SpaceX is going public, and it’s doing so with the subtlety of a Falcon 9 launch. The company plans to sell 555.6 million shares at $135 each, targeting a raise of approximately $75 billion in what would be the largest initial public offering in history.

The implied valuation sits around $1.77 trillion. For context, Saudi Aramco’s 2019 IPO, previously the biggest ever, raised about $25.6 billion. SpaceX is aiming to nearly triple that figure in a single shot.

A fixed price and four times the demand

SpaceX opted for a fixed pricing strategy rather than the traditional price range that most companies use during their IPO roadshow. The fixed $135 per share price was announced around June 2-3, 2026, with a pricing date set for June 11, 2026. Trading is expected to begin shortly after.

Demand for the offering has reportedly exceeded four times the number of shares available.

Roughly 30% of the offering, about $22.5 billion worth of shares, is earmarked for retail investors.

From private tender offers to public markets

SpaceX previously conducted private tender offers that allowed employees and early investors to sell shares in secondary transactions. One such tender offer in December 2025 valued the company at $800 billion.

The jump from an $800 billion private valuation to a $1.77 trillion implied public valuation represents more than a doubling in roughly six months.

SpaceX generated $18.7 billion in revenue in 2025, with Starlink, its satellite internet division, accounting for approximately 61% of that figure, or about $11.4 billion.

The proceeds from the IPO are intended to fund several ambitious initiatives, including AI development and an acceleration of launch rates centered around the Starship program.

One thing that won’t change after the IPO: who’s in charge. Elon Musk is projected to retain over 82% of the voting rights post-offering.

What this means for investors

A $1.77 trillion valuation for a company generating $18.7 billion in annual revenue puts SpaceX at a price-to-sales ratio of roughly 95x.

The 82% voting control by Musk introduces governance risk that public market investors can’t ignore. Musk’s attention is divided across Tesla, xAI, X, Neuralink, and The Boring Company. Public shareholders will have limited ability to influence strategic decisions, board composition, or capital allocation.