SpaceX filed terms for its initial public offering Wednesday, disclosing plans to sell 555,555,555 shares of Class A common stock at $135 apiece, which would raise close to $75 billion at a valuation of approximately $1.75 trillion.
If completed at those terms, the offering would eclipse Saudi Aramco's 2019 record of $29.4 billion, which has stood as the largest IPO in history. At its target valuation, SpaceX would rank among the 10 most valuable U.S.-listed companies, ahead of Meta Platforms, Berkshire Hathaway, and Tesla.
SpaceX broke with standard IPO practice by declaring a fixed price rather than a preliminary range that could be refined after investor meetings. Under the conventional IPO process, a company announces a preliminary price range before investor meetings, giving it room to move the final number up or down depending on how much appetite it encounters. SpaceX's decision to publish a price before its roadshow has few if any precedents among major U.S. IPOs, according to Reuters. The Wall Street Journal, citing unnamed sources, reported that SpaceX settled on a single number partly to strip out the uncertainty that typically surrounds the pricing process and to make its upcoming investor meetings more straightforward.
The company's investor roadshow begins Thursday, with trading on the Nasdaq set to begin June 12 under the ticker symbol SPCX. SpaceX could still adjust the $135 price before the IPO.
The deal is structured so that only newly issued shares are being sold, leaving current shareholders without the ability to cash out during the offering, according to Reuters. Elon Musk, who serves as CEO, CTO, and chairman, will control approximately 82.4% of voting power after the offering, the company said in the filing. His shares are subject to a 366-day lockup.
SpaceX posted revenue of $18.67 billion in 2025, a 33% increase from the prior year, while swinging to a net loss of $4.94 billion from a profit of $791 million. The $1.75 trillion target valuation implies a price-to-revenue multiple of approximately 93.7 times trailing sales.
Individual investors will have a path to purchase shares on the first day of trading through a set of consumer brokerage platforms — Schwab, Fidelity, Robinhood, SoFi, and E*Trade — the company disclosed in its filing. The company is also considering allocating as much as 30% of the offering to individual investors, according to Reuters.
Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are leading the offering alongside 18 other banks.
