SpaceX (NASDAQ:SPCX) is preparing for what could become the largest initial public offering in history, with plans to raise approximately $75 billion through a fixed-price share sale that would value the company at around $1.75 trillion, according to people familiar with the matter.
The Elon Musk-led aerospace and satellite communications company is expected to sell roughly 555.6 million shares at $135 each, departing from the traditional IPO process by setting a definitive price before formally launching its investor roadshow.
Unconventional IPO Structure Breaks with Market Tradition
Unlike most companies pursuing public listings, SpaceX is reportedly opting against establishing an indicative price range that can be adjusted based on investor demand during the bookbuilding process.
The company’s roadshow is scheduled to begin on Thursday, although management has already conducted preliminary meetings with potential investors. Sources cautioned that the final structure and size of the offering could still change as discussions with investors progress.
Weiheng Chen, Senior Partner at Wilson Sonsini Goodrich & Rosati in Hong Kong, said the approach reflects Elon Musk’s unique position in the market.
“Musk is simply taking a ’take-it-or-leave-it’ approach which works for his followers and is also sensible given the market conditions and the lack of comparables,” Chen said.
Ambitions Extend Beyond Existing Space Markets
SpaceX’s investment case is heavily tied to future technologies and markets that remain in the early stages of development.
The company has outlined ambitions spanning Mars exploration, satellite communications, artificial intelligence infrastructure and space-based data centres. According to reports, a significant portion of future growth expectations is linked to technologies that have yet to be fully commercialised.
Earlier reports suggested that SpaceX may allocate as much as 30% of the offering to retail investors, an unusually large share intended to broaden ownership and capitalize on Musk’s substantial following among individual investors.
The IPO is also expected to be structured entirely as a primary offering, meaning all proceeds would go directly to the company rather than existing shareholders. Existing investors will reportedly not be permitted to sell shares as part of the transaction.
Musk to Retain Stake Following Listing
According to sources, Elon Musk will be required to retain his SpaceX shares for at least 366 days after the public debut, a move that could help reassure investors regarding his long-term commitment to the company.
Funds raised through the offering are expected to support the expansion of artificial intelligence computing capabilities and further development of SpaceX’s satellite network infrastructure.
The company strengthened its AI ambitions earlier this year through a merger with Musk’s artificial intelligence venture xAI, in a transaction that valued SpaceX at $1 trillion and xAI at $250 billion.
Valuation Debate Intensifies Ahead of Market Debut
Assessing SpaceX’s valuation remains challenging due to the absence of direct publicly traded competitors.
A recent Morningstar research note estimated the company’s value at approximately $780 billion, significantly below current private-market valuations. Much of that assessment was attributed to Starlink, SpaceX’s satellite communications division, which remains the company’s largest source of revenue and profitability.
At a proposed valuation of $1.75 trillion and based on reported 2025 revenue of $18.67 billion, SpaceX would trade at a trailing price-to-revenue multiple of roughly 93.7 times. By comparison, Rocket Lab trades at around 118 times revenue, Palantir Technologies at approximately 81 times, and Tesla at nearly 17 times.
The company cannot currently be valued using earnings-based metrics after reporting a net loss during 2025.
Financial Results Highlight Growth and Profitability Challenges
SpaceX reported revenue of $4.69 billion during the three months ended March 31, up from $4.07 billion a year earlier. However, losses widened to $1.27 per share compared with a loss of $0.18 per share during the same period of the prior year.
For full-year 2025, the company recorded a net loss of $4.94 billion, compared with a profit of $791 million in the previous year.
While Starlink continues to generate profits and is widely viewed as the company’s financial engine, other segments remain cash-consuming operations that require ongoing investment.
Governance Structure Likely to Draw Scrutiny
Corporate governance is also expected to be a key area of focus for investors evaluating the offering.
According to the IPO prospectus, SpaceX plans to adopt a dual-class share structure that concentrates voting control in the hands of Musk and a small group of insiders. Governance specialists have noted that such arrangements may raise concerns among some institutional investors despite the company’s growth prospects.
Mega IPO Wave Set to Accelerate
The SpaceX listing is widely expected to mark the beginning of a new wave of large-scale technology IPOs.
Together, SpaceX, OpenAI and Anthropic could add nearly $4 trillion in combined market capitalization to public markets if their anticipated listings proceed as expected.
Craig Coben, former co-head of Asia-Pacific Global Capital Markets at Bank of America, said the company’s exceptional profile gives it unusual flexibility in determining how it approaches public markets.
“When you’re the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around,” he said.
SpaceX is expected to list on Nasdaq under the ticker SPCX, with trading reportedly targeted to begin on June 12. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering.
More About SpaceX
SpaceX is a U.S.-based aerospace, launch services and satellite communications company founded by Elon Musk. The company operates the Starlink satellite network, develops reusable rocket technology and provides launch services for commercial, governmental and defense customers. Through investments in artificial intelligence, satellite connectivity and long-term space exploration initiatives, SpaceX aims to expand its role across multiple high-growth technology markets.
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