SpaceX eyes world’s biggest IPO at $135 per share, targets $1.75 trillion valuation: Report – Firstpost

Elon Musk’s SpaceX is seeking a valuation of $1.75 trillion in what could become the largest initial public offering (IPO) in history, Reuters reported on Wednesday, citing people familiar with the matter.

The rocket and satellite communications company plans to sell approximately 555.6 million new shares at a target price of $135 each, aiming to raise $75 billion in fresh capital, the report said. The proposed valuation would place SpaceX among the world’s most valuable listed companies and mark a watershed moment for public markets after years of subdued activity in large-cap IPOs.

According to the report, the offering will be structured entirely as a primary share sale, meaning all proceeds will go directly to SpaceX. Existing shareholders, including early investors and employees, will not be permitted to sell their holdings as part of the IPO.

Roadshow set to begin

SpaceX is expected to launch its IPO roadshow on Thursday, allowing company executives and investment bankers to pitch the offering to institutional investors before pricing the deal.

The company is targeting a valuation that reflects investor confidence not only in its existing businesses but also in future technologies and markets that remain largely untested.

The specific target price of $135 per share is unusual at this stage of the IPO process. Companies typically disclose a pricing range before investor meetings and determine the final offer price only after assessing demand during the roadshow.

The plans remain subject to change depending on investor feedback and market conditions, Reuters reported.

A defining test for public markets

The IPO is expected to be one of the most closely watched listings in recent years and could signal the return of blockbuster public offerings after a prolonged slowdown.

Reuters reported that SpaceX, along with artificial intelligence firms OpenAI and Anthropic, could collectively add nearly $4 trillion in market capitalisation to public markets if their anticipated listings proceed as planned.

The offering would also provide public investors with a rare opportunity to gain exposure to Musk’s vision for the future of space exploration, satellite communications and artificial intelligence.

SpaceX is reportedly considering allocating as much as 30 per cent of the IPO to retail investors, an unusually large share for individual buyers. Such a move could help capitalise on Musk’s popularity among retail traders while broadening ownership of the company.

Growth story tempered by losses

While SpaceX’s Starlink satellite internet business has emerged as the company’s primary profit engine, Reuters reported that other parts of the business continue to consume significant amounts of capital.

The company generated revenue of $4.69 billion in the quarter ended March 31, up from $4.07 billion a year earlier. However, losses widened to $1.27 per share from 18 cents per share during the same period.

For full-year 2025, revenue rose to $18.67 billion from $14.02 billion, but the company swung to a net loss of $4.94 billion compared with a profit of $791 million in the previous year.

Investors are expected to closely scrutinise whether Starlink’s cash generation can support the company’s capital-intensive ambitions, including next-generation rockets, satellite networks and potential space-based computing infrastructure.

Governance concerns in focus

The IPO prospectus also highlights governance arrangements that could draw investor attention. According to Reuters, SpaceX plans to maintain a dual-class share structure that would preserve significant voting control for Musk and a small group of insiders.

Corporate governance experts have previously warned that such structures can limit shareholder influence, even as they allow founders to pursue long-term strategic goals without pressure from short-term market movements.

SpaceX is expected to trade on the Nasdaq under the ticker symbol “SPCX”, with Reuters previously reporting that the company’s market debut could come as early as June 12.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and JPMorgan are serving as joint book-running managers for the offering.