SpaceX sets $75 billion IPO target as investor demand doubles offering size
The spaceflight and technology group is targeting a valuation of up to $1.75 trillion, with over $150 billion in demand reported ahead of its June 12 debut.
SpaceX is scheduled to list on the stock market on June 12, 2026, targeting a capital raise of approximately $75 billion at a fixed price of $135 per share. The offering implies a pre-market valuation of up to $1.75 trillion, significantly exceeding the previous record set by Saudi Aramco’s $29.4 billion raise in 2019. According to reports cited by Yahoo Finance, the IPO has attracted over $150 billion in investor demand, representing a substantial oversubscription that doubles the capital the company is seeking to raise.
The listed entity comprises three distinct business segments: Starlink, rocket operations, and xAI. This structure follows an all-stock merger in February 2026 that folded Musk’s private artificial intelligence firm into the group at a combined valuation of $1.25 trillion. Starlink, the satellite internet division, generated over $11 billion in revenue in 2025 with an operating margin exceeding 30 per cent. Subscriber counts reached 10.3 million in the first quarter of 2026, marking a 105 per cent year-on-year increase.
Rocket operations, including the Falcon 9 and Starship programmes, present a mixed financial picture. While SpaceX holds a near-monopoly in commercial heavy-lift with a full backlog, the Starship programme is currently consuming over $3 billion in annual research and development expenditure without generating commercial payload revenue. Critics have labelled the integration of xAI as potential self-dealing due to Musk’s dual role as CEO and board chairman, noting that his removal from these positions requires his own consent.
In a departure from typical initial public offerings, SpaceX has earmarked 30 per cent of the IPO for retail traders. This allocation is roughly three times the industry standard, where retail investors typically receive between 5 and 10 per cent of shares. The strategy mirrors the approach used by Tesla, aiming to cultivate a passionate, mission-driven shareholder base. However, Wall Street bankers have warned that demand will likely outstrip supply, meaning many retail investors may receive less than their requested amounts.
Elon Musk will retain over 80 per cent of voting control post-listing through Class B shares, despite owning more than 40 per cent of the equity. The complex governance structure, combined with the diversity of the business segments, is expected to generate significant analyst disagreement and volatility. Trading is set to open on the Nasdaq on June 11, 2026, at $150 per share, before the official listing date.
