SpaceX Targets $75 Billion IPO, Eyes $1.75 Trillion Valuation

SpaceX Targets $75 Billion IPO, Eyes $1.75 Trillion Valuation

SpaceX is planning to raise $75 billion in what would be the largest initial public offering in history, pricing its shares at a fixed $135 each an unusual move that bypasses the traditional bookbuilding process and signals founder Elon Musk’s confidence that demand will not require negotiation.

The company plans to sell 555.6 million shares and is targeting a valuation of $1.75 trillion when it lists on the Nasdaq under the ticker symbol “SPCX.” The debut expected on June 12, with the roadshow beginning Thursday.

Numbers That Tell the Whole Story

The SpaceX IPO $75 billion raise structured entirely as primary, meaning all proceeds go directly to the company. Existing shareholders, including Musk, will not be able to sell shares in the IPO, and Musk required to hold his shares for 366 days after listing a condition framed as a signal of long-term commitment to investors.

Proceeds will be used to expand AI computing resources and SpaceX’s Starlink satellite network, which remains the company’s only profitable business segment. SpaceX’s pitch to investors rests heavily on businesses that do not yet exist, including solar-powered data centres in space and Mars missions, targeting what it describes as a potential $28.5 trillion market.

The valuation math raises hard questions. At a $1.75 trillion valuation against 2025 revenue of $18.67 billion, SpaceX would trade at a price-to-revenue multiple of 93.7 times. The company swung to a net loss of $4.94 billion in 2025 from a profit of $791 million the year before, with losses widening to $1.27 per share in Q1 2026 from 18 cents per share in the same period a year earlier.

Morningstar valued SpaceX at $780 billion in a June 1 research note 48% below the current private-market valuation with most of that estimate derived from Starlink, which generated the bulk of revenue and profits in 2025.

The listing expected to trigger a wave of mega IPOs, with OpenAI and Anthropic both preparing to follow SpaceX to public markets. Together, the three companies are to add nearly $4 trillion in market capitalisation, intensifying competition for investor capital at a time when global venture funding remains under pressure.