SpaceX has set its initial public offering (IPO) share price at $135, a rare move that effectively bypasses the traditional Wall Street price-discovery process and highlights Elon Musk’s unconventional approach to capital markets.
The company’s decision to publicly fix a price ahead of its listing marks an unusual departure from standard IPO procedures, where pricing is typically determined after investor roadshows and book-building exercises. Market observers say the approach underscores Musk’s influence in global finance and his willingness to reshape established norms.
According to its amended IPO filing, SpaceX aims to raise $75 billion in what would be the largest IPO in history. The deal is expected to value the company at approximately $1.75 trillion, placing it among the top 10 most valuable listed companies in the United States upon debut.
The company is scheduled to begin its investor roadshow on Thursday, with final pricing expected on June 11. Trading is projected to commence on the Nasdaq the following day.
SpaceX’s structure and strategy have already diverged from typical public listings. The company has explored expanded retail investor participation, potentially allocating up to 30 per cent of shares to individual buyers, a move designed to leverage strong public interest in Elon Musk while broadening ownership.
Investment banks involved in the process, including major global institutions, are reportedly focusing on wealthy retail clients across different markets, rather than relying solely on traditional institutional investors such as large asset managers and hedge funds.
Despite strong investor interest, some market participants have raised concerns about valuation levels. Based on projected figures, SpaceX would trade at a revenue multiple of around 90 times, a level analysts say is exceptionally high compared with traditional aerospace or technology peers.
For 2025, the company reported a net loss of $4.94 billion, even as revenue grew 33 per cent to $18.67 billion, reflecting heavy investment in infrastructure and long-term space and communications projects.
Analysts note that SpaceX lacks clear public market comparables due to its diversified operations across aerospace, satellite communications, and defence-related services, making valuation assessments more complex than for typical IPOs.
Despite these concerns, investor demand remains strong, driven largely by Musk’s track record and the company’s dominant position in the commercial space industry.
One investor described the process as highly unusual, noting that access to IPO allocations has become tightly controlled at the highest levels of investment banking, further intensifying demand ahead of listing.
Financial analysts say the IPO represents not only a major fundraising milestone but also a broader test of investor appetite for high-growth, high-valuation technology firms in a tightening global economic environment.
If successful, the listing would cement SpaceX as one of the most valuable publicly traded companies globally from its first day of trading, marking a historic moment in capital markets.
