Elon Musk will retain decisive control over SpaceX even after the public listing.
- The IPO raised about $75 billion, making it the largest public offering in U.S. history.
- SpaceX estimates its total addressable market at $28.5 trillion.
- Underwriters have a 30-day option to purchase an additional 83.3 million shares at the IPO price.
Space Exploration Technologies Corp., or SpaceX, priced its long-awaited initial public offering at $135 per share for 555.6 million shares of Class A common stock, according to a prospectus filed with the U.S. Securities and Exchange Commission on Thursday.
The IPO generated gross proceeds of approximately $75 billion — making it the largest IPO in U.S. history by a significant margin — and values the rocket manufacturer at a whopping $1.77 trillion. Underwriters hold a 30-day option to purchase up to an additional 83.3 million shares at the same price, which could raise the valuation of the company further if exercised.
This capital infusion is intended to fund the expansion of the company’s ambitious Starship rocket production and launch infrastructure, growth of the Starlink constellation, and scaling of AI compute resources.
Trading is scheduled to begin on June 12 under the ticker symbol SPCX on both the Nasdaq Global Select Market and Nasdaq Texas, with settlement on June 15.
The Unconventional Pricing Strategy
SpaceX said in early June that it expects the IPO price to be $135 per share, taking an unconventional approach, rather than following the standard process of publishing a preliminary range and refining it through investor feedback.
Most large offerings begin with a broad indicative price range in the initial filing, followed by one or more amendments that narrow the range after early marketing, and then a final price set after the roadshow based on book-building demand. By setting a firm number upfront, SpaceX signaled strong confidence in demand while avoiding the typical back-and-forth negotiation over price. Reports at the time noted that the company had informed its underwriters it did not intend to move the price from $135, even as the roadshow progressed.
Elon Musk will retain decisive control over SpaceX even after the public listing. Following the offering, Musk is expected to hold about 82% of the company’s total voting power.
SpaceX Financials
SpaceX generated $18.674 billion in consolidated revenue in 2025, while recording a net loss of $4.937 billion. SpaceX estimates its total addressable market at $28.5 trillion — which it describes as the largest actionable total addressable market in human history — broken down into $370 billion for space-enabled solutions, $1.6 trillion for connectivity, including $870 billion in Starlink broadband and $740 billion in Starlink mobile, and $26.5 trillion for AI opportunities spanning infrastructure, consumer subscriptions, digital advertising, and enterprise applications.
Last week, SpaceX entered a deal with Google under which Alphabet’s subsidiary will pay $920 million per month from October 2026 through June 2029 for approximately 110,000 Nvidia GPUs plus supporting CPUs, memory, and infrastructure. The deal is similar to one inked by SpaceX with Claude-parent Anthropic and together represent potential revenue of over $70 billion over their terms.
On Stocktwits, retail sentiment around SPACZZX is in the ‘extremely bullish’ territory.
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