SpaceX has set a share price of US$135 for its initial public offering, aiming to raise a historic US$75 billion and achieve a US$1.75 trillion valuation. The offering breaks with IPO conventions through early price disclosure, a large retail allocation, and strong founder control, despite a significant net loss and high valuation multiples.
SpaceX is targeting an unprecedented initial public offering that would see the company raise US$75 billion, setting a new record for capital raised in an IPO and valuing the firm at approximately US$1.75 trillion.
This valuation would immediately rank SpaceX among the top ten most valuable companies listed on U.S. exchanges. The company has disclosed a share price of US$135 ahead of its roadshow, a highly unusual move that breaks with traditional Wall Street price-discovery protocols and highlights the singular market position of its founder, Elon Musk. The offering is scheduled to price on June 11, with trading set to commence on the Nasdaq on June 12.
The process has been markedly different from standard IPOs, with Musk exerting considerable control over terms, allocations, and governance structures designed to preserve his authority. Investor demand has been intense despite, or perhaps because of, the extraordinarily high valuation multiples. SpaceX reported a net loss of US$4.94 billion for 2025 on revenue of US$18.67 billion, implying a price-to-sales ratio of roughly 90 times.
Analysts note the lack of direct public comparables, as SpaceX operates across aerospace launch services, satellite internet via Starlink, and potentially other ventures. The roadshow has underscored Musk's leverage, with allocation decisions described as requiring CEO-level approval at major banks.
Furthermore, the IPO is being structured to include an unusually large tranche for retail investors-reportedly up to 30 percent-as a direct appeal to Musk's personal following and to achieve a broader shareholder base. The involvement of major international banks like Mizuho, Deutsche Bank, UBS, and Barclays reflects the global scale of the offering, with a specific push to attract wealthy individual investors outside the United States.
This shift from a sole focus on institutional asset managers and hedge funds is a notable departure from convention. The sheer magnitude of the fees at stake for underwriting banks has intensified competition and posturing among financial institutions. Experts and market participants are divided, with some fascinated by the disruptive nature of the deal and others wary of the speculative valuation.
The offering represents a watershed moment not only for private capital markets and IPO mechanics but also for the broader strategy of a company aiming to dominate space infrastructure and global connectivity
Spacex IPO Elon Musk Valuation Retail Investors
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