SpaceX Prices $75B IPO, Largest in Market History

SpaceX has priced what stands as the largest initial public offering in stock market history, a $75 billion raise at a valuation of roughly $1.77 trillion, as the company prepares to list on Nasdaq.

The company is offering 555.6 million Class A shares at a fixed price of $135 each. By the time order books closed, investors had requested more than four times the number of shares available. Saudi Aramco previously held the size record with a $29.4 billion debut in 2019, a figure SpaceX has now more than doubled.

A Fixed Price, Not a Range

SpaceX skipped the traditional price-range process used by most IPOs and went directly to a fixed price, a decision analysts read as a signal of confidence that the company already knew its own value and had no interest in negotiating it down. Price discovery will now happen on the open market instead of in pre-IPO investor meetings.

Retail investors were given an unusually large role in the offering. Roughly 30% of shares were set aside for everyday buyers, an allocation three to six times larger than what most major IPOs extend to non-institutional investors, turning what might have stayed a Wall Street event into a broader public one, a retail-heavy structure that stands in contrast to how most crypto and blockchain listings have historically prioritised institutional allocation first.

The Numbers Behind the Valuation

SpaceX's finances give investors something concrete to anchor to. Starlink, the company's satellite internet division, generated $3.26 billion in revenue in the first quarter of 2026, accounting for about 69% of the company's $4.69 billion in total quarterly revenue. The subscriber base continues to grow, and the AI and orbital computing division built through the early-2026 merger with xAI adds another growth vector that analysts are still working to price, a computing buildout that mirrors the wider AI infrastructure race already reshaping chipmakers and data centre spending elsewhere in the market.

Some market projections suggest SpaceX could generate $3.4 trillion in revenue by 2040, while more cautious analysts flag a valuation implying more than 100 times trailing revenue. Forecasts for the stock's first 90 days range from a 40-60% gain to a 30-50% correction, a spread that reflects how wide the uncertainty around the valuation remains.

Musk Keeps Control

One detail is not in question. Elon Musk is not selling a single share in the offering. Under the company's dual-class share structure, he retains approximately 82.4% of voting power after the listing, meaning any investor buying in is buying into his roadmap on his terms. The pricing marks the final step before SpaceX's shares begin trading on Nasdaq under the ticker SPCX.