SpaceX targets $75 billion in record IPO at $135 per share, eyes $1.75 trillion valuation

SpaceX is planning to raise $75 billion in what would be the largest initial public offering in history, pricing its shares at a fixed $135 each, an unusual move that bypasses the traditional bookbuilding process and signals founder Elon Musk’s confidence that demand for the offering will not require negotiation.

According to sources familiar with the matter, who spoke with Reuters, the rocket and satellite communications company plans to sell 555.6 million shares and is targeting a valuation of $1.75 trillion when it lists on the Nasdaq under the ticker symbol “SPCX.”

The debut is expected on June 12, with the roadshow beginning Thursday.

What they are saying

The offering is structured as all-primary, meaning all proceeds go directly to the company. Existing shareholders, including Musk, will not be able to sell shares in the IPO.

Elon Musk is also required to hold his shares for 366 days after listing, a condition framed as a signal of long-term commitment to investors.

• Proceeds will be used to expand AI computing resources and SpaceX’s Starlink satellite network, which remains the company’s only profitable business segment.
• SpaceX’s pitch to investors rests heavily on businesses that do not yet exist. The company has tied a significant portion of its projected growth to solar-powered data centres in space and Mars missions, targeting what it describes as a potential $28.5 trillion market.

More insights

At a $1.75 trillion valuation against 2025 revenue of $18.67 billion, SpaceX would trade at a price-to-revenue multiple of 93.7 times, higher than Tesla’s 17 times but below space company Rocket Lab’s 118 times.

• Reuters earlier reported that Morningstar valued SpaceX at $780 billion in a June 1 research note, 48% below the company’s current private-market valuation, with most of that estimate derived from the Starlink business, which generated the bulk of revenue and profits in 2025.
• SpaceX cannot be valued on a price-to-earnings basis. The company swung to a net loss of $4.94 billion in 2025 from a profit of $791 million the year before, with losses widening to $1.27 per share in Q1 2026 from 18 cents per share in the same period a year earlier.
• Two of SpaceX’s three business segments are burning cash. Only Starlink, its satellite connectivity arm, is generating profits at this stage.

The SpaceX listing is expected to trigger a wave of mega IPOs from high-profile private technology companies, with OpenAI and Anthropic, the two AI companies most directly competing with each other in the enterprise market, both preparing to follow SpaceX to public markets.

Together, SpaceX, OpenAI, and Anthropic are projected to add nearly $4 trillion in market capitalisation to public markets, intensifying competition for investor capital at a time when global venture funding remains under pressure.

• For Nigerian investors and fund managers with exposure to global technology assets, the SpaceX listing represents a rare opportunity to invest directly in private space infrastructure, a sector that has previously been inaccessible outside venture capital circles.
• Starlink, SpaceX’s satellite internet service, already operates across Nigeria and several African markets, making the company’s financial performance directly relevant to the continent’s broadband expansion story.

What you should know

In December 2025, Nairametrics reported that SpaceX had informed employees it was entering a regulatory quiet period, a significant milestone that indicates progress toward the company’s widely anticipated initial public offering (IPO), which is expected to take place in 2026.

The development moved the Elon Musk-led aerospace and satellite communications company a step closer to what analysts believed could become one of the largest IPOs in global market history.