SpaceX is opting for an unusual "take it or leave it" debut on Wall Street. The Elon Musk-led company has set a firm IPO price of $135 a share—no range, no extended haggling—more than a week before its planned June 12 Nasdaq listing, the Wall Street Journal reports. Selling 555,555,555 shares would raise close to $75 billion and imply a valuation of about $1.77 trillion, around double what it was six months ago. That would make SpaceX one of the most valuable companies in the world, worth more than Meta, Berkshire Hathaway, and Musk's other major company, Tesla, at least on paper. Only six stocks in the S&P 500 are worth more, the Guardian reports.
The filing last month shows SpaceX brought in $18.7 billion in 2025 revenue but lost $4.9 billion, putting the deal at roughly 94 times sales—far more than the S&P 500's average of 3.4. Insiders tell the Journal the fixed price is meant to cut drama during "roadshow" investor meetings, with SpaceX betting demand is strong enough that investors will simply pay up for Musk's vision of Mars colonies and data centers in space.
The IPO, expected to make Musk a trillionaire, is set to be the biggest ever, eclipsing Saudi Aramco's 2019 listing, which raised around $26 billion. Some analysts, however, say the company is "significantly overvalued." They note that much of its assessed value lies in technology that doesn't yet exist, including orbital data centers. The filing says SpaceX sees potential revenue from AI of $26.5 trillion, the AP reports. The company's Grok chatbot, however, is "less impressive than anything that we see from any other major player in the space, whether that's OpenAI, or Anthropic, or (Google's) Gemini," says IDC analyst Arnal Dayaratna.
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