SpaceX Sets $135 Share Price for Record $74.4 Billion IPO
Cover image from engadget.com, which was analyzed for this article
SpaceX filed for an IPO targeting up to $75 billion valuation, the largest ever, with implications for Musk's wealth and tech listings.
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Thursday, June 4, 2026 — Business
SpaceX’s proposed $1.75 trillion valuation hinges on future AI and space infrastructure revenue that has not yet materialized. Investors must weigh record fundraising potential against the company’s current losses and the historical tendency of high-priced IPOs to decline post-listing. The final share price and trading details will be settled by market demand on or after June 11.
What outlets missed
Neither outlet extracted the precise share count or list of selling shareholders from the filing, leaving dilution effects and insider exits unquantified. The planned 1 million satellite orbital data-center constellation and its sun-synchronous orbit parameters received only passing mention despite representing a core use of proceeds. Revenue-sharing details with Anthropic and the $595 million X ad-revenue decline were reported by one outlet but omitted by the other, obscuring inter-company cash flows.
SpaceX disclosed a target share price of $135 in an amended SEC filing, positioning the company for what would be the largest IPO in history if achieved. The filing values the firm at roughly $1.75 trillion and projects proceeds of $74.4 billion, more than triple the previous record set by Saudi Aramco in 2019. Investors now face a narrow window before final pricing on June 11 and potential trading the following day.
The proposed valuation marks a sharp increase from SpaceX’s $1.25 trillion mark earlier this year. At $135 per share, Elon Musk’s roughly 50 percent stake would be worth about $752 billion. Matthew Kennedy of Renaissance Capital noted that the raise would exceed the combined total of all U.S. IPOs over the prior two years. The price remains subject to change based on demand.
SpaceX reported $18.6 billion in revenue and a $4.9 billion net loss for 2025, followed by $4.7 billion in sales and a $4.3 billion net loss in the first quarter of 2026. The balance sheet lists $102 billion in assets against $60.5 billion in debt. Proceeds are earmarked for projects including a planned constellation of one million satellites intended to function as orbital data centers in sun-synchronous orbit.
The company also disclosed that Anthropic has agreed to pay the combined SpaceX-xAI entity $1.25 billion monthly through May 2029 for data-center access. X recorded a $595 million drop in ad revenue in 2025 tied to advertiser departures. SpaceX acquired xAI earlier this year, folding in the Grok chatbot and related infrastructure.
Analysts have highlighted the valuation’s reliance on future earnings rather than current results. Data from Dealogic shows nearly half of companies listing over the past three decades traded below their IPO price within the first year. Samuel Kerr of Mergermarket described the multiple as higher than those of the so-called Mag 7 large-cap technology firms.
The filing does not specify the exact number of shares offered or identify major selling shareholders. Trading venue and precise start date remain unconfirmed in the document itself. Final terms will be set by market demand rather than the company’s initial target.
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