SpaceX IPO Targets Record $75 Billion Raise At $135 Shares, Per Report

BOCA CHICA BEACH, TEXAS - MAY 22: The SpaceX Starship V3 launches from Starbase on May 22, 2026 in Boca Chica Beach, Texas. SpaceX CEO Elon Musk’s reusable rocket company has spent more than $15 billion on its Starship program, according to filings tied to its initial public offering (IPO) on the U.S. stock market. (Photo by Brandon Bell/Getty Images)

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SpaceX IPO Targets Record $75 Billion Raise At $135 Shares, Per Report

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Less than three months after reports and speculation swirled on the possibility of SpaceX filing for a June IPO, the company has accelerated its plans with concrete terms that make this one of the most anticipated and controversial public debuts in history.

According to an exclusive Reuters report citing unnamed sources familiar with the matter, SpaceX is targeting a fixed offering price of $135 a share and aims to raise a record $75 billion by selling about 555.6 million new shares in an all-primary offering. This price implies a $1.75 trillion valuation and sets the stage for a Nasdaq listing under the ticker SPCX as early as June 12, 2026, preceded by an imminent investor roadshow.

The March speculation has now become reality: SpaceX confidentially filed with the SEC on April 1, made its S-1 public on May 20, and is moving at warp speed. The company earmarks the proceeds for an “insane flight rate” of Starship, expansion of Starlink, and orbital AI data centers and related infrastructure. Elon Musk has a 366-day lockup on his shares, per Reuters.

Houston, We Have A Valuation Problem

SpaceX’s S-1 filing is bold to the point of audacity, darting from company overview to sci-fi novel. The company claims a quantifiable total addressable market of $28.5 trillion, the largest in history, per the filing — with roughly $26.5 trillion (93%) coming from AI opportunities, including orbital data centers powered by continuous solar energy and natural vacuum cooling.

SpaceX positions itself as an AI infrastructure play first, with Starlink as the cash-flow engine and Starship as the enabler. The filing highlights plans for up to 1 million “AI Sat Mini” satellites in low Earth orbit and ties this to becoming a “Kardashev Type II civilization.” Critics and some analysts see this as speculative at best.

Financials paint a mixed picture. In 2025, consolidated revenue reached $18.67 billion, but the company posted a $4.94 billion net loss versus a $791 million prior-year profit. Q1 2026 revenue hit $4.69 billion, yet losses widened further amid heavy AI and Starship capex expenditures. At the $1.75 trillion valuation, this implies a 2025 price-to-sales multiple of roughly 94x — far above most tech comparables. Morningstar’s recent discounted cash flow analysis pegs fair value at just $780 billion, placing the IPO target more than double Morningstar’s estimate and a meaningful premium to recent private-market secondary valuations.

Passive Investors Strapped In

One of my biggest concerns—and a point that deserves its own deep dive—is Nasdaq’s recent rule changes for “fast entry.” Megacap IPOs like SpaceX can now join the Nasdaq-100 in as little as 15 trading days post-listing versus the historic three-month seasoning period. SpaceX actively sought this accommodation.

This means massive passive flows from index funds, ETFs, 401(k)s, and pensions could flood in almost immediately, providing liquidity for future insider/early-investor sales well before the full lockup expires. In essence, retail and passive investors may be left holding the bag if the post-IPO hype fades and the stock drifts lower, as we saw with Rivian and other high-flying debuts.

To be fair, SpaceX is no paper rocket. Starlink is a proven cash cow with millions of subscribers and growing enterprise and government revenues. Starship test flights continue to advance, NASA’s Artemis program relies on it for lunar landings, and the company’s launch cadence is unmatched. The orbital data-center vision cleverly addresses terrestrial power and cooling constraints for AI.

Yet the valuation prices in near-perfect execution on technologies that largely don’t exist yet at scale. Timelines for Mars cargo and crewed flights remain fluid, and critics rightly point out the enormous technical, regulatory, and capital risks.

Musk has a track record of turning bold visions into reality, with reusable rockets and global satellite internet being prime examples. But public-market investors will now own the execution risk alongside the dream.

The hype will be enormous, and initial demand could push shares well above $135 in the first days of trading. Those chasing the opening pop may regret it once the frenzy subsides. Patient investors might wait for post-IPO volatility to settle. Passive index investors, meanwhile, should consider equal-weighted or low-SpaceX-exposure strategies to manage forced ownership of what remains a high-risk, high-reward bet on Musk’s multiplanetary and orbital-AI ambitions.

This IPO rewrites the playbook. Whether it rewrites the rules of shareholder value remains to be seen. Stay tuned: June 12 could be one for the history books.