SpaceX has priced its initial public offering at $135 per share, valuing the company at $1.8 trillion and setting up what will be the largest IPO in history when the space company begins trading on the Nasdaq on June 12. The offering aims to raise roughly $75 billion, far exceeding Saudi Aramco’s previous record of $25.6 billion raised in 2019.
The fixed $135 price represents a departure from Wall Street convention. Rather than setting a preliminary price range and refining it through investor roadshows—the standard IPO process—SpaceX announced a single, firm price in early June, upending longstanding market practices. According to Reuters, SpaceX’s amended SEC filing confirmed the $135 pricing, with the company planning to sell approximately 555.6 million shares of Class A common stock.
At the $1.8 trillion valuation, SpaceX would rank among the world’s 15 most valuable companies on day one, sitting alongside Saudi Aramco and dwarfing the valuations of most Fortune 500 firms. The company booked $18.67 billion in revenue in 2025, according to sources cited in Reuters reporting, meaning the IPO values SpaceX at roughly 96 times its most recent annual revenue—a metric that has drawn scrutiny from analysts assessing whether the price is justified.
Analyst commentary on the valuation has split sharply. Morningstar said SpaceX has been significantly overvalued and predicted investors would have opportunities to buy the stock at lower prices within days or weeks of the IPO, according to CNBC. David Trainer, CEO of research firm New Constructs, told Yahoo Finance the $1.75 trillion valuation is mathematically indefensible. In contrast, Ark Investment Management’s Brett Winton told CNBC that SpaceX’s Starlink satellite-internet business alone can justify the company’s valuation, citing the unit’s growth potential and addressable market.
The June 12 Nasdaq debut under ticker SPCX will mark a milestone for the space industry and for Elon Musk, whose 50 percent stake in SpaceX would be worth over $752 billion at the IPO price, according to the New York Times. The offering is expected to be available to retail investors through major brokerages including Fidelity, Charles Schwab, E-Trade, Robinhood, and SoFi.
Sources
- Reuters — confirmed $135 IPO price, $75 billion raise target, $1.75 trillion valuation, 555.6 million shares, $18.67 billion 2025 revenue
- Barron’s — reported $1.8 trillion valuation at $135 per share
- Bloomberg — reported SpaceX cut valuation target to $1.8 trillion, confirmed fixed-price approach breaks Wall Street convention
- The New York Times — reported Musk’s $752 billion stake valuation at $135 per share
- CNBC — Morningstar analyst commentary on overvaluation; Ark Invest’s Brett Winton on Starlink justifying valuation
- Yahoo Finance — David Trainer criticism of valuation as mathematically indefensible; Morningstar margin-of-safety analysis
- Weiss Ratings — reported Saudi Aramco’s $25.6 billion IPO in 2019 as previous record
