The biggest listing “on the surface”? SpaceX’s IPO price is reportedly $135 million, with a plan to push the valuation to $1.75 trillion.

Elon Musk’s SpaceX is planning an IPO at $135 per share, aiming to raise $75 billion, with a valuation projected to soar to $1.75 trillion. Although Starlink is profitable, due to heavy investment in artificial intelligence, the company still posted an operating loss in the first quarter.

SpaceX IPO valuation may be pushed to $1.75 trillion

Elon Musk’s company, SpaceX, is actively preparing for its initial public offering (IPO) listing. The latest reports say the SpaceX IPO price has been set at $135 per share, with plans to raise $75 billion, and to push the valuation to $1.75 trillion. If the plan goes smoothly, it is expected to become the largest public offering deal in the world in history.

Reuters: SpaceX IPO price set at $135 per share

A Reuters report, citing sources familiar with the matter, says SpaceX plans to set the IPO price at $135 per share, with an expected issuance of 555.6 million shares, aiming to raise $75 billion.

The Wall Street Journal also reported that the company may sell only less than 5% of its shares in this listing. That is a relatively small proportion for a typical public offering, translating to a value of roughly between $60 billion and $80 billion.

If the target is ultimately met, SpaceX’s valuation would exceed $1.75 trillion, surpassing Saudi Aramco’s $1.7 trillion record set in 2019, making SpaceX the publicly listed company with the highest market value in the world.

SpaceX’s IPO pricing timing breaks convention

However, Reuters also noted that it is highly unusual for SpaceX to set a clear target price at this stage.

Companies planning to go public typically set a price range before a series of marketing presentations to investors called “roadshows.” SpaceX’s roadshow is scheduled to begin this Thursday.

In general, the target price is formally finalized only the day before the listing. This much-anticipated IPO marketing campaign—expected to be one of the most watched in recent years—will give potential investors an opportunity to meet with SpaceX executives, while investment bankers will work to build demand for this record-breaking $75 billion order.

Image source: Gemini A company planning to go public usually conducts a series of marketing presentations called “investor roadshows.”

Reuters previously also said that SpaceX is considering allocating as much as 30% of the issued shares to retail investors. This unusually large retail allocation is intended to attract Musk’s passionate followers and expand the company’s ownership base.

Sources said Musk will be required to hold his SpaceX shares for up to 366 days after the IPO, sending investors the signal that he will not sell his stake. The proceeds from this IPO will be used for purposes such as expanding AI computing resources and SpaceX’s satellite network.

SpaceX to list with losses, fully betting on AI technology

In the IPO prospectus released in May, SpaceX disclosed massive losses in the AI sector, while also indicating that it will bet on transforming into an AI giant for its future development.

The filing states that in the first quarter of this year, among SpaceX’s three main divisions, only the connected-services segment driven by the Starlink satellite network achieved profitability.

Starlink generated $1.19 billion in operating profit, but this profit was not enough to offset the company’s overall large expenditures, resulting in SpaceX still facing a total operating loss of $1.94 billion in the first quarter, with revenue of $4.69 billion.

Among them, the AI division suffered the most severe losses. Its revenue was $818 million, but its losses were as high as $2.47 billion.

Image source: SpaceX IPO documents

SpaceX recently merged with Musk’s AI company, xAI. After the merger, the combined company’s valuation was set at $1 trillion, and the Grok chatbot developer’s valuation was set at $250 billion. Although acquiring xAI brings new features and opportunities, it also brings staggering expenses, accounting for 76% of SpaceX’s $10.1 billion capital expenditures in the first quarter.

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SpaceX’s future revenue prospects rely on technologies not yet completed

Regarding future revenue prospects, SpaceX is highly dependent on technologies that have not yet been completed. The company plans to operate solar-powered data centers for space operations, targeting a potential market of $28.5 trillion.

The documents also reveal that SpaceX has reached an agreement with AI company Anthropic through its infrastructure platform. From the disclosure until May 2029, Anthropic will pay $1.25 billion per month to use its computing capacity at the data center located in Memphis, Tennessee.

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Meanwhile, Starlink—currently operating about 10,000 satellites—remains SpaceX’s primary revenue engine, continuing to provide broadband internet services to consumers, government customers, and enterprise customers worldwide.