SpaceX is targeting a share price of $135 in what would be an all-primary raise of roughly $75 billion, putting the company’s valuation at approximately $1.75 trillion. If it pulls this off, it would be the largest IPO in history.

The company is eyeing a mid-June 2026 debut on the Nasdaq under the ticker SPCX.

The numbers behind the hype

SpaceX’s projected 2025 revenue lands somewhere between $15.5 billion and $18.67 billion. At a $1.75 trillion valuation, that implies a price-to-revenue multiple of roughly 90 to 100 times.

The company’s valuation trajectory has been nothing short of vertical. In early 2024, SpaceX was valued at around $210 billion. By the end of 2025, following a merger with xAI, that figure had ballooned to $800 billion. The jump from $800 billion to $1.75 trillion would happen in the span of months, not years.

Some analysts have been blunt, labeling the valuation as significantly overvalued. The bull case rests entirely on future execution: Starship becoming operational at scale, Starlink continuing its subscriber growth, and the broader space economy expanding faster than historical precedent would suggest.

The Musk governance question

SpaceX plans to go public with a dual-class share structure that gives Elon Musk roughly 85% of total voting power. He holds approximately 93.6% of high-vote Class B shares, despite minimal Class A holdings.

Major pension funds have already expressed concerns about the model. The governance structure means there’s essentially no mechanism for shareholders to override Musk’s decisions.

Retail investors and index inclusion

Once SpaceX lists on the Nasdaq, its inevitable inclusion in major indices like the Nasdaq-100 would force index funds and ETFs to buy shares mechanically.

Retail investor participation is projected to account for up to 30% of share allocations.

SpaceX reportedly holds between $300 million and $600 million in Bitcoin on its balance sheet, joining the ranks of companies like MicroStrategy and Tesla. Musk’s well-known association with Dogecoin adds another layer of indirect crypto market influence.

At 90 to 100 times revenue, there is virtually no margin for missed targets, delayed launches, or regulatory setbacks. Starship needs to work. Starlink needs to keep growing. And the broader space economy needs to materialize on an ambitious timeline.