SpaceX Raises $75B in Record IPO Ahead of Nasdaq Debut

SpaceX is raising $75 billion in the largest IPO on record by selling 555.6 million shares at $135 each.

SpaceX sets $1.77 trillion valuation with fixed-price offering. The reusable rocket company filed with the Securities and Exchange Commission to sell the shares at a take-it-or-leave-it price of $135. The deal values SpaceX at $1.77 trillion, making it the seventh most-valuable U.S. company ahead of Tesla.

SpaceX removed typical IPO drama last week by setting the fixed price after testing-the-waters meetings. Goldman Sachs leads the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

Company reports revenue growth but deep losses and heavy spending. Revenue rose 15% to $4.69 billion in the first quarter from $4.07 billion a year earlier. For all of last year, revenue increased 33% to $18.67 billion.

SpaceX recorded a net loss of $4.28 billion in the latest quarter after a $4.94 billion loss in 2025. Capital expenditures reached $10.1 billion in the first quarter, more than double the prior year, with $7.7 billion tied to AI. The company has a cumulative deficit of around $41.3 billion since its 2002 founding and warned it may not achieve profitability.

Starlink drives revenue while xAI adds AI focus. Starlink satellite internet accounts for the bulk of revenue and is the only profitable unit. The artificial intelligence division xAI merged with SpaceX in February.

The company operates in space launch, satellite connectivity and AI. Betting on SpaceX at the IPO price is largely a wager on Elon Musk, as the firm burns cash and generates far smaller revenue than trillion-dollar peers.

Musk gains near-trillionaire status with majority control. Musk's SpaceX stake is worth $866.5 billion, adding to his Tesla holdings valued at about $320 billion excluding options. The 54-year-old would become the world's first trillionaire. He controls over 82% of voting power, giving him virtually complete board control.

SpaceX will debut on Nasdaq Friday under ticker SPCX. Two Wall Street firms initiated coverage Thursday. Oppenheimer rated it outperform with a 12- to 18-month price target of $190. Analyst Timothy Horan cited the diversified portfolio and called it the only vertically-integrated AI company with required capital, data, LLMs, hardware, manufacturing and engineering talent. New Street Research set a $165 target and views xAI as a $575 billion asset.