Overview
- SpaceX is targeting a $135 per share price to sell about 555.6 million new shares and raise roughly $75 billion, which would imply a $1.75 trillion valuation when trading begins on Nasdaq on June 12.
- The company's S‑1 says certain Class A shares will be offered to retail investors and multiple reports say Elon Musk plans an unusually large retail allocation of up to about 30% of the offering.
- SpaceX reported about $18.7 billion in revenue for 2025 and a net loss near $4.9 billion, with Starlink the only consistently profitable division while launch and AI units remain loss‑making.
- Banks are negotiating underwriting fees reportedly below 0.75% on the deal, Musk and insiders will retain concentrated voting control, and the IPO will float a relatively small share of total stock with executive lockups limiting immediate selling.
- Independent analysts and index managers have raised warnings that Morningstar values SpaceX at about $780 billion and that proposed faster index‑inclusion rules could force large, rapid passive purchases into a thin float, increasing short‑term volatility.