en.Wedoany.com Reported - SpaceX has set its initial public offering (IPO) price at $135 per share, aiming to raise $75 billion, making this IPO one of the largest in history. The company expects to list on the Nasdaq on June 12 under the ticker SPCX, with a valuation of approximately $1.75 trillion. The pricing was disclosed a week before the offering, bypassing the standard price discovery process typically conducted during investor roadshows. SpaceX began its roadshow on June 4, with the final pricing expected to be determined on June 11.

This offering will place SpaceX among the most valuable publicly traded companies in the United States. The underwriting syndicate includes Goldman Sachs, Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan. The IPO continues CEO Elon Musk's unconventional decision-making style, including setting the stock price in advance, seeking greater participation from retail investors, pushing for rapid inclusion in major stock indices, and maintaining a governance structure that preserves founder control. One investor planning to participate in the offering told Reuters that this IPO is abnormal in every sense, but given it is the largest IPO in history, perhaps that is not surprising.

SpaceX reported 2025 revenue of $18.6 billion, an increase of approximately 33% year-over-year, with a net loss of $4.94 billion. Its satellite internet business, Starlink, generated $11.3 billion in revenue, accounting for about 61% of the company's total sales, making it the largest commercial operation. The company's business spans launch services, satellite communications, defense technology, and emerging artificial intelligence projects. The breadth of its operations leaves it without a direct publicly traded comparable company.

Tim Hatt, Head of Research and Consulting at GSMA Intelligence, stated that a revenue multiple exceeding 90 times is high by any standard, noting the lack of comparable publicly traded companies. Some institutional investors sought a valuation close to $1.5 trillion before the roadshow, while SpaceX insisted on a target of approximately $1.75 trillion. According to Reuters, due to limited stock supply and strong investor interest, IPO allocations require senior-level approval. The offering reserves up to 30% of shares for retail buyers, higher than typical levels in large public offerings. International banks such as Mizuho, Deutsche Bank, UBS, and Barclays are encouraged to seek high-net-worth individuals in their markets.

Morningstar holds a cautious view on SpaceX's valuation, assigning a fair value estimate of $780 billion, far below recent private market valuations and the IPO target. Morningstar equity analyst Nicolas Owens stated that the company is significantly overvalued and that investors may have a lower entry opportunity after the IPO. Morningstar gives SpaceX a narrow economic moat rating, estimating the enterprise value of its launch services and Starlink business at approximately $611 billion, with the remaining valuation primarily attributed to AI-related businesses, including the Grok large language model, the Colossus data center, and the social media platform X. Owens noted that Grok is not currently one of the leading AI labs, and Morningstar also questions assumptions about the orbital data center project, which is in early development stages.

SpaceX continues to invest heavily in launch infrastructure, having already invested over $15 billion in the Starship program. On May 22, Starship completed its 12th test flight, marking the first use of the Starship V3 configuration, which includes upgrades to support satellite deployment, lunar missions, and future orbital infrastructure projects.

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