In a surprise move ahead of its investor roadshow, SpaceX di Elon Musk has already set the price of its IPO a $135 per share to raise the record amount of 75 billion dollars, as reported today by ReutersThe rocket and satellite communications company plans to sell 555,6 million shares and aims to achieve a valuation of $1.750 trillion.
Il debut It is expected to close on June 11 or 12, according to sources. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and JP Morgan are the joint book-running managers for the offering, leading a consortium of global investment banks underwriting the deal. Musk is negotiating with the banks to pay commissions of approximately 0,75% (lower than usual) on the approximately 75 billion dollars it intends to raise, according to Bloomberg: in any case, it is likely that the banks will collect around 500 million dollars from the IPO.
SpaceX's share price gives the start of a wave of high-profile private companies preparing to test the public markets after years of low IPO activity for large-cap companies, and artificial intelligence giants OpenAI and Anthropic are expected to join. The three companies together are poised to raise nearly $4.000 trillion in market capitalization. But the rocket and satellite maker's IPO is shaping up to be the largest ever, more than double the $29,4 billion raised by Saudi Aramco in 2019.
SpaceX breaks the mold with a single price. The road show kicks off tomorrow.
With its initial public offering, SpaceX aims to set records and break the mold. Indicate a single price Before investor presentations and the bookbuilding phase, this is a rather unusual event. Typically, companies intending to go public initially define a price range to define valuation expectations and allow for price adjustments based on investor demand. Indeed, strong demand can push the final price toward the high end of the range, or even above it, before the market launch. The company has already held several preliminary meetings with investors to test the waters and the roadshow starts tomorrowThere is no rule prohibiting the plan to set a fixed price for the IPO, according to legal experts consulted by Reuters. “Musk is simply taking a more conservative approach.” of the 'take it or leave it' type, which works for its followers and also makes sense given market conditions and the lack of terms of comparison,” they said.
But Musk has rewritten the rules for SpaceX's IPO in many other ways, too, from a more assertive role for the retail investors in the allocation, to an early inclusion in the indexes, up to the structuring of the governance to maintain strong control by the founder. The company, as it had recently indicated, Reuters, is evaluating the possibility of allocating up to 30% of the offering to retail investors: an unusually large tranche with which Musk wants to leverage the following demonstrated by his many fans to expand ownership of the company. Certain measures, including a dual-class share structure described in the IPO prospectus, concentrate the voting power in Musk's hands and a small group of managers.
According to the latest reports, the IPO is expected to be structured as an all-company primary offering, meaning all proceeds will go to the company and current SpaceX shareholders will not be able to sell any of their shares in the IPO. Musk will also be required to hold his SpaceX shares for 366 days after the IPO, a signal to investors of his commitment to the company. proceeds The proceeds of the IPO will be used for several purposes, including expanding SpaceX's artificial intelligence computing resources and satellite network.
The company has no direct competitors, which makes it review company subject to interpretation. Most of the current value comes from the business of Starlink satellite communications, which generated the majority of the company's revenue, profits, and growth last year. In the three months ended March 31, SpaceX's revenue rose to $4,69 billion, compared to $4,07 billion in the same period a year earlier. Losses per share widened, reaching $1,27, compared to 18 cents per share in the same period a year earlier. In 2025, the company swung from a profit of $791 million to a net loss of $4,94 billion.
Now the review of the company is based on the ability to SpaceX to dominate technologies e markets that don't yet exist, from missions to Mars ai data center solar powered in the space, targeting a potential market of $28.500 trillion. Earlier this year, SpaceX merged with Musk's artificial intelligence startup, xAI, in a deal that valued the aerospace company at $1 trillion and the developer of the Grok AI chatbot at $250 billion.
General mobilization ahead of the IPO: from employees to crypto fans
Many are dipping into the piggy bank to participate in the SpaceX IPO. Over 1.000 employees Current and former SpaceX employees have joined forces to negotiate better terms and access to sophisticated, tax-optimized financial products, which could turn many of them into multimillionaires.
It is also worth noting that yesterday the Bitcoin Bitcoin recorded its worst trading session in four months (-5,4%), sliding to its lowest level since April, and many are seeing a connection with the approaching IPO of SpaceX and other major AI companies. Over $1 billion in long Bitcoin positions were liquidated in just a few hours. This deleveraging, often forced—the automatic and mandatory closure of high-risk trades by cryptocurrency exchanges—represents the highest volume recorded since February, according to data collected by CoinGlass. The sell-off was also triggered by news of sales by the largest holder. StrategyMichael Saylor's firm has revealed that it has sold 32 Bitcoins for around $2,5 million for the first time since 2022, a symbolic sale that however represents a reversal of the maximalist strategy that has helped make Strategy one of the
