New York: Elon Musk-led SpaceX is preparing for what could become the largest IPO in history, with plans to raise an unprecedented $75 billion by pricing its shares at a fixed $135 per share, according to sources familiar with the matter. The move marks a significant departure from traditional IPO practices and is expected to reshape the public markets landscape.
The aerospace and satellite communications giant plans to sell approximately 555.6 million shares, which would value the company at an estimated $1.75 trillion. If successful, the offering would rank among the most significant public listings ever and could trigger a new wave of mega IPOs from major technology firms, including artificial intelligence companies OpenAI and Anthropic.
Unlike conventional public offerings, where companies typically announce a price range and adjust the final price based on investor demand during bookbuilding, SpaceX is reportedly planning to set a fixed IPO price before its investor roadshow begins. Industry experts describe the strategy as highly unusual but reflective of Musk’s confidence in investor interest and the company’s market position.
The roadshow for the offering is scheduled to begin this week, although sources cautioned that details regarding the valuation and fundraising target could still change depending on investor feedback. Earlier, the company reportedly conducted preliminary meetings with potential investors to gauge interest.
Legal and market experts note that while uncommon, there are no regulations preventing a company from fixing its IPO price in advance. Analysts believe Musk is effectively adopting a “take-it-or-leave-it” approach, banking on SpaceX’s unique status and the strong loyalty of his investor base.
Betting on the Future of Space Technology
SpaceX’s ambitious valuation is tied not only to its current businesses but also to its long-term vision of dominating future technologies and markets. The company’s plans include expanding its Starlink satellite network, developing advanced artificial intelligence infrastructure, pursuing Mars exploration missions, and potentially building solar-powered data centers in space.
According to sources, proceeds from the IPO will primarily be used to strengthen AI computing capabilities and accelerate the expansion of the company’s satellite communications network. The offering is expected to be structured as an all-primary issue, meaning all funds raised will go directly to SpaceX rather than existing shareholders.
In another unusual feature, existing shareholders will reportedly not be permitted to sell shares in the IPO. Musk himself is expected to be subject to a 366-day lock-up period, preventing him from selling his holdings for at least one year after the listing. The move is likely intended to reassure investors of his long-term commitment to the company.
Retail Investors to Play a Larger Role
SpaceX is also reportedly considering allocating up to 30 percent of the offering to retail investors, an unusually large share for individual participants. Such a move could allow ordinary investors to gain access to one of the world’s most sought-after private companies and further capitalize on Musk’s enormous popularity among retail traders.
The company’s IPO strategy reflects Musk’s history of challenging established norms across industries, from electric vehicles and space exploration to social media and artificial intelligence.
Valuation Debate Intensifies
Despite investor enthusiasm, analysts remain divided over whether the proposed valuation is justified. SpaceX currently has no direct public-market equivalent, making valuation comparisons difficult.
Research firm Morningstar recently estimated SpaceX’s value at around $780 billion, significantly below the proposed $1.75 trillion valuation. Much of SpaceX’s current revenue and profitability are generated by Starlink, its satellite internet business, which has emerged as the company’s primary revenue engine.
Financial data indicate that SpaceX generated $18.67 billion in revenue in 2025, but the company remains unprofitable. It reportedly posted a net loss of $4.94 billion during the year, compared with a profit of $791 million previously. During the first quarter ended March 31, revenue increased to $4.69 billion from $4.07 billion a year earlier, while losses widened significantly.
At the proposed valuation, SpaceX would trade at a price-to-revenue multiple of nearly 94 times, placing it among the most richly valued companies in the world. Supporters argue that traditional valuation metrics fail to capture the company’s future growth opportunities, while critics warn that much of the valuation depends on technologies and markets that have yet to be fully developed.
Governance Concerns and Market Impact
Corporate governance remains another area of scrutiny. SpaceX’s IPO prospectus reportedly includes a dual-class share structure designed to preserve founder control, concentrating voting power among Musk and a small group of insiders. While such arrangements are common among major technology companies, governance experts have raised concerns about limited shareholder influence.
The offering is expected to trade on the Nasdaq under the ticker symbol “SPCX”, with a market debut anticipated on June 12. Leading global investment banks, including Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan, are serving as joint book-running managers for the deal.
If completed at the proposed terms, the SpaceX IPO could become a defining moment for global capital markets, signaling renewed investor appetite for large-scale technology offerings and potentially opening the door for a new generation of high-profile listings centered on artificial intelligence, space technology, and next-generation infrastructure.
