SpaceX targets a record $75 billion in unconventional IPO

Published: 2026-06-04T06:41:00.000Z

Elon Musk rarely does things the way Wall Street expects, and SpaceX's IPO is no exception. The company is preparing the largest listing ever, aiming to raise about $75 billion, with an unusual twist. It plans to fix the price at $135 a share upfront rather than let demand set it.

Elon Musk rarely does things the way Wall Street expects, and SpaceX's march to the public markets is proving no exception. The rocket and satellite company is preparing what would be the largest initial public offering ever, aiming to raise around $75 billion by selling roughly 555 million shares. The twist is in how it plans to price them. Rather than floating a range and letting investor demand settle the final number during the roadshow, SpaceX intends to fix the price at $135 a share upfront, a take it or leave it approach that is highly unusual for a major US listing. That single decision captures the spirit of the whole deal. Setting a price before marketing shares is something only a handful of tiny firms attempt in the United States, and it is more common in Europe and Asia. SpaceX is betting that as the most anticipated debut in years, it can make investors adapt to its terms instead of the reverse. The unconventional touches do not stop there. The company is reportedly carving out a bigger role for retail investors in share allocation, pushing for early inclusion in major indices, and adopting a dual class structure that keeps voting control firmly with Musk and a small circle of insiders. It plans to trade on the Nasdaq under the ticker SPCX, with the debut expected around june 12. The valuation, near $1.75 trillion, is where skeptics start raising eyebrows. SpaceX booked about $18.67 billion in revenue in 2025 but posted a net loss of nearly $5 billion, and two of its three business lines are still burning cash. Only the Starlink connectivity arm turns a profit and is widely seen as the engine of the company. At the targeted valuation, SpaceX would trade at more than 90 times trailing revenue, a multiple that only makes sense if you believe its most futuristic bets pay off, including Mars ambitions and the idea of solar powered data centres operating in space to serve the AI boom. There is a clear regional thread here too. The record SpaceX is trying to break belongs to Saudi Aramco, whose roughly $29 billion listing in 2019 has stood as the largest IPO to date, a reminder of how central Gulf capital has become to these megadeals. Gulf investors are already deeply tied to SpaceX, with Qatar's sovereign fund and Saudi linked vehicles holding exposure, and the Riyadh listed Kingdom Holding recently surging on the value of its stake. For the Middle East, this offering is both a benchmark to defend and another chance to ride one of the most closely watched names in technology.