SpaceX sets $135 per share target for record IPO
What's the story
SpaceX, the rocket and satellite communications company, is gearing up for a historic initial public offering (IPO). The company has set a target price of $135 per share, which could make it the largest IPO in history. The move comes as part of SpaceX's plan to raise at least $75 billion at a valuation of $1.75 trillion.
Offering details
SpaceX's IPO to be all-primary offering
The upcoming IPO will be an all-primary offering, meaning the proceeds will go directly to SpaceX. Existing shareholders, including early investors and employees, won't be allowed to sell their shares in this offering. In a bid to capitalize on Musk's popularity among retail traders and broaden ownership of the company, SpaceX is reportedly considering allocating as much as 30% of the IPO to individual investors.
Upcoming events
Roadshow to begin on Thursday
SpaceX will start its IPO roadshow on Thursday, allowing company executives and investment bankers to pitch the offering to institutional investors before pricing the deal. The final offer price will be determined after gaging demand during this roadshow. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and JPMorgan are the joint book-running managers for this offering.
Market confidence
Target price set ahead of investor meetings
The target price of $135 per share is unusual at this stage of the IPO process. Companies typically announce a pricing range before investor meetings and set the final offer price only after gaging demand during the roadshow. The valuation reflects investor confidence not just in SpaceX's existing businesses but also in future technologies and markets that remain largely untested.
Financial outlook
SpaceX's financials in Q1, full-year 2025
Despite Starlink satellite internet business being SpaceX's main profit driver, other parts of the business continue to consume a lot of capital. The company reported revenue of $4.69 billion in Q1 2026, up from $4.07 billion a year earlier. However, losses widened to $1.27 per share from 18 cents per share during the same period.