NEW YORK, June 3, 2026, 18:03 (EDT)
SpaceX set a $135-per-share price for its initial public offering on Wednesday, aiming to raise $75 billion at a $1.75 trillion valuation and forcing investors to judge whether Starlink can grow fast enough to carry one of the largest market debuts on record.
The price came before the investor roadshow, an unusual move in a market where companies normally test demand before setting a range. SpaceX is due to start the roadshow on Thursday, with trading expected on Nasdaq under the ticker SPCX on June 12, Reuters has reported.
That matters now because the offering is not just another technology float. The prospectus puts a rocket company, a satellite broadband network, an artificial-intelligence business and Elon Musk’s founder control inside one security, with few clean public-market peers to price it against. Space.com quoted University of Colorado finance professor Shaun Davies as saying SpaceX is “not just a rockets story anymore.” Space
Roth Capital’s Rohit Kulkarni put the main issue more bluntly in a CNBC Television segment posted May 20: the “biggest question is how does Starlink scale.” That question has only sharpened as the IPO price moved into public view. AInvest
Oppenheimer wrote Wednesday that Starlink could disrupt the $1.6 trillion U.S. communications industry and said legacy broadband providers such as AT&T, Verizon and T-Mobile could face faster subscriber and revenue declines. The brokerage lifted its 2030 estimate for U.S. Starlink broadband subscribers to 15 million from 10 million and said Starlink had more than 10 million subscribers globally.
The financials leave less room for romance. SpaceX revenue rose to $18.67 billion in 2025, but the company posted a net loss of $4.94 billion; Starlink’s connectivity unit was the only profitable segment, Reuters reported. Tim Hatt, head of research and consulting at GSMA Intelligence, said a “~90x+ revenue multiple is high by any standard,” while adding that SpaceX has “no true public comparables.” Reuters
Morningstar is cooler on the price. Analysts Nicolas Owens and Suryansh Sharma put SpaceX’s fair value at $780 billion, nearly half the low end of current market estimates, and wrote that the company’s valuation depends on “novel revenue streams” such as orbital computing whose timing and economics remain uncertain. Business Insider
The risk is that investors buy a Starlink profit engine and get a much wider capital-spending story. SpaceX has also secured tax incentives in Grimes County, Texas, for its Terafab chip project with Tesla, a proposed advanced-computing and chipmaking facility. John Federspiel, senior director of Starlink Product Engineering, told a local hearing the company recognized “legitimate questions about infrastructure and environmental stewardship.” Reuters
The governance will get scrutiny too. The Associated Press, citing SpaceX’s amended prospectus, reported that Musk would hold 82.4% of the company’s voting power after the offering through Class B shares that carry 10 votes each. The planned proceeds would top Saudi Aramco’s $26 billion IPO in 2019.
For now, the deal looks built around scarcity, Musk’s following and Starlink’s lead in satellite broadband. The harder test starts when public investors decide whether that lead deserves a $1.75 trillion price tag while SpaceX funds AI, chips, rockets and Mars ambitions at the same time.
