NEW YORK, June 6, 2026, 09:08 EDT
- SpaceX is looking to raise funds through its planned IPO, and so far, demand has come in strong—around $150 billion, nearly double the target amount.
- Investors could soon face a big question: will they back a megacap price tag for Starlink, the rockets, and AI infrastructure that hasn’t yet proved itself?
- Retail appetite looks solid. Still, stretched valuation, continued losses, and that S&P 500 eligibility lag all hang over the story.
Investor orders for SpaceX’s IPO have reached roughly $150 billion, more than twice the $75 billion the company plans to raise, according to two people with knowledge of the matter, Reuters reports. That massive appetite puts Elon Musk’s rocket and satellite firm in position for a highly anticipated debut next week, though the final numbers may move before pricing.
Timing’s key here. SpaceX isn’t just joining the ranks of late-stage tech IPOs. With a proposed price tag of $135 a share, the company’s shooting for a roughly $1.75 trillion valuation—an ask that leans on more than its track record in launches. Investors would also be banking on Starlink’s satellite-internet expansion, plus the company’s ambitions in artificial-intelligence computing.
Retail investors are getting a rare shot at a deal that’s usually left to institutional money. According to Reuters, SpaceX could carve out up to 30% of the offering for individuals across parts of Europe. “Retail interest was unlike any other deal,” said Ygal El Harrar, who runs equity capital markets for technology at BNP Paribas. Still, Meziane Lasfer, finance professor at Bayes Business School, called it a “very big risk” for those buyers. Reuters
Starlink stands out as the pitch’s straightforward play, but pinning down its value is tricky. Roth Capital’s Rohit Kulkarni, speaking on CNBC last month, boiled the debate down: Can Starlink actually scale, and if so, how quickly—simple question, mammoth number.
This week, Oppenheimer flagged Starlink as a possible disruptor to the $1.6 trillion U.S. communications sector as it keeps expanding. Legacy players—AT&T, Verizon, T-Mobile—could face stiffer subscriber and revenue headwinds if that happens. The brokerage pointed out that SpaceX’s valuation leans heavily on Starlink, which now boasts over 10 million subscribers, plus its rocket launch business.
The company picked up new AI momentum, too. SpaceX, according to Reuters, inked a cloud-services deal with Google that will see the tech giant shell out $920 million monthly between October 2026 and June 2029. The agreement covers access to compute resources, including roughly 110,000 Nvidia GPUs—the chips powering today’s artificial-intelligence models.
Musk hasn’t shied away from pitching the bigger vision himself. At a JPMorgan gathering, he told the audience SpaceX was pushing into “a massive new growth phase” and needed more funding to do it. He also noted that revenue now looked “much more predictable” than in the past. JPMorgan, Bank of America, and Morgan Stanley have all hosted sessions for their wealthy clients and advisers centered on the offering. Reuters
Things aren’t slowing down on operations. SpaceX pulled off two Starlink launches in just 19 hours this week—one from each U.S. coast—bringing 53 more satellites into its low-Earth-orbit fleet, Space.com reported. Low Earth orbit means the satellites are relatively near the planet, a position that helps keep signal lag down.
This trade isn’t without its sharp corners. S&P Dow Jones Indices hasn’t budged on megacap IPO rules, so SpaceX faces an S&P 500 wait until at least June 2027. Reuters, citing a $4.94 billion net loss for 2025, also reports the company’s projected public float would land well short of the index’s 10% threshold.
Another wrinkle: price discipline. SpaceX informed banks it’s sticking to its $135-a-share IPO price, Reuters reported, bucking the traditional bookbuilding approach that typically shifts pricing based on investor demand. SpaceX ignored Reuters’ requests for comment.
Right now, demand isn’t the issue. The bigger questions come next: who gets shares, and what happens when trading begins. SpaceX is set to make its Nasdaq debut on June 12, giving investors their first shot at pricing a company built on rockets, satellite broadband, and AI infrastructure—and figuring out just how much weight Starlink pulls in that narrative.
