SPCX: SpaceX Prices Giant IPO at $135 a Share, Seeks $75 Billion at $1.75 Trillion

Biggest and most complex IPO in history will likely land June 12.

🚀 $75 Billion Ticket to Orbit

• SpaceX SPCX has officially priced its blockbuster IPO at $135 per share, aiming to raise roughly $75 billion by selling 555 million shares. If completed, the deal would value the company at a staggering $1.75 trillion, making it the largest IPO Wall Street has ever seen.
• The rocket maker plans to debut on the Nasdaq on June 12, with a banking syndicate so large it looks like a small army. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan are leading a group of more than 20 banks.
• One unusual twist: SpaceX skipped the typical IPO price range and went straight to a single price point. That's uncommon for public offerings, but then again, very little involving Elon Musk follows the usual script.

💰 Valuation Reaches Escape Velocity

• At the proposed valuation, SpaceX would trade at roughly 70 times estimated 2026 sales and about 265 times 2025 EBITDA (earnings before interest, taxes, depreciation, and amortization). Those multiples put it in rarefied air, even by growth-stock standards.
• The company currently has about 12.9 billion Class A and Class B shares outstanding. Musk controls roughly 12% of the Class A shares and a commanding 94% of the Class B shares, which carry 10 votes per share and preserve his control.
• The pricing also raises the bar for the broader space sector. When the industry's flagship company trades at trillion-dollar valuations, investors inevitably start asking whether smaller rivals deserve their own premium — or whether expectations have simply launched into orbit.

🤖 IPO Season Is Heating Up

• SpaceX's offering is shaping up as the opening act for what could become the busiest tech IPO cycle in years. Investors are already looking ahead to expected listings from AI heavyweights OpenAI and Anthropic.
• Anthropic moved first this week by confidentially filing IPO paperwork, while OpenAI is preparing its own filing. Together, the trio could dominate market attention through the second half of the year (or sink everything?).
• SpaceX arrives with a web of corporate connections. Musk merged SpaceX with xAI earlier this year, and Tesla owns nearly 19 million SpaceX shares worth roughly $2.6 billion at the IPO price. The race to space looks a lot like the race to AI.