- SpaceX plans a $75 billion IPO, targeting a $1.75 trillion valuation on Nasdaq June 12
- BlackRock reportedly ordered at least $5 billion worth of SpaceX shares for the IPO
- IPO is nearly three times larger than Saudi Aramco’s $25.6 billion record set in 2019
Elon Musk's SpaceX is set to make history on Friday with what is expected to be the world's largest initial public offering, as institutional investors line up to buy shares in the rocket, satellite internet and artificial intelligence company. According to a Wall Street Journal report citing people familiar with the matter, BlackRock has submitted an order to purchase at least $5 billion worth of SpaceX shares.
The company is seeking to raise $75 billion through the sale of 555.6 million Class A shares at a fixed price of $135 apiece, giving it an implied valuation of nearly $1.75 trillion. Underwriters also have the option to purchase an additional 83.3 million shares worth about $11.2 billion.
At that valuation, SpaceX would become the seventh-most valuable listed company in the United States, surpassing Tesla's market capitalisation of roughly $1.6 trillion.
The offering eclipses the previous IPO record set by Saudi Aramco, which raised $25.6 billion in 2019. SpaceX's issue is nearly three times larger.
The stock will begin trading on the Nasdaq under the ticker symbol "SPCX" on June 12.
Unlike traditional IPOs that rely on a book-building process to determine pricing, SpaceX opted for a fixed-price offering. The issue size alone amounts to more than Rs 6.4 lakh crore, larger than the entire market capitalisation of most listed Indian companies.
According to its prospectus, SpaceX has evolved into a three-pronged business spanning satellite communications, launch services and artificial intelligence.
Starlink, the company's satellite internet arm, accounts for 61% of total revenue and remains its largest business. The launch segment contributes 22%, while the AI division generates 17% of revenue. The AI segment includes social media platform X, subscription businesses and xAI's computing operations following their merger earlier this year.
For 2025, SpaceX reported revenue of $18.7 billion but posted a net loss of $4.9 billion. The company also carried long-term debt of $29.1 billion as of March-end.
A significant portion of investor attention is focused on Starship, the next-generation rocket central to Musk's ambitions for Mars exploration. SpaceX disclosed that it has already spent more than $15 billion developing the programme.
The company is pitching an addressable market worth $28.5 trillion across space exploration, global connectivity and artificial intelligence. Investors are effectively being asked to value a satellite broadband operator, a commercial space company and an AI infrastructure business under a single stock.
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