SpaceX has set an IPO price of 135 dollars per share, aiming to raise about 75 billion dollars in what would be one of the largest stock market debuts in history and the first public listing of an Elon Musk–controlled company since Tesla. At that price, the rocket and satellite operator would be valued at roughly 1.75 trillion dollars, instantly vaulting it into the ranks of the world’s most valuable listed companies and testing how much public investors are willing to pay for the promise of commercial space and global broadband.
The headline numbers: $135 a share, $75 billion in cash
Reuters reports that SpaceX has decided to fix its IPO price at 135 dollars per share, according to multiple sources briefed on the deal. A later filing and company statements cited by Barron’s and Investor’s Business Daily say SpaceX plans to sell about 555.6 million shares at that price, raising roughly 75 billion dollars in fresh capital.
At 135 dollars a share, SpaceX’s implied equity valuation comes in near 1.75 trillion dollars, according to Reuters, Yahoo Finance and IPO guides that have reviewed the company’s preliminary prospectus. CNBC and Bloomberg note that earlier internal targets had floated a potential valuation “north of two trillion dollars,” but the current price range reflects both investor pushback and volatile market conditions.
Zacks’ IPO guide says SpaceX confidentially filed a draft registration statement with the Securities and Exchange Commission on April 1 and is expected to begin a formal roadshow in early June, with first trading penciled in for around June 12 on Nasdaq under a still‑undisclosed ticker.
How the IPO price compares with private markets
The 135‑dollar IPO price sits below some of the recent private‑market quotes for SpaceX stock, but still implies enormous gains for early backers.
Secondary‑market platform Hiive, which tracks private trades in SpaceX shares, lists an estimated price of about 156.56 dollars per share as of early June 2026, up nearly 980 percent over the life of the stock. Yahoo Finance’s private‑company page similarly shows SpaceX’s implied private valuation having climbed steadily in recent years, with investors paying significant premiums in secondary deals.
By anchoring the IPO at 135 dollars, SpaceX and its bankers appear to be leaving a discount relative to recent off‑exchange trades to encourage institutional participation and a stable aftermarket. That still represents a sharp step‑up from earlier funding rounds in 2023–2024, when SpaceX reportedly raised capital at valuations between 150 and 180 billion dollars.
Not everyone is convinced the IPO price is justified. Morningstar told CNBC that its discounted cash‑flow model values SpaceX at about 780 billion dollars, less than half of the company’s 1.75‑trillion‑dollar target and warned that at 135 dollars a share the stock would be “significantly overvalued” based on current fundamentals.
What investors are buying at $135 a share
Behind the headline price, analysts say public investors would be buying into two core businesses:
Launch services
SpaceX has become the dominant global provider of orbital launches, with its Falcon 9 and Falcon Heavy rockets carrying satellites, cargo and astronauts for NASA, commercial operators, and national‑security missions. Bloomberg notes that the company captured a majority of the global commercial launch market, helped by reusable booster technology that slashes per‑launch costs.
Starlink satellite broadband
The biggest swing factor in SpaceX’s valuation is Starlink, its low‑Earth‑orbit satellite internet constellation, which now serves millions of customers worldwide. Investor presentations cited by Barron’s and IPO research firms suggest Starlink could generate tens of billions in annual revenue if it reaches global scale in consumer, enterprise, and government markets, with relatively high margins once the satellite network is built out.
Bloomberg’s graphic analysis points out that, at a 1.75‑trillion‑dollar valuation, SpaceX would trail only a handful of megacaps such as Apple, Microsoft, and Saudi Aramco, and would be roughly on par with Meta or Alphabet, even though its current revenue base is far smaller. That gap underscores how much of the IPO price embeds expectations for rapid growth and successful Starship deployment, rather than just today’s cash flows.
A record‑setting raise — and a test for the market
If completed as planned, the SpaceX IPO would be one of the largest equity raises ever by a U.S. company. Investor’s Business Daily notes that few American listings have approached the 75‑billion‑dollar mark SpaceX is targeting, and none have done so in the capital‑intensive, technically risky space and satellite sector.
Bloomberg compares SpaceX’s ambitions with previous record‑setting offerings, including:
- Alibaba’s 25‑billion‑dollar IPO in 2014.
- Saudi Aramco’s 29‑billion‑dollar local listing in 2019.
- Meta’s 16‑billion‑dollar IPO in 2012.
By that yardstick, SpaceX is aiming to triple or more the size of many prior tech IPOs, at a time when markets are still digesting higher interest rates and an uneven economic outlook.
Analysts told CNBC that such a large deal “will be a referendum on investor appetite for high‑risk, high‑growth stories” and could either reopen the IPO window for other late‑stage unicorns or, if it struggles, chill the market for months.
Valuation debate: Dream multiple or bubble risk?
The 135‑dollar price tag has already sparked a debate over whether SpaceX is a once‑in‑a‑generation growth story or a bubble‑era pricing experiment.
Morningstar’s research note argues that SpaceX’s implied revenue multiples at a 1.75‑trillion‑dollar valuation are “well above even the most optimistic scenarios for Starlink and launch in the near term,” and that its 780‑billion‑dollar fair value estimate already assumes substantial growth and margin expansion.
Supporters counter that traditional metrics understate SpaceX’s potential. Zacks and other IPO watchers say bulls see the company as an infrastructure platform, controlling key orbital transport, satellite broadband and, potentially, in‑space manufacturing, in much the same way that early Amazon controlled emerging e‑commerce and cloud infrastructure.
The final test will come when shares begin trading. Often, high‑profile IPOs price at the upper end of their indicated range and then experience sharp volatility in early sessions as institutional allocations meet pent‑up retail demand. With Elon Musk’s global following and several years of media speculation around a SpaceX listing, traders expect heavy volume from the first minute of trading.
Retail investors: access and expectations
SpaceX says IPO shares will be sold primarily to institutional investors and select clients of underwriting banks during the book‑building process, a standard practice for large offerings. Retail investors are likely to gain access mainly via:
- Brokerage platforms that participate in IPO allocations.
- Buying shares in the open market once trading begins.
IPO explainer sites caution would‑be buyers that opening prices can diverge sharply from the official 135‑dollar IPO price, sometimes jumping or slumping by double‑digit percentages on day one. That means individual investors may end up paying much more — or less — than the headline figure, depending on market sentiment at the moment they click “buy.”
Secondary‑market venues like Hiive and Forge, where accredited investors have traded private SpaceX stock for years, may also see price adjustments as public trading establishes a new reference value.
What happens next
According to IPO timelines compiled by Zacks and others, SpaceX is expected to:
- Launch a formal roadshow in early June, with executives pitching the 135‑dollar price and growth story to institutional investors in New York, London, and other financial hubs.
- Confirm the offer size and price in a final prospectus just before listing day, adjusting the number of shares, though not the fixed price, depending on demand.
- Begin trading on Nasdaq around June 12, unless market conditions or regulatory reviews cause delays.
For Musk, the listing would crystallize tens of billions of dollars in paper wealth and provide a fresh pool of capital for Starship, Starlink, and longer‑range projects such as Mars exploration. For markets, it will be a live‑fire exercise in pricing the future of the space economy, one 135‑dollar share at a time.
