SpaceX is officially set for the largest IPO on record.
Elon Musk’s reusable rocket company is raising $75 billion, selling 555.6 million shares at 135 apiece, according to a filing with the Securities and Exchange Commission. The deal values SpaceX at $1.77 trillion, making it the seventh most valuable company in the US, before TeslaMusk’s electric car maker.
SpaceX’s Nasdaq debut comes Friday, when many people will get their first chance to buy the 24-year-old company. A bet on SpaceX at this price is a bet on Musk, as the company is burning cash and far less profitable than any of its trillion-dollar peers.
SpaceX said in its prospectus that revenue rose 15% to $4.69 billion in the first quarter from $4.07 billion a year ago. For all of last year, revenue jumped 33% to $18.67 billion. The company recorded a net loss in the latest quarter of $4.28 billion after a loss of $4.94 billion in 2025.
In addition to its space business, Musk’s company owns the Starlink satellite internet service, which accounts for most of its revenue and is its only profitable unit, and the artificial intelligence division xAI, which merged with SpaceX in February.
SpaceX said in its IPO filing that capital spending in the first quarter reached $10.1 billion, more than double the previous year. Most of that spending — $7.7 billion — was for AI, with the rest spent on space and connectivity.
The company has amassed a net loss of approximately $41.3 billion since it was founded in 2002. It warned investors in its view that it may not be profitable in the future.
Another IPO drama was removed last week, when SpaceX set a fixed price of $ 135 a share. New issuers will typically provide a price range that allows the company and its advisers to gauge the sensitivity of demand at different levels, but SpaceX took a take-it-or-leave-it approach after a series of water-testing meetings leading up to the roadshow launch.
Goldman Sachs is the lead banker for the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
With the IPO, Musk is poised to become the world’s first billionaire. His share in SpaceX is worth $866.5 billion, adding to his Tesla Holdings worth about $320 billion, without any other options. For the 54-year-old Musk, the SpaceX offering comes 16 years after he took Tesla public.
Musk controls more than 82% of the voting power in SpaceX, giving him almost complete control of the board.
Two Wall Street firms began coverage of SpaceX on Thursday. Oppenheimer opened with an outperform rating and a 12- to 18-month price target of $190, implying a 40% upside to the IPO price. Analyst Timothy Horan wrote that the company’s diversified portfolio makes it attractive to investors.
“We see the potential for SPCX to use terrestrial computing technology as a bridge (and potential backup system) to enable significant cost and benefit benefits,” he wrote. Horan called it “the only vertically integrated AI company with the necessary capital, data, LLMs, hardware, manufacturing and engineering talent,” and said “its space infrastructure appears to be structurally advantageous.”
Meanwhile, New Street Research initiated a $165 price target, and said it views xAI as a $575 billion business, “regarding OpenAI and Anthropic’s expectations.”
While SpaceX’s IPO is nearly three times the size of the largest US IPO in history, it may be challenged by what’s to come. Anthropic and OpenAI, each valued at about $1 trillion by private investors, filed privately to go public less than four years into the AI boom. Those deals could happen this year.
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