SpaceX Sets $75B IPO at $135/Share — The Largest Public Offering in History

SpaceX filed an amended S-1 on June 3 and set its IPO price at $135 per share — 555.6 million Class A shares raising approximately $75 billion. That surpasses Saudi Aramco’s $29.4 billion record from 2019 by more than 2.5x. Roadshow starts tomorrow. Pricing expected June 11. Trading on Nasdaq begins June 12 under ticker SPCX.

The move breaks Wall Street convention. SpaceX announced the fixed price before the roadshow — eliminating the typical price discovery process where banks gauge demand and set a range. This signals either supreme confidence or a desire to control the narrative before institutional investors can negotiate.

The $1.77 Trillion Bet

At $135/share, SpaceX-xAI would enter public markets at a $1.77 trillion valuation. Post-IPO, Elon Musk retains nearly half the shares and 82.4% of voting power — maintaining absolute control over both the space infrastructure — as explored in the economics of AI compute infrastructure — and AI operations. The deal could make Musk the world’s first trillionaire.

The combined entity reported $18.67 billion in 2025 revenue but posted a $4.94 billion net loss from merger integration costs. The bull case rests on two converging businesses: Starlink’s recurring satellite internet revenue (~$7 billion annually and growing) and xAI’s Grok model serving as the AI layer for Musk’s entire empire — Tesla, X (formerly Twitter), Starlink, and the autonomous vehicle fleet.

Three AI Mega-IPOs in Six Months

SpaceX-xAI on June 12. Anthropic’s confidential S-1 filed June 1 at $965 billion. OpenAI — as explored in the intelligence factory race between AI labs — targeting Q4 2026 at $852 billion. The combined target valuation exceeds $3.5 trillion. Public markets have never absorbed this much from a single technology cycle in one year.

If SpaceX prices successfully and trades up on day one, it creates momentum for Anthropic and OpenAI. If it struggles, the entire AI IPO window narrows. June 12 is the first real market test of whether AI valuations survive contact with public investors.

What $75 Billion Buys

The capital is earmarked for three things: expanding Starlink’s satellite constellation (currently 7,000+ satellites, targeting 42,000), scaling xAI’s compute infrastructure for Grok model training, and accelerating Starship development for Mars colonization. The AI component is critical — Musk has argued that AI training requires global connectivity that only Starlink can provide, making the merger more than financial engineering.

The 21-bank syndicate (Morgan Stanley, Goldman Sachs, JPMorgan leading) reflects the scale of capital coordination required. At $75 billion, this isn’t just an IPO. It’s a stress test for whether public markets can fund the AI infrastructure buildout at the scale the industry demands.

For the full structural map of the AI economy, read The Map of AI Redrawn on Business Engineer.