SpaceX is targeting a June 11 pricing date for an initial public offering that would raise approximately $75 billion and hand the company a post-money valuation of roughly $1.8 trillion. If that number holds, it would be the largest IPO in history, by a wide margin.

The company plans to sell around 555.6 million shares at a fixed price of $135 each, with a trading debut expected the following day on Nasdaq under the ticker symbol SPCX. Institutional orders have reportedly already exceeded $10 billion, suggesting the offering is significantly oversubscribed before a single share changes hands on a public exchange.

What SpaceX is actually selling

The IPO prospectus highlights two core revenue engines. The first is SpaceX’s launch business, which has effectively become the default taxi service for getting payloads into orbit. The second, and increasingly dominant story, is Starlink, its satellite internet constellation that has quietly grown into one of the most ambitious telecommunications buildouts in modern history.

But the prospectus also gestures toward something more speculative: space-based data centers designed to serve AI workloads.

Not everyone is convinced the $1.8 trillion valuation is justified. Morningstar has pegged its fair-value estimate for SpaceX at approximately $780 billion, which is less than half the IPO’s target valuation.

The Bitcoin angle

For crypto readers, there’s a detail buried in SpaceX’s balance sheet worth noting: the company reportedly holds approximately 18,700 bitcoins. The offering itself involves no native crypto tokens, no blockchain protocols, and no DeFi integration. This is a straightforward equity listing.

That said, the mere presence of Bitcoin on SpaceX’s books adds another publicly traded company to the growing list of corporate Bitcoin holders. Once SpaceX begins trading, its Bitcoin position will be subject to the same quarterly reporting and mark-to-market scrutiny that companies like MicroStrategy and Tesla face.

What this means for investors

The oversubscription signals genuine institutional appetite. More than $10 billion in institutional orders before the pricing date is not casual interest.

The Morningstar estimate of roughly $780 billion suggests that even optimistic fundamental analysis produces a number well below the IPO target, meaning public market investors are being asked to pay a significant premium above independent fair-value estimates.

Elon Musk is poised for a substantial increase in his personal wealth, with projections suggesting he might become the first trillionaire in the world if the IPO succeeds at its target valuation.