SpaceX has fixed its initial public offering price at $135 a share. That values the company at $1.77 trillion. The move positions Elon Musk’s rocket and satellite empire to raise roughly $75 billion in what would become the largest stock market debut in history.
According to a regulatory filing, the company plans to sell 555.6 million Class A shares. Bankers hold an option for another 83.33 million shares that could add $11.2 billion more. Goldman Sachs leads the underwriting syndicate. Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase follow. The shares will trade on Nasdaq under the ticker SPCX. The debut is slated for June 12.
At that price, SpaceX would rank as the seventh-largest company in the United States by market capitalization. It would eclipse Tesla, currently valued near $1.6 trillion. And it would dwarf the previous record holder, Saudi Aramco’s $29.4 billion IPO in 2019.
But the numbers invite sharp questions. Morningstar analyst Nicolas Owens assigns a fair value of just $780 billion. That sits 48 percent below the IPO target. Owens values the Starlink satellite business at $611 billion. He gives AI-related efforts a probability-weighted $170 billion. Even a successful bet on data centers in space would lift his estimate only to $1.3 trillion. He assigns that outcome a 7 percent chance.
Analyst Ed Elson offered harsher words. He called the S-1 filing “unserious, empty, hallucinatory, and borderline dishonest.” Yahoo Finance reported his critique. Elson noted the stock would price at roughly 107 times sales. That would make it twice as valuable as Walmart while generating less revenue than Macy’s. SpaceX booked $18.67 billion in revenue for 2025, according to the Reuters analysis of the filing. At the target valuation that implies a price-to-revenue multiple of 93.7 times. For comparison, Rocket Lab trades at 118 times, Palantir at 81 times and Tesla at about 17 times.
The company reported a net loss of $4.94 billion in 2025 after posting a $791 million profit the prior year. First-quarter 2026 revenue climbed to $4.69 billion from $4.07 billion a year earlier. Losses widened. The filing lists 38 pages of risk factors. Corporate governance draws particular attention. A dual-class share structure leaves Musk with more than 82 percent of voting power after the offering. Musk must hold his shares for 366 days.
SpaceX no longer looks like a pure rocket company. Starlink now drives the majority of revenue, profit and growth. The business provides satellite broadband to millions of customers worldwide. It has expanded rapidly into maritime, aviation and remote terrestrial markets. Reusable Falcon 9 rockets continue to dominate commercial launch. Yet the real ambition sits further out. Starship, the fully reusable super-heavy vehicle, has completed multiple test flights. Success here could slash launch costs and open new markets in point-to-point Earth transport, lunar bases and deep-space missions.
Investors are also being asked to underwrite an artificial-intelligence story. SpaceX merged with Musk’s xAI startup earlier this year. The deal valued the rocket business at $1 trillion and xAI at $250 billion. The combined entity now pursues large-scale computing infrastructure. Plans include a $55 billion Terafab semiconductor facility in Grimes County, Texas. The project recently secured a 100 percent property tax exemption. In exchange, the county receives a $10 million lump-sum payment plus $20 million over the next 35 years. The factory aims to produce a terawatt of computing power annually. Chips would support Tesla vehicles, Optimus robots and space-based data centers. Intel joined the effort in April.
Bankers have told prospective investors to focus on the future rather than current financials. The Wall Street Journal first reported talks for an $800 billion valuation late last year. Momentum has only accelerated. The company completed a secondary share sale that doubled its private valuation from $400 billion. Recent transactions add complexity. SpaceX agreed to acquire spectrum assets from EchoStar. It also plans a deal involving Cursor that factors into the $1.77 trillion headline number. Both must close for the full valuation to hold.
Connections with Tesla run deep. Tesla owns 18.99 million SpaceX shares currently valued at $2.56 billion. The companies maintain commercial, licensing and support agreements. “We have historically collaborated with Tesla through commercial, licensing, and support agreements,” the filing states. xAI purchased $269 million worth of Tesla megapacks in April. Tesla sold $430 million of similar equipment to xAI last year. Speculation persists about a full merger between SpaceX and Tesla. Musk has not ruled it out.
Skeptics see overreach. The Texas Terafab project carries a $55 billion price tag, nearly triple Musk’s initial $20 billion estimate. Local residents raised environmental concerns about water and power demands near the Gibbons Creek Reservoir, some 90 miles northeast of Austin. More than 100 people attended a public hearing. Some argued that a company valued near $1.75 trillion hardly needs tax relief. Musk has criticized the semiconductor industry for “getting clean rooms wrong.” He envisions Tesla building 2-nanometer fabs. Whether those ambitions translate into profitable chip production remains unproven.
Yet the bull case rests on scale. Starlink subscribers continue to grow. Launch cadence sets records. Starship, if it achieves rapid reusability, could unlock markets no competitor can touch. Add orbital data centers powered by abundant solar energy and radiation shielding, and the narrative expands beyond aerospace into high-margin computing. Bankers argue that traditional valuation metrics fail here. No direct peers exist. The company operates at the intersection of launch services, global broadband, defense contracting, satellite manufacturing and now AI infrastructure.
Public markets have rewarded similar ambition before. Tesla’s own journey from skepticism to trillion-dollar status offers a template. But history also shows sharp drawdowns. Every major tech IPO of the past 15 years experienced at least a 39 percent decline in its first year. Many fell more than 50 percent. SpaceX arrives at peak enthusiasm. Its success will test whether investors can stomach volatility while waiting for Starship to deliver and for orbital data centers to materialize.
Musk’s control remains absolute. The dual-class structure ensures he can steer strategy without short-term pressure. That has advantages. It also concentrates key-person risk. The filing acknowledges as much. So does the 38-page risk section.
Still, demand appears strong. The fixed-price structure eliminates the usual IPO range and book-building drama. Musk himself pushed back against rumors of a lower valuation target with a one-word post on X: “False.” The message landed. The offering proceeds at the ambitious level first floated.
SpaceX has transformed from a scrappy startup that barely survived early Falcon 1 failures into a dominant force. It flies more orbital missions than any other entity. Its Starlink constellation grows weekly. Reusability has slashed costs. Now comes the public test. At $1.77 trillion, the market will assign a premium for decades of optionality. Whether those options convert into cash flow at the required pace will decide if the valuation holds.
The coming weeks will bring roadshow presentations, analyst notes and eventual trading. For now the price is set. The raise is record-breaking. And the debate over what SpaceX is truly worth has only begun.
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