SpaceX targets largest IPO in history, sets $135 share price ahead of roadshow at $1.75 trillion valuation

Most companies spend weeks courting Wall Street before settling on an IPO price.

SpaceX just flipped that process on its head.

In a move rarely seen in U.S. capital markets, Elon Musk’s rocket company publicly set a $135 share price for its initial public offering before beginning its investor roadshow, signaling confidence ahead of what could become the largest IPO in history.

The updated filing confirms that SpaceX is seeking to raise $75 billion, a figure that would eclipse every previous U.S. public offering. At that price, the company would command a valuation of roughly $1.75 trillion, instantly placing it among the ten most valuable publicly traded companies in America.

The roadshow begins Thursday, with final pricing expected on June 11. Shares are scheduled to begin trading on the Nasdaq the following day.

The decision to publish a price before the traditional investor feedback process marks another example of Musk rewriting long-standing Wall Street conventions. IPO roadshows have historically served as a negotiation period where institutional investors and underwriters help determine demand and shape the final price. SpaceX has largely skipped that step.

For many investors, the message is clear: SpaceX is setting the terms.

“Nothing about this IPO is normal in any course or sense, but then again, this is the largest IPO in history, so maybe that is not surprising,” said an investor planning to participate in the offering.

Musk’s leverage over Wall Street

The scale of the offering has triggered intense competition among banks and investors eager to secure allocations.

That enthusiasm persists despite concerns about the company’s valuation.

Based on 2025 financial results disclosed in the filing, SpaceX generated $18.67 billion in revenue, up 33% year over year. The company still reported a net loss of $4.94 billion. Those figures imply a revenue multiple exceeding 90 times, a level that would be difficult to justify for most public companies.

Analysts argue that traditional valuation frameworks may not fully apply.

SpaceX operates across several sectors, including commercial launch services, satellite communications, national defense, and space infrastructure. Public market comparisons remain limited, leaving investors with few benchmarks.

“On the face of it, a ~90x+ revenue multiple is high by any standard,” said Tim Hatt, head of research and consulting at GSMA Intelligence, the research arm of global telecoms industry body GSMA. “But then again, SpaceX is not traditional in any way, and there are no true public comparables.”

Investor demand appears strong enough that some firms have struggled to secure access.

According to a Reuters report, one institutional investor said Goldman Sachs informed him that SpaceX allocations were effectively a “David Solomon level decision,” referring to the bank’s chief executive. His banker reportedly suggested purchasing shares after the company begins trading publicly.

That kind of demand illustrates the leverage Musk holds over the investment community. Participation in the offering has become a status symbol for many institutions, creating pressure to secure a position regardless of valuation concerns.

A larger role for retail investors

SpaceX is breaking convention in another area: who gets access to the shares.

Historically, large asset managers and hedge funds have dominated IPO allocations. Individual investors often receive little opportunity to participate before public trading begins.

SpaceX is taking a different approach.

Reuters previously reported that the company is considering allocating up to 30% of the offering to retail investors, an unusually large share for individual buyers. The strategy reflects Musk’s massive global following and could create one of the broadest ownership bases ever seen in a major technology IPO.

International banks, including Mizuho, Deutsche Bank, UBS, and Barclays, have reportedly been encouraged to identify wealthy retail investors in their home markets, Reuters reported. That stands in sharp contrast to traditional IPO marketing campaigns, which typically focus almost entirely on large institutions.

The approach aligns with Musk’s long-running effort to build direct relationships with customers, fans, and investors rather than relying exclusively on Wall Street intermediaries.

Not everyone is convinced.

“Why would you own it? It’s because of the cachet that Elon Musk brings,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, who said he is not buying shares. “I’m interested in it as a sideshow.”

More than an IPO

The offering represents more than a fundraising event.

It is a test of whether one of the world’s most influential private companies can bring its unconventional culture into public markets without sacrificing control.

SpaceX has already challenged established assumptions about spaceflight, satellite internet, and launch economics. Now it is challenging long-standing IPO traditions as well.

If the company succeeds, Wall Street may find itself adapting to Elon Musk’s playbook once again.