Elon Musk's Space Exploration Technologies Corp has set a fixed price of US$135 per share for its initial public offering, with terms confirmed in an amended prospectus filed with the SEC on Wednesday.
The company plans to sell 555.6 million shares for a $75 billion fundraise, with underwriters holding an option to purchase a further 83.33 million shares at the offering price, adding up to $11.2 billion in additional proceeds.
At $135 per share, SpaceX would be valued at $1.77 trillion - a figure that assumes the pending EchoStar spectrum and Cursor transactions close - placing it seventh among U.S. companies by market capitalisation and ahead of Tesla, which carries a market cap of roughly $1.6 trillion.
Rather than offering a price range as is standard practice at this stage, SpaceX opted to set a single fixed price - a departure from conventional IPO mechanics that reflects the volume of investor testing-the-waters activity conducted ahead of the roadshow.
The $75 billion raise would comfortably surpass the current record - Alibaba Group Holding's $21.8 billion offering in 2014 - making it the largest IPO on record.
Goldman Sachs is leading the syndicate, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase rounding out the major underwriting banks.
The roadshow commenced on Wednesday, with pricing slated for 11 June and trading expected to begin on the Nasdaq the following day under the ticker SPCX.
Musk would retain 82.4% of voting power after the offering, through a dual-class share structure that preserves his control of the company regardless of how widely the float is distributed.
The company confidentially submitted its initial S-1 to the SEC on 1 April before filing the full registration statement publicly on 20 May, followed by Amendment No. 1 on 1 June, which confirmed the Nasdaq listing under SPCX and reserved up to 5% of Class A common stock for a directed share program targeting employees and selected individuals.
The updated filing also disclosed that its xAI unit purchased $269 million worth of Tesla Megapacks in April, with Tesla having previously reported $430 million in Megapack sales to xAI last year, and the rocket company separately holding 18.99 million SpaceX shares valued at $2.56 billion at the IPO price - underscoring the financial entanglement between Musk's companies that investors will need to unpick.
The entity investors will be buying into is no longer a pure-play launch provider, with the February 2026 merger with xAI folding in an AI segment that generated $3.2 billion in revenue last year against a $6.4 billion operating loss, alongside a profitable Starlink connectivity business and a loss-making space launch division absorbing heavy Starship development costs.
The combined group posted a net loss of $4.28 billion in the first quarter of 2026 alone, nearly matching its total loss for the full prior year.
SpaceX pricing is scheduled for 11 June, with Nasdaq trading expected to begin on 12 June under the ticker SPCX.
