New York, June 4, 2026, 11:04 EDT
- SpaceX locked in its IPO price at $135 a share ahead of the roadshow, an unusual step for a major U.S. offering.
- The offering might bring in $75 billion, putting the company’s valuation close to $1.75 trillion.
- Starlink’s cash generation and SpaceX’s stronghold on launches are in the spotlight, but investors are also contending with hefty losses, Musk’s tight grip, and a surge in AI investment.
SpaceX locked in a $135 share price for its anticipated IPO, setting the stage for a massive public debut. Elon Musk’s rocket and satellite firm aims to offer some 555.6 million shares, targeting proceeds around $75 billion. That pricing puts the company’s valuation close to $1.75 trillion—potentially the biggest IPO on record.
This time, it’s different: the investor roadshow kicks off Thursday, pricing is slated for June 11, and shares are expected to hit Nasdaq the following day with the ticker SPCX. Unlike the standard sequence—where bankers gauge demand before floating a range or pinning down a final price—SpaceX is flipping the order by publishing its price ahead of the roadshow.
This deal would surpass Saudi Aramco’s $26 billion IPO from 2019 by a wide margin. According to AP, the updated prospectus puts SpaceX’s market value near $1.77 trillion, with Musk retaining control—82.4% of the voting power—via Class B shares that come with 10 votes apiece.
The filing addresses several questions investors have had since Bloomberg highlighted the company’s bankers, Musk’s influence and SpaceX’s numbers as points of focus ahead of the S-1 drop. According to the SEC, SpaceX filed its public S-1 on May 20.
SpaceX isn’t pitching just rocket launches. The company is courting investors with a mix of launch services, the Starlink satellite internet business, and a fresh AI angle following its merger with xAI. According to Reuters, SpaceX’s revenue reached $18.67 billion in 2025, up from $14.02 billion the year before. But the company swung to a net loss of $4.94 billion, after posting a $791 million profit previously.
Starlink stands out as SpaceX’s more straightforward operation. According to Axios, the company started off in launches but now pulls in the bulk of its revenue from its internet service. SpaceX is eyeing something much bigger, though: artificial intelligence and orbital data centers. Axios also highlighted SpaceX’s staggering $26.5 trillion figure for the total addressable AI market—the kind of revenue pool the company claims is within reach.
Goldman Sachs is running with that narrative. According to the , the bank sees SpaceX’s AI revenue jumping from $3.2 billion in 2025 to a staggering $322 billion by 2030. Starlink’s revenue forecast lands at $144 billion for 2030, and rocket operations are pegged at $8.3 billion.
The valuation, though, is where things get complicated. Tim Hatt, who heads research and consulting over at GSMA Intelligence, told Reuters that trading at about 90 times revenue is steep—SpaceX just doesn’t have any real public peers to compare against. Robert Pavlik, senior portfolio manager with Dakota Wealth, isn’t buying, calling the deal at least partly a play on “the cachet that Elon Musk brings.” Reuters
Morningstar’s Nicholas Owens didn’t mince words about the risks. He pegged SpaceX’s value at $780 billion—roughly 55% below where the IPO might price—and said the stock looks “overvalued in almost any scenario” for now. Owens also suggested patient investors could see more attractive prices once early shareholders are able to exit. Fortune
Competition isn’t fierce, but it’s not gone either. Barron’s noted that Rocket Lab and AST SpaceMobile—a pair of public space stocks investors sometimes treat as proxies—have seen their shares pressured by lofty valuations. Owens, meanwhile, pointed out that SpaceX could find its advantage squeezed if Blue Origin, Rocket Lab, or Chinese startups make headway in launch or satellite tech.
SpaceX is facing a political hurdle in Texas as well. Commissioners in Grimes County gave the green light to tax breaks for the company’s planned Terafab chip and advanced-computing site near Gibbons Creek Reservoir—a project Reuters reported could kick off at $55 billion and potentially balloon to $119 billion once complete. John Federspiel, who heads Starlink Product Engineering at SpaceX, acknowledged the local concerns about infrastructure and the environment, promising the company would manage them responsibly.
The IPO puts Musk’s pull with public investors on trial outside SpaceX’s established track record. Wedbush’s Dan Ives labeled the listing the “first major test” for markets following a lull in IPO activity. But to AP, IDC’s Arnal Dayaratna said Grok came off as “less impressive” compared to AI tools from OpenAI, Anthropic, and Google. AP News
