revenue surged by 33% to $18.67 billion. Analysts note a roughly 90x+ revenue multiple is high, yet acknowledge SpaceX’s unique nature and lack of direct public comparables. The investor roadshow commences on Thursday, with pricing slated for June 11 and trading on Nasdaq beginning the following day.
Musk has reportedly rewritten the IPO playbook in several ways, planning to give retail investors a larger allocation and pushing for early index inclusion, while structuring governance to maintain strong founder control. Major international banks, including Mizuho, Deutsche Bank, UBS, and Barclays, have been encouraged to focus on lining up wealthy individual buyers in their respective countries, a departure from the historical focus on large asset managers. This approach could see as much as 30% of the offering allocated to individual investors, tapping into Musk’s significant following and broadening ownership. Investors perceive the offering as highly unusual, yet acknowledge its historical scale, with a rush for a piece of the deal on Wall Street despite concerns over the lofty valuations.
