SpaceX to list on Nasdaq after $1.8tn IPO pricing

SpaceX priced its initial public offering at $135 a share for 555.6 million shares, setting a valuation near $1.8 trillion. The company expects trading to begin on Nasdaq on June 12, with final pricing and demand to be confirmed on June 11.

The IPO seeks to raise about $75 billion and would be the largest in U.S. history by target proceeds. The valuation would place SpaceX among the ten most valuable publicly traded U.S. companies and above the current market capitalization of Tesla.

SpaceX announced a fixed offer price before its roadshow rather than a price range. Underwriters began collecting orders from institutional and retail brokers after the price was set.

Bank forecasts presented to potential investors have emphasized SpaceX’s artificial intelligence plans. Goldman Sachs projects the company’s AI unit could generate about $322 billion in annual revenue by 2030 and forecasts total company revenue near $474 billion by the end of the decade.

Current revenue comes mainly from Starlink subscriptions and launch services. SpaceX reported a $4.9 billion loss in 2025 as it increased investment in AI infrastructure and other projects. Analysts calculate the IPO valuation at roughly 94 times SpaceX’s projected 2025 revenue of $18.7 billion.

Some investors point to SpaceX’s position in commercial spaceflight and the growth of Starlink when assessing long-term prospects. Brett Winton of ARK Invest called SpaceX “the most important company in the world in terms of what the future is going to look like,” and Philippe Laffont has suggested the company could join the next generation of market-leading technology stocks.

Other analysts highlight a valuation gap. Morningstar estimated a fair value around $780 billion and noted competitive risks from established AI firms. Questions have also been raised about execution risk and competition in AI.

SpaceX has directed potential retail investors to brokerages including Robinhood, SoFi, Fidelity, Schwab and E*Trade via a dedicated IPO website. Those platforms will provide daily demand information to the underwriting banks during the offering period, which could broaden retail access to shares closer to the IPO price than is typical for large listings.

Final pricing on June 11 and trading on June 12 will provide direct measures of investor demand for SpaceX’s combined space and AI businesses. Market activity during those sessions will indicate how investors value the company’s projected future revenues.