Elon Musk’s SpaceX is preparing for what could become one of the largest initial public offerings (IPOs) in history. According to sources familiar with the matter, the company plans to set its IPO price at $135 per share, aiming to raise approximately $75 billion from investors.
SpaceX intends to offer around 555.6 million shares, which could value the company at roughly $1.75 trillion. If achieved, the listing would rank among the biggest public offerings ever and mark a major milestone for the commercial space industry.
Roadshow Begins This Week
The company’s investor roadshow is expected to begin on Thursday and is likely to attract significant attention from institutional and retail investors alike. Unlike most IPOs, which typically announce a pricing range and adjust it based on demand, SpaceX plans to establish a fixed share price before the bookbuilding process begins. This unusual approach highlights management’s confidence in investor interest and the company’s long-term growth prospects.
Ambitious Growth Plans
SpaceX’s valuation is based not only on its existing businesses but also on future opportunities. The company is betting heavily on emerging technologies, including Mars exploration, advanced satellite communications, artificial intelligence infrastructure, and even space-based data centers powered by solar energy. Earlier this year, SpaceX merged with Elon Musk’s AI startup xAI in a deal that valued SpaceX at $1 trillion and xAI at $250 billion. The merger strengthened the company’s position in the rapidly growing AI sector.
Retail Investors May Get a Larger Role
Reports indicate that SpaceX may allocate up to 30% of IPO shares to individual investors. This would be an unusually large retail allocation and could allow everyday investors greater participation in the offering. The IPO is expected to be structured as an all-primary offering, meaning all proceeds will go directly to SpaceX.
Existing shareholders will not be permitted to sell their shares during the IPO. Additionally, Musk is reportedly required to hold his SpaceX shares for at least 366 days after the listing, a move intended to demonstrate his long-term commitment to the company.
Financial Performance
SpaceX generated $18.67 billion in revenue during 2025. However, the company reported a net loss of $4.94 billion for the year, compared with a profit of $791 million in the previous year. For the first quarter ending March 31, revenue increased to $4.69 billion from $4.07 billion a year earlier. During the same period, losses widened to $1.27 per share. Among SpaceX’s business segments, Starlink remains the company’s most profitable operation and is widely considered its primary source of cash flow.
Valuation Debate
Valuing SpaceX remains challenging because the company has few direct competitors. Research firm Morningstar recently estimated SpaceX’s value at approximately $780 billion, significantly below the reported IPO valuation target of $1.75 trillion. Supporters argue that the higher valuation reflects future opportunities in AI, satellite connectivity, and space infrastructure. Critics, however, note that many of these revenue opportunities depend on technologies and markets that have not yet been fully developed.
