SpaceX priced its record $75 billion initial public offering at $135 per share on June 11, setting up the largest IPO in history for a Nasdaq debut tomorrow under the ticker SPCX.
The aerospace company will sell 555.6 million Class A shares at the fixed price, valuing SpaceX at approximately $1.75 trillion, according to Reuters and CNBC. The pricing marks a watershed moment for the IPO market: at $75 billion, the offering shatters the previous record of $25.6 billion set by Saudi Aramco in December 2019, when the state-owned oil giant raised capital in what had been the world’s largest stock market debut.
Investor demand for SpaceX shares has been overwhelming. The IPO drew more than $250 billion in orders from institutional and retail investors, according to Reuters—more than three times the available shares. This level of oversubscription signals exceptional appetite for the aerospace and space-technology company.
Breaking Wall Street Convention
SpaceX’s pricing strategy upended longstanding IPO practice. Rather than setting an indicative price range and then adjusting based on roadshow demand—the standard Wall Street protocol for decades—the company locked in a single fixed price of $135 per share before conducting its investor roadshow, according to Reuters and Fortune. This move signals confidence in demand but also removes the traditional price-discovery mechanism that lets underwriters and investors negotiate final terms.
The company also reserved 30% of its IPO shares for retail investors, three times the historical norm for major offerings, according to Proactive Investors. That commitment reflects SpaceX’s effort to broaden access beyond institutional buyers.
When Saudi Aramco went public in 2019, the state oil company raised $25.6 billion—then the largest IPO ever—valuing the enterprise at $1.7 trillion, according to Bloomberg and Reuters. SpaceX’s $75 billion raise at a $1.75 trillion valuation nearly triples the capital deployed and represents a generational shift in the scale of public market debuts. The two companies’ vastly different sectors—energy versus aerospace—underscore how SpaceX’s valuation reflects investor expectations for growth in space technology and satellite communications.
SpaceX plans to begin trading on the Nasdaq at market open on June 12 under ticker symbol SPCX, according to Reuters and CNBC. The company is owned by Elon Musk, who controls roughly 50% of the shares; at the IPO price, his stake would be worth just over $752 billion, according to The New York Times.
Sources
- Reuters — IPO pricing at $135, $75 billion raise, $1.75 trillion valuation, fixed-price strategy, demand exceeding $250 billion, Nasdaq debut June 12 under ticker SPCX
- CNBC — IPO price of $135, valuation of $1.77 trillion, Nasdaq listing details
- Bloomberg — IPO pricing, demand levels, Saudi Aramco 2019 precedent valuation
- Fortune — Fixed-price offering strategy and Wall Street convention break
- Proactive Investors — 30% retail allocation detail
- The New York Times — Musk’s stake value at IPO price
- Business Standard — Demand over $10 billion from orders
