SpaceX targets $135 IPO share price at $1.75 trillion valuation

Elon Musk’s SpaceX is planning to set a fixed IPO price of $135 per share ahead of its roadshow, according to CNBC, marking an unusual move for a company preparing what could become the largest public listing ever.

The company plans to sell 555.6 million shares, implying a $75 billion offering size. At that price, SpaceX would be valued at $1.75 trillion, assuming the EchoStar spectrum and Cursor transactions close.

The valuation would place SpaceX above Tesla, which has a market cap of about $1.6 trillion, and make it the seventh largest company in the US. The company is expected to debut on Nasdaq on June 12 under the ticker SPCX.

SpaceX’s approach differs from the typical IPO process, where issuers usually market a price range to test demand before final pricing. The company is instead moving forward with a fixed price after testing the waters with investors ahead of its roadshow.

The IPO would be more than triple the size of Alibaba’s public listing, currently the largest US IPO on record. The offering also lands as major AI companies, including Anthropic and OpenAI, move closer to public market debuts.

Anthropic confidentially filed its IPO prospectus with the SEC on Monday, while OpenAI is preparing to file its own confidential prospectus in the coming weeks.

SpaceX filed its prospectus with the SEC late last month, revealing billions in losses and Musk’s ownership stake. An amended filing on Monday showed the company plans to reserve up to 5% of IPO shares for certain employees and other people through a direct share program.

The listing also comes as speculation grows that Musk may eventually seek to combine SpaceX with Tesla. CNBC previously reported that Musk has discussed the idea with colleagues, while a current Tesla employee said the possibility is openly discussed internally.