SpaceX targets record $75 billion IPO

SpaceX is preparing an initial public offering that would raise $75 billion, setting the IPO price at $135 per share. The company plans to sell 555.6 million shares in the transaction, according to deal terms shared with investors.

At the proposed price, SpaceX is targeting a valuation of about $1.75 trillion, and company filings indicate the market capitalization would be roughly in the $1.75–$1.77 trillion range. The listing is expected to take place on the Nasdaq exchange under the ticker symbol "SPCX."

The offering is being promoted as one of the largest equity deals ever brought to public markets. Investor meetings and order-taking are underway as banks and management gauge demand for the sizable share sale.

The IPO is structured as an all-primary offering, meaning all proceeds from the sale of new shares will go to SpaceX rather than to existing shareholders. No secondary shares are expected to be sold as part of the initial deal.

Underwriters have secured an option to purchase up to an additional 83.33 million shares at the IPO price. If exercised in full, that option would add about $11.2 billion to the amount raised, further increasing the total capital available to the company.

The syndicate of joint book-running managers includes Goldman Sachs, Morgan Stanley (MS), Bank of America, Citigroup and J.P. Morgan. These banks are coordinating marketing, pricing discussions and allocation of shares to institutional and other investors.

SpaceX management has told investors that funds from the IPO will be directed toward expanding the company’s artificial intelligence computing resources and growing its satellite network. These priorities are central to the company’s technology and infrastructure plans.

In connection with the transaction, Elon Musk will be required to hold his SpaceX shares for 366 days after the IPO. This lockup arrangement prevents him from selling his holdings during that period, aligning with typical restrictions in large public offerings.

The deal also includes reserved share components for certain employees, giving internal stakeholders a direct opportunity to participate in the IPO alongside outside investors.

Formal marketing for the IPO is expected to begin on June 4, as the company and its banks launch a roadshow to present the investment case to potential buyers. During this period, management will meet with institutional clients to discuss demand and valuation.

SpaceX could set the final IPO price as early as June 11, with a public trading debut anticipated around June 12, subject to market conditions and investor feedback. The company has indicated that terms and timing may still change as the process unfolds.

If completed as outlined, the listing would introduce one of the most highly valued private technology and space companies to public markets, while providing substantial new capital for its AI and satellite initiatives.