SpaceX has upended one of Wall Street’s longest-standing traditions by publicly setting a $135 share price before launching its investor roadshow, a move that highlights the extraordinary demand surrounding what could become the largest initial public offering in history.
The rocket and satellite company founded by Elon Musk plans to raise approximately $75 billion through the sale of 555.6 million shares, according to regulatory filings. At that price, SpaceX would command a valuation of roughly $1.75 trillion, placing it among the ten most valuable publicly traded companies in the United States immediately after listing.
The decision to publish a fixed offering price before meeting prospective investors breaks with the traditional IPO process, where underwriters typically conduct roadshows first and determine pricing only after gauging institutional demand.
Reuters reported that the move effectively bypasses Wall Street’s conventional price-discovery process, reflecting both investor enthusiasm and Musk’s growing influence over capital markets.
The offering is expected to eclipse the previous global IPO record set by Saudi Aramco in 2019. If completed as planned, SpaceX’s fundraising would be more than double Aramco’s roughly $29 billion debut.
Investor demand appears strong despite questions surrounding the company’s valuation. SpaceX reported a net loss of $4.94 billion in 2025, even as revenue climbed 33% to $18.67 billion, driven by growth in its Starlink satellite broadband business, launch services and defense-related contracts.
The company has evolved far beyond its origins as a launch provider. Founded by Musk in 2002, SpaceX has become a dominant force in commercial spaceflight, operating the Falcon rocket family, Dragon spacecraft and the Starlink satellite network. It also serves as a key contractor to NASA and the U.S. government.
A notable feature of the IPO is SpaceX’s effort to broaden participation beyond traditional institutional investors. Reuters reported that as much as 30% of the offering could be allocated to retail investors, while major banks have been mobilized to attract wealthy individual clients worldwide.
JPMorgan Chase Chief Executive Jamie Dimon is among the financial industry leaders helping market the transaction. According to Reuters, the bank has organized presentations for thousands of wealthy clients as underwriters seek to capitalize on intense interest in Musk’s ventures.
The IPO will also cement Musk’s control over the company. Regulatory filings indicate that he will retain overwhelming voting power through a dual-class share structure, ensuring that strategic decisions remain firmly under his influence after the listing.
Still, the valuation has divided analysts. Some investors view SpaceX as a unique combination of aerospace, telecommunications, artificial intelligence and defense technology, while skeptics question whether public markets will sustain a valuation approaching $2 trillion for a company that remains unprofitable.
For now, markets appear willing to bet on Musk’s track record. The success or failure of the SpaceX offering could reshape expectations for a new generation of technology listings and redefine how companies approach public offerings in the years ahead.
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