Prime Highlights
- SpaceX’s fixed $135 pre-roadshow price breaks standard IPO tradition, reflecting Musk’s unmatched market influence.
- SpaceX, OpenAI, and Anthropic could collectively inject nearly $4 trillion into public markets.
Key Facts
- SpaceX is Musk’s rocket and satellite company, known for reusable rockets and Starlink.
- At $1.75 trillion, SpaceX trades at 93.7 times its 2025 revenue despite a net loss.
Background
SpaceX, of Elon Musk, has set an IPO price of $135 per share, targeting to generate $75 billion by offering 555.6 million shares, a record amount for a single company. The move comes before the company holds its investor meeting and expects to value itself at $1.75 trillion, placing the company among the world’s most valuable firms, such as Apple Inc., Alphabet Inc., and Nvidia Corp.
Pricing before meeting investors is very uncommon. Companies typically offer a price range and adjust based on demand. A senior legal expert noted that Musk is taking a take-it-or-leave-it approach, which works given his following and the lack of comparable companies in the market.
The IPO is structured as an all-primary offering, meaning all proceeds go directly to SpaceX. Existing shareholders cannot sell during the listing, and Musk must hold his shares for 366 days after the IPO, a signal of long-term commitment. Up to 30 percent of shares may go to retail investors, an unusually large allocation aimed at tapping Musk’s widespread following.
SpaceX plans to trade on Nasdaq under the ticker “SPCX,” with its debut expected in the second week of June. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading the offering.
The company’s growth story rests heavily on future technologies, including solar-powered space data centres and Mars missions, targeting a potential $28.5 trillion market. However, two of its three business segments are currently loss-making, with only Starlink generating consistent profits. SpaceX reported revenue of $18.67 billion in 2025 but posted a net loss of $4.94 billion, reversing a profit of $791 million the previous year.
At its target valuation, SpaceX trades at 93.7 times trailing revenue, far above Tesla’s multiple of 17, though below Rocket Lab’s 118. Morningstar has valued the company at $780 billion, roughly half its IPO target. The listing is expected to trigger a wave of mega IPOs, with OpenAI and Anthropic together poised to add nearly $4 trillion in market capitalisation to public markets.