SpaceX Targets Record $75 Billion IPO at $1.75 Trillion Valuation

SpaceX is gearing up for the largest initial public offering in history, as the company announced that it plans to sell 555.6 million shares at $135 apiece.

The rocket and satellite company aims to raise $75 billion in initial investments, which would put the total value of SpaceX at around $1.75 trillion.

Traditionally, companies would use a price range that would adjust based on institutional demand, but SpaceX has set a fixed IPO price instead, with trading expected to begin on June 12, under the ticker “SPCX”.

This has easily been the most-anticipated IPO of our time, but also one of the most divisive events that the market has ever witnessed.

SpaceX generated $18.67 billion in revenue in 2025, while also posting a $4.94 billion net loss, so investors are expected to show belief in the company’s future potential rather than present-day realities.

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

Morningstar also raised similar concerns recently, valuing SpaceX at $780 billion, and arguing that the company’s valuation depends on highly uncertain novel revenue streams such as orbital computing, which is something that cannot be realistically predicted to come to fruition in the coming years.

This idea of building space-based data centers and SpaceX’s shift to a heavy emphasis on artificial intelligence through the merger of Elon Musk’s xAI has raised eyebrows.

The concern is not only that SpaceX itself warned that unproven AI space data centers may not become commercially viable, but also that the broader market has already spent months debating whether the AI boom is turning into a bubble.

The xAI merger before the IPO is therefore seen by some as a strategy to cash in on the current AI hype, rather than it being a highly valuable addition to the company, as xAI currently operates at a net loss and is responsible for the majority of SpaceX’s current losses right now.

Still, SpaceX remains an unchallenged leader in the private rocket and satellite market, which means that the company may be the only one actually capable of trying for something as ambitious as orbital data centers.

This is the core argument behind the IPO, as investors are now not only valuing SpaceX as a launch provider or a satellite internet company, but also as a potential leader in a much broader space and AI infrastructure business.