SpaceX just set deal terms – and kicks of the IPO Roadshow today.
The IPO price: $135 per share. That values the company at $1.77 trillion and raises $75 billion. It’s the largest Initial Public Offering in history.
Most companies float an IPO price range to test demand at different levels. SpaceX skipped that and named one fixed price: $135.
That's a confident move. It usually signals the company already gauged demand in its testing-the-waters meetings and didn't feel the need to leave room to negotiate.
Musk & Co. already hired with 23 investment banks. The company hosted over 100 institutional investors at Starbase and the Colossus data center. And you could say – they’ve “tested the waters” already.
The final IPO pricing will happen on June 11. And the stock is expected to trade on Nasdaq under the ticker SPCX on June 12.
Starting today, Musk and his executives take the pitch directly to investors. With the price already set, the next few days are about demand, not haggling over the share price.
At $1.77 trillion, SpaceX will become the seventh-largest U.S. company by market cap — bigger than Tesla, which sits around $1.6 trillion.
SpaceX did $18.7 billion in revenue last year, up 33%. The net loss was $4.94 billion loss, driven by Starship costs and the xAI acquisition. Excluding xAI the company was likely profitable.
The pitch isn’t about last year’s performance – it’s about the future.
SpaceX says it is pursuing a $28.5 trillion addressable market across rockets, Starlink, and AI — plus a launch business that handles more than 80% of the world's mass to orbit since 2023. One analyst called that share "monopolistic."
The timing is notable too. Anthropic confidentially filed its prospectus on Monday, and OpenAI is expected to file in the coming weeks. Three of the most valuable and fastest growing private companies are racing toward the public market at once.
Ian Wyatt
Editor, IPO Watch