SpaceX Sets IPO at $135 Per Share, 92x Sales Valuation
Space Exploration Technologies Corp (SpaceX) is preparing for a landmark initial public offering (IPO) targeting proceeds of around $ 75 billion at an implied valuation of $1.75 trillion to $ 2 trillion.
This positions the company to become the largest IPO in history and shatter the previous IPO fundraising record held by Saudi Aramco, which totalled $25.6 billion in 2019.
The company will sell 555 million shares, raising $75 billion and giving SpaceX a staggering $1.75 trillion valuation, positioning it among the world’s top 10 companies.
According to Bloomberg Intelligence, current demand signals are strong, with SpaceX boosting its Japanese fundraising target by 25% to $2.5 billion following strong retail demand, and a Korean private placement selling out within one minute of opening.
Departing from the typical roadshow negotiation process, SpaceX has set a fixed IPO price of $135 per share. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO Elon Musk and insiders will retain super-voting Class B shares (ten votes per share).
Post-listing, Musk is expected to maintain effective control of the company, holding approximately 85% of the shares and the ability to determine board composition and shareholder outcomes.
Ultimately, the IPO is expected to feature a very limited free float of between 3.75% and 4.29%. The company plans to dual-list on Nasdaq and Nasdaq Texas on 12 June 2026. At $1.75 trillion, the valuation (92 times sales) commands an assertive premium over traditional mega-cap tech companies.
SpaceX would immediately rank among the top ten most valuable United States (US)-listed companies, reshaping the weight and composition of large-cap tech indices and creating a new benchmark for private-to-public transitions.
SpaceX’s capital needs are escalating sharply as it reframes itself as an AI infrastructure company — offering terrestrial and potentially space-based computing capacity — a pivot that is massively increasing its financial requirements compared to its pre-AI identity as a launch and satellite-broadband firm.
In 2025, SpaceX reported company-wide revenue of $18.7 billion, up 33%, but the group posted a net loss of $4.94 billion- reversing $791 million net income in 2024 – which was largely driven by the consolidation of xAI in February 2026 with an operating loss of $6.36 billion.
The connectivity segment, Starlink ( which represents about 70% of group revenue) generated $4.42 billion in operating profit and $7.17 billion in EBITDA, with 10.3 million subscribers across 164 countries, making it the only profitable division and the primary anchor for the IPO valuation case.
The IPO also represents a defining liquidity event in the current technology cycle: a company spanning launch services, satellite broadband, and AI infrastructure going public at a valuation that reflects a decade of hypergrowth across all three.
Simultaneously, for the growing list of prospective new listings within the tech realm, SpaceX’s IPO serves as a public poll on risk appetite, AI optimism, and the market’s willingness to fund long-duration, capital-intensive moonshots at peak multiples. Global Equities Markets Mixed as Investors Trim AI Stocks Holdings
