Elon Musk's SpaceX is floating what could become the largest IPO in history, with the rocket and satellite company looking to raise $75 billion at a valuation of about $1.75 trillion. The offering has already generated intense investor interest, with demand reportedly running at nearly twice the shares available.
Here's what investors need to know:
1) SpaceX is targeting a record $75 billion raise
The company plans to sell 555.6 million shares at $135 apiece, which would generate proceeds of around $75 billion. That would comfortably surpass the previous record held by Saudi Aramco, which raised about $26 billion in 2019.
2) SpaceX valuation could touch $1.77 trillion
At the IPO price, SpaceX would command a market value of roughly $1.75-1.77 trillion, placing it among the ten most valuable listed companies in the US. Only a handful of companies, including Nvidia, Microsoft and Apple, are currently worth more.
3) Demand is already running ahead of supply
According to Reuters, investor demand has reached about $150 billion, nearly double the amount SpaceX intends to raise. While a two-times oversubscription may not sound extraordinary for smaller IPOs, bankers say it is notable given the unprecedented size of the offering.
4) SpaceX IPO: Key dates to watch
The company is expected to complete its investor roadshow this week. IPO pricing will be on June 11 and the shares will list on Nasdaq on June 12
Unlike most large IPOs, SpaceX is reported to be an all-primary issue, meaning all proceeds will go directly to the company. Existing shareholders will not be able to sell stock in the IPO and will remain subject to lock-in restrictions after listing.
6) Retail investors are getting a bigger share
SpaceX has reportedly reserved up to 30% of the issue, or around $22.5 billion worth of shares, for retail investors. That is unusually high for a mega IPO, where institutional investors typically dominate allocations.
7) Elon Musk will retain overwhelming control
Despite going public, Musk's grip on SpaceX will remain intact. Regulatory filings show he will control around 82.4% of voting rights through his Class B shares, which carry ten votes per share.
8) SpaceX is still loss-making
The excitement around SpaceX comes despite the company remaining in the red. For 2025, SpaceX reported a revenue of $18.67 billion and a net loss of $4.94 billion. Investors are betting on future growth in satellite broadband, launch services, defence contracts and artificial intelligence-linked opportunities rather than current profitability.
9) Indian investors cannot apply directly
Indian retail investors are unlikely to receive IPO allotments because the US book-building process does not offer a mechanism similar to India's ASBA system. The practical route for most Indian investors will be to buy shares after listing through international investing platforms or through GIFT City's NSE IX platform.
10) SpaceX IPO could make Musk the world's first trillionaire
According to Forbes estimates, Musk's net worth currently stands at about $826 billion. A successful listing at the targeted valuation could increase the value of his SpaceX stake by more than $220 billion, potentially pushing his net worth above the $1 trillion mark.
The IPO offers public investors a rare opportunity to buy into what many consider the crown jewel of Musk's business empire. SpaceX is no longer just a rocket company. Its businesses span satellite internet through Starlink, commercial launches, defence contracts and increasingly, artificial intelligence infrastructure.
