SpaceX (SPCX) Prices $75B IPO at $135, Setting Up Largest Public Debut in History

SpaceX has priced the largest initial public offering in history, confirming a fixed price of $135 per share for 555,555,555 shares to raise approximately $75 billion. The deal values Elon Musk's space company at roughly $1.77 trillion and is set to begin trading on the Nasdaq under the ticker SPCX on Friday, June 12. The scale dwarfs prior records. Saudi Aramco's 2019 offering, the previous benchmark, raised about $29.4 billion. SpaceX's haul is more than double that. The valuation would instantly rank SpaceX among the ten largest listed companies on Earth and the seventh-biggest in the U.S. by market capitalization—above Tesla, which currently sits near $1.6 trillion. Underwriters hold an option to purchase an additional 83.33 million shares at the IPO price, which could lift total proceeds by roughly $11.2 billion. The offering preserves Musk's control. Reports indicate he will retain more than 82% of voting power after the listing through a dual-class structure, insulating strategic decisions from public shareholders. The IPO also follows SpaceX's acquisition of Musk's AI venture, xAI, earlier this year, folding a high-profile artificial intelligence asset into the rocket and satellite business ahead of the debut. Wall Street is divided on whether the price is justified. Bulls frame the listing as a rare chance to own a vertically integrated leader in reusable launch and the Starlink satellite-internet network, which has become the company's dominant revenue engine. Skeptics question the valuation math: at $135, investors are paying a steep premium that prices in years of flawless execution on Starship, Starlink subscriber growth, and the newly absorbed xAI operations. Fortune characterized the analyst community as 'torn,' with some viewing the entry point as a leap of faith. For public-market investors, the structure is a double-edged sword. The fixed-price format and concentrated voting control mean buyers gain economic exposure to one of the most closely watched private companies of the decade but limited governance influence. Demand from the roadshow appears robust enough to clear the record-setting raise, yet the sheer size of the float—and the lofty multiple implied by a $1.77 trillion valuation—leaves ample room for first-day and first-quarter volatility. The debut marks a watershed for both capital markets and the commercial space sector, testing whether public investors will sustain a valuation that already exceeds nearly every company in the S&P 500. Trading action in the opening sessions will signal how much conviction the market truly has behind the hype. Sources: NPR, CNBC, NBC News, Fortune, Bloomberg.