SpaceX plans to price its initial public offering at $135 per share, issuing approximately 556 million new shares to raise about $75 billion, according to sources cited by foreign media on June 2 local time. The rocket and AI company owned by Elon Musk targets a valuation of roughly $1.75 trillion through the all-primary offering, which directs all proceeds to the company rather than existing shareholders for future business expansion and capital expenditures. If completed as planned, the transaction would surpass the record set by Saudi Aramco in 2019 to become the largest IPO in global history.
SpaceX Sets June 12 Nasdaq Listing Target with SPCX Ticker
Sources familiar with the matter stated SpaceX aims to list on Nasdaq as early as June 12 under the ticker symbol "SPCX." The company's roadshow for institutional investors is expected to launch this week. The offering includes a 15% over-allotment option (greenshoe mechanism) to accommodate potential additional market demand. Top-tier Wall Street investment banks participating in the underwriting include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with Goldman Sachs and Morgan Stanley serving as lead underwriters.
All-Primary Offering Structure Directs $75 Billion to Company Operations
Unlike many large IPOs, this transaction adopts an all-primary offering structure, meaning all issued shares come from newly created SpaceX stock rather than existing shareholder sales. The arrangement ensures募集资金 flows entirely into company accounts to support future business expansion and capital expenditure plans, rather than serving as a cash-out channel for existing investors or company executives. Due to the transaction's massive scale, media previously reported SpaceX successfully negotiated underwriting fees below 0.75%, far lower than typical rates for large technology IPOs.
Morningstar Values SpaceX at $780 Billion Against $1.75 Trillion IPO Target
The $1.75 trillion valuation has prompted skepticism from some analysts despite strong market enthusiasm. Research firm Morningstar recently published a report assigning SpaceX a fair value of approximately $780 billion, less than half the IPO target valuation. Morningstar analysts cited extremely high uncertainty in the company's AI business, noting Grok is not a leading large language model and faces clear competitive disadvantages against OpenAI. They also pointed to long realization cycles and bottomless R&D investment requirements for distant space projects like Starship and space computing centers. Additionally, analysts warned Musk's exceptionally high voting rights may leave minority shareholder interests inadequately protected, warranting an extra valuation discount.
Some investors share concerns about SpaceX's valuation due to the lack of directly comparable publicly traded companies. As the world's largest commercial space enterprise, SpaceX fits neither the traditional aerospace company profile nor the typical internet business model, with operations spanning launch services, satellite communications, defense technology, and artificial intelligence across multiple sectors. This complexity makes valuation through conventional frameworks difficult for the market.
Musk Retains Over 85% Voting Control Under Dual-Class Structure
Musk's control over SpaceX raises concerns among numerous analysis institutions and investors. According to documents submitted to regulatory authorities, SpaceX will continue using a dual-class share structure. Even after the company completes its public listing, Musk will retain over 85% of voting rights. This means Musk will maintain absolute control over critical decisions including future strategy, mergers and acquisitions, and capital allocation.
If the IPO completes successfully, SpaceX will become one of the most expensive newly listed companies in global capital market history and further consolidate Musk's central position in technology and capital markets.
FAQ
What did SpaceX announce on June 2 regarding its IPO pricing?
According to sources cited by foreign media on June 2 local time, SpaceX plans to price its IPO at $135 per share, issuing approximately 556 million new shares to raise about $75 billion and achieve a $1.75 trillion valuation. The company targets a Nasdaq listing as early as June 12 under ticker symbol SPCX, with an all-primary offering structure directing all proceeds to company operations rather than existing shareholder sales.
Why does Morningstar's valuation differ significantly from SpaceX's IPO target?
Morningstar assigned SpaceX a fair value of approximately $780 billion, less than half the $1.75 trillion IPO target. The research firm cited extremely high uncertainty in SpaceX's AI business, noting Grok faces competitive disadvantages against OpenAI, while distant space projects like Starship require long realization cycles and bottomless R&D investment. Morningstar also applied an extra valuation discount due to Musk's exceptionally high voting rights potentially leaving minority shareholder interests inadequately protected.
How much voting control will Musk retain after SpaceX goes public?
According to documents submitted to regulatory authorities, Musk will retain over 85% of voting rights even after SpaceX completes its public listing through a dual-class share structure. This arrangement gives Musk absolute control over critical decisions including future strategy, mergers and acquisitions, and capital allocation.
