According to a report by Cailianshe on June 3, sources revealed that SpaceX has set a pricing target of $135 per share and plans to offer 555.6 million shares. If fully subscribed, the offering could raise up to $75 billion — roughly 2.5 times the $29.4 billion record set by Saudi Aramco’s IPO in 2019 — making it the largest public offering in history. The target valuation is at least $1.8 trillion, potentially reaching $1.75 trillion including a greenshoe option. SpaceX plans to list on the Nasdaq under the ticker symbol “SPCX.” The roadshow is expected to launch on June 4–5, with pricing finalized around June 11 and the official listing as early as June 12. This IPO adopts a new stock issuance model, with 20% of shares reserved for individual investors — double the typical ratio for large-scale IPOs of this kind.
In terms of underwriting, Goldman Sachs and Morgan Stanley serve as lead joint bookrunners, with 21 other banks including Bank of America, Citigroup, and JPMorgan participating. SpaceX aims to keep underwriting fees below 0.75%, lower than the typical 1%-plus level for large IPOs. On the financial side, SpaceX completed its merger with xAI in February 2026, dividing its business into three segments: Aerospace, Connectivity (Starlink), and Artificial Intelligence. For the first quarter of 2026 post-merger, revenue was $4.694 billion, operating loss was $1.943 billion, and adjusted EBITDA was $1.127 billion. For the full year 2025, revenue was $18.674 billion, with an operating loss of $2.589 billion. In Q1, AI segment capital expenditures reached $7.723 billion, accounting for over 70% of total CapEx of $10.107 billion. The dual-class share structure outlined in the prospectus concentrates voting power heavily in Musk and a small group of core insiders, viewed by some market participants as a corporate governance risk factor.