Overview
- The IPO is set to price Thursday at $135 a share for 555.6 million Class A shares, targeting roughly $75 billion and expected to begin trading on Nasdaq around June 12 under the ticker SPCX.
- Bookbuilding showed institutional orders many times the available shares and reports put demand at more than three to four times the offering, while the company has carved out about 30% of shares for retail investors.
- SpaceX’s prospectus shows 2025 revenue of about $18.6–18.7 billion and a GAAP net loss near $4.9 billion, with Starlink supplying most revenue and operating profit while AI and Starship work drive heavy capital spending.
- Elon Musk will keep dominant voting control through super‑voting shares—roughly 82–85% of votes—while holding about 40–42% of economic interest, a structure that has drawn stewardship criticism.
- Senator Elizabeth Warren has urged the SEC to delay or more closely review the listing, citing concerns about valuation, disclosure of the xAI merger and the market effects of a thin free float and forced index buying.