Full Breakdown
SpaceX Sets Sights on Record-Breaking $75 Billion IPO
6/3/2026, 1:02:07 PM
Fixed-Price Offering and Capital Goals
SpaceX will sell 555.6 million shares at a fixed $135 price, aiming to raise $75 billion and value the company at $1.75 trillion. The all-primary issue includes a 15 % greenshoe, a 366-day lock-up for Musk, and up to 30 % of shares for retail investors.
Background & Context
SpaceX’s plan follows its merger with Musk’s AI venture xAI, together valued at $1.25 trillion. The company now seeks to fund Starlink expansion, AI-computing infrastructure, and long-term projects such as orbital data centers, positioning the IPO as a catalyst for a wave of mega-listings.
Timeline
The roadshow starts Thursday, marketing on June 4, pricing by June 11 and a Nasdaq debut on June 12. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and JPMorgan Chase are joint book-runners.
Data & Statistics
- Q1 2026 revenue $4.69 bn (up from $4.07 bn).
- FY 2025 revenue $18.67 bn; net loss $4.94 bn (2024 profit $791 m).
- Starlink is the only profit-center; other units burn cash.
- Implied price-to-revenue multiple 93.7× at $1.75 tn valuation.
- Morningstar values SpaceX at $780 bn, 48 % below the IPO target.
Why It Matters / Impact
If completed, the IPO would be the largest ever, dwarfing Saudi Aramco’s $29.4 bn record, and would fund AI-computing and Starlink growth, potentially reshaping satellite broadband and space-based AI infrastructure.
Official Statements & Responses
Wilson Sonsini partner Weiheng Chen called the fixed price a “take-it-or-leave-it” approach fitting Musk’s follower base. Former BofA co-head Craig Coben said the IPO can ask investors to adapt. Analyst Fabien Yip called the valuation “definitely not cheap,” and Union Bancaire Privee’s Vey-Sern Ling warned the target may be a stretch.
Criticism & Opposition
Critics point to a dual-class share structure that concentrates voting power with Musk and an insider group, and to cash-intensive units that remain loss-making. Valuation skeptics note the lack of public comparables and reliance on unproven future markets.
Conflicting Reports & Gaps
Sources list the IPO target at $1.75 trillion, while Morningstar estimates $780 bn, reflecting a 48 % gap. No consensus exists on appropriate multiples, and the exact use of proceeds beyond AI and Starlink is unclear.
Verbatim Quotes
- “Musk is simply taking a 'take-it-or-leave-it' approach which works for his followers and is also sensible given the market conditions and the lack of comparables,” — Weiheng Chen, senior partner, Wilson Sonsini Goodrich & Rosati
- “When you're the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around,” — Craig Coben, former Bank of America co-head, Asia-Pacific global capital markets
- “From a valuation perspective, it’s definitely not cheap,” — Fabien Yip, market analyst, IG International
- “It may be a stretch to achieve the valuation they want even with very generous multiples,” — Vey-Sern Ling, managing director, Union Bancaire Privee
What’s Next
The roadshow will gauge demand before the June 12 debut. A offering could unlock $75 bn for AI and satellite projects and pave the way for OpenAI and Anthropic listings, adding about $4 tn to market caps.
