SpaceX prices IPO at $135, values firm at $1.77tn

SpaceX has fixed its initial public offering (IPO) price at $135 per share and will offer 555.6 million shares, which would raise about $75 billion. Underwriters have an option to buy an additional 83.33 million shares, potentially adding roughly $11.2 billion. The company expects shares to begin trading on the Nasdaq on June 12 under the ticker SPCX.

The updated filing with the Securities and Exchange Commission sets final pricing for June 11, after an investor roadshow that the company plans to begin ahead of the weekend. The filing notes that the company set a fixed price following months of discussions with potential investors, rather than publishing a price range before the formal roadshow.

At the $135 price, SpaceX’s implied market value is about $1.77 trillion. If the offering is fully subscribed, including the underwriters’ option, it would rank among the largest IPOs in history and would make SpaceX one of the most valuable U.S. public companies on day one.

The prospectus details ownership and business links. Elon Musk will retain more than 82% of voting control through SpaceX’s share structure after the offering. The filing also notes that xAI bought about $269 million of Tesla Megapacks in April and that Tesla holds nearly 19 million SpaceX shares, which would be worth roughly $2.56 billion at the IPO price.

The document describes SpaceX’s operations as a combination of rocket launches, satellite broadband through Starlink, and artificial intelligence work under one corporate structure. It shows that the company’s AI-related activities are operating at a loss as it invests heavily in computing infrastructure.

Company documents point to SpaceX’s position in commercial launches and the growth of Starlink as the primary sources of future revenue and list continued AI and space-technology development among corporate goals.

Analysts differ on the valuation. Morningstar estimates SpaceX’s fair value at about $780 billion, leaving a valuation gap of nearly $970 billion compared with the $1.77 trillion IPO value. Morningstar analyst Nicolas Owens described the company as “significantly overvalued.” At the IPO price, SpaceX would be valued ahead of Tesla and among the largest listed firms in the United States by market capitalization.

Investor demand revealed during the roadshow and initial trading will show whether institutions support the offering. Market conditions, management’s responses about growth and profitability, and final share allocations will affect opening-day demand.

The prospectus contains detailed financial disclosures and corporate information for investors to review before trading begins.