Forward-looking: SpaceX has set its IPO price at $135 per share, surprising Wall Street analysts who had expected the company to follow convention and establish a price range ahead of this week's roadshow. While some believe the unusual move signals Elon Musk's confidence in strong organic demand for the company's stock, others have expressed doubts about the elevated valuation.
In a regulatory filing on Wednesday, SpaceX said it will offer 555.6 million shares at $135 each, valuing the company at $1.76 trillion. If the IPO is successful, SpaceX would raise $75 billion, potentially shattering the current fundraising record held by Saudi Aramco – the Saudi Arabian state-owned oil company that raised $25.6 billion in its 2019 listing on the Tadawul stock exchange.
The $1.76 trillion target valuation is significantly higher than independent estimates from leading Wall Street firms. Chicago-based financial services provider Morningstar recently valued SpaceX at $780 billion after the company reported a net loss of $4.9 billion on revenue of $18.7 billion in 2025, followed by a further $4.3 billion loss in Q1 2026.
Credit: Bloomberg
SpaceX is reportedly allocating as much as 30% of IPO shares to retail investors instead of relying primarily on institutional buyers. Analysts believe the move is largely aimed at capitalizing on Elon Musk's large retail following, which has remained loyal through a range of controversies. Some observers have also raised concerns that Musk is expected to retain 84% of voting control in SpaceX after the listing.
Much of the IPO proceeds will reportedly go directly to SpaceX, with all shareholders – including Musk – barred from selling their holdings for one year after the listing. According to Fortune, around 78% of the IPO proceeds – roughly $62.8 billion – will be distributed among SpaceX insiders such as Musk and his close associates, as well as affiliated entities, including X and xAI.
The coming months are expected to see a surge in IPO activity on Wall Street after years of relative calm. AI company Anthropic has begun its IPO process by submitting a draft registration statement to the SEC last week, while OpenAI is reportedly preparing a confidential S-1 filing for a public listing targeted for later this year.
SpaceX IPO could be the largest in history at a $1.76 trillion valuation
