SpaceX set its IPO share price at $135 with a target market cap of $1.77 trillion, aiming to raise approximately $75 billion as trading begins Friday. The rocket maker is bypassing the traditional IPO pricing process where companies provide a range and adjust based on demand. The company generated $18.7 billion in revenue in 2025 and recorded an operating loss of $4.2 billion. SpaceX told investors it plans to stop taking orders on Wednesday, allowing Thursday for allocation work across underwriters and asset managers before the market debut.
SpaceX Sets Fixed $135 Price Without Traditional Range
SpaceX announced a non-negotiable share price of $135 rather than providing a range and pricing based on demand as is customary in IPOs. The company is targeting a market cap of $1.77 trillion. According to Lise Buyer, founder of IPO consultancy Class V Group, "Elon has dictated the price, and, assuming investors go for it, you can check that box. But somebody still has to determine where the shares are going." In a typical offering, companies provide a price range weeks before the debut and adjust it based on investor enthusiasm. Artificial intelligence chipmaker Cerebras initially said it would sell shares at between $115 and $125 last month, then upped the range to between $150 and $160 the next week, ultimately pricing its offering at $185.
Company Closes Orders Wednesday for Thursday Allocation Work
SpaceX told investors it plans to stop taking orders on Wednesday, a day early, according to people familiar with the matter. The company and its underwriters will use Thursday to map out allocations for the IPO, one of the people said. This process would usually be more truncated, with allocations occurring after official pricing is decided, closer to the market open. Because the price is set, SpaceX could start working to allocate shares earlier than normal and not have to wait until actual pricing takes place, according to Buyer. Roughly $75 billion worth of shares have to get allocated to underwriters and asset managers before trading begins Friday.
SpaceX Targets 30% Retail Allocation Across Five Platforms
SpaceX wants retail investors to receive roughly 30% of the shares being sold, which would amount to about $22.5 billion. According to Fidelity, the retail slice is usually between 5% and 10%. In its prospectus, SpaceX names Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade as some of the brokerage platforms that will make shares available. The final retail allocation cannot be determined until the book is closed. In Robinhood's own IPO in 2021, the trading site indicated it wanted to sell between 20% and 35% of shares to retail investors, with the allocation ending up at the lower end of that range, CNBC reported at the time.
FAQ
What price did SpaceX set for its IPO shares?
SpaceX set a fixed share price of $135 for its IPO, bypassing the traditional process of providing a price range and adjusting based on investor demand.
When does SpaceX stop taking IPO orders?
SpaceX told investors it plans to stop taking orders on Wednesday, allowing Thursday for allocation work before trading begins Friday.
How much of the SpaceX IPO is allocated to retail investors?
SpaceX wants retail investors to receive roughly 30% of the shares being sold, amounting to about $22.5 billion, which is significantly higher than the typical 5% to 10% retail allocation in IPOs.
