SpaceX's $135 IPO targets $1.77T valuation, biggest ever

SpaceX has priced its initial public offering at $135 per share, positioning Elon Musk's rocket and satellite company for the largest public listing in history. At that price, the company would raise approximately $75 billion by selling 555.6 million shares, with proceeds potentially rising to $85.7 billion if underwriters exercise their option for additional shares. The valuation of nearly $1.77 trillion would make SpaceX one of the most valuable publicly traded U.S. companies upon its Nasdaq debut under ticker SPCX. The planned offering far exceeds the current IPO record set by Saudi Aramco in 2019, which raised $29 billion. The filing puts a fresh market price on a company built around rockets, satellites, broadband connectivity via Starlink, and emerging AI infrastructure. Starlink provides recurring revenue that investors can compare with other large tech and communications firms, while Starship and AI data center plans drive long-term expectations.

The valuation reflects high growth assumptions, not just current operations. Morningstar estimates SpaceX's fair value at $780 billion, well below the IPO price, pointing to Starlink as the main medium-term profit driver and treating future orbital computing revenue as uncertain. The company has also disclosed practical constraints around its AI data center buildout, including water access, raising questions about how quickly those plans can generate revenue. Public investors will buy into a controlled company, with Musk retaining about 82% of voting power after the offering. That structure could become more significant if SpaceX pursues mergers with other Musk companies or shifts capital toward AI infrastructure. For investors, the IPO is a bet on rockets and Starlink, as well as SpaceX's ability to convert technological ambitions into businesses supporting one of the highest valuations in the U.S. market.