SpaceX Hits Nasdaq Today in $75B IPO — the Largest in History

SpaceX is going public. According to Investing.com, NPR, and other outlets, the company has set its IPO price at $135 per share, with shares slated to begin trading on Nasdaq under the ticker SPCX on June 12. At that price, SpaceX carries an implied valuation of roughly $1.77 trillion and is raising approximately $75 billion in its base offering — a deal multiple outlets have called the largest IPO ever^{[Investing.com]}.

Deal Size and Valuation

Per Investing.com and CNBC, the key terms of the offering are:

• Offer price: $135 per share;
• Shares offered: 555,555,555 Class A common shares;
• Base proceeds: ~$75 billion;
• Implied valuation: ~$1.77 trillion^[CNBC].

If underwriters exercise the overallotment option in full — covering roughly 83.33 million additional shares — total proceeds could climb to approximately $86.25 billion. At a $1.77 trillion valuation, SpaceX would rank as the seventh-largest U.S. public company by market cap, surpassing Tesla's roughly $1.6 trillion^[NPR].

Why It's the Biggest Ever

At $75 billion, SpaceX's raise is more than three times the previous U.S. record — Alibaba's ~$25 billion IPO^[NPR].

The structure of the deal is also unconventional. According to CNBC, SpaceX skipped the standard bookbuilding process — no price range, no roadshow price discovery — and went straight to a fixed $135 offer price. The company also reserved roughly 30% of the public float for retail investors, well above the typical 5%–10% allocation^[CNBC].

Underwriters and Pricing Context

Goldman Sachs is leading the deal, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase acting as co-underwriters, per Investing.com^{[Investing.com]}.

The valuation is not without skeptics. Fortune reports that analysts have flagged that sustaining a ~$1.75 trillion valuation would require SpaceX to grow "at a rate no company has ever achieved" — meaning the price tag bakes in both the long-term growth potential of Starlink and its launch business, and serious questions about whether that growth can actually be delivered^[Fortune].

Pre-IPO Market Ripple Effects

The listing is already moving markets beyond SpaceX itself. TheStreet notes that pre-IPO buying in tech names helped lift the broader tech sector on June 11^[TheStreet]. Some analysts have also pointed to rotation out of Tesla — another Musk enterprise — into SPCX as a near-term headwind for Tesla's stock.

Key things to watch after the opening bell: where SPCX trades relative to its $135 offer price and on what volume, how much of the retail allocation actually lands with individual investors, and how the market reprices the $1.77 trillion valuation in the open market. Those answers will come quickly.

This content is for informational purposes only and does not constitute investment advice, trading advice, or any guarantee of returns.