SpaceX, Elon Musk’s innovative rocket and satellite company, is targeting a colossal $1.75 trillion valuation for its upcoming initial public offering. The company specialises in designing, manufacturing, and launching advanced rockets and spacecraft, and operates the Starlink satellite internet constellation. This blockbuster IPO is set to consist entirely of new shares, with all proceeds directly benefiting the company as it seeks to raise at least $75 billion in its base offering.
Sources familiar with the matter revealed the offering’s structure as an all-primary issuance, meaning existing shareholders will not sell their stakes at the time of listing. This deviates from many large listings, which typically blend primary and secondary shares. A 15% greenshoe option is also anticipated, allowing underwriters to sell additional shares if investor demand exceeds expectations. The roadshow for the IPO is expected to commence soon, with a Nasdaq debut under the ticker “SPCX” targeted as early as June 12. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading the syndicate of global investment banks underwriting the deal.
The proposed offering includes features diverging from conventional listings, such as early Nasdaq 100 inclusion and provisions granting Musk effective board control. While SpaceX’s revenue grew to $18.67 billion in 2025, the company swung to a net loss of $4.94 billion from a previous profit. Only its Starlink connectivity segment currently generates profits. This unique offering presents a complex valuation task, requiring investors to weigh comparisons from aerospace, telecom, and defense sectors alongside Starlink’s growth and Musk’s ambitions in space and AI. Governance concerns, including a dual-class share structure concentrating voting power, could also give investors pause.
