SpaceX Goes Public: Pricing Today, Trading Tomorrow. $135 a Share
The biggest IPO ever - $75 billion, ticker SPCX, 30% reserved for retail. Musk is doing it his way again.
Today, June 11, SpaceX is expected to set its offering price. Tomorrow, June 12, shares start trading on Nasdaq under ticker SPCX. If everything goes to plan, this is the largest IPO in history. Not a metaphor - the number is $75 billion.
The price is already known upfront - $135 per share. No usual “$120-140 range” and no weeks of haggling with investors. Musk and Goldman Sachs went straight to a fixed number. Wall Street doesn’t usually work like that. But SpaceX isn’t a usual company, and demand from the roadshow apparently held up.
What’s being sold: 555.6 million Class A shares. That’s less than 5% of the company. Valuation - around $1.75 trillion. For context: Saudi Aramco raised $29.4 billion in 2019. SpaceX is pulling more than double that.
Where the money goes - spelled out in the investor deck: AI infrastructure, launch capacity, satellite constellations, general corporate stuff. Starlink already brings revenue - Q1 2026 showed $4.7 billion in sales. But net loss was nearly $4.3 billion for the quarter. Full-year 2025 was minus $4.9 billion. This IPO isn’t “they’re printing profit” - it’s a bet on growth.
Retail investors get up to 30% of the offering - unusually high for a deal this size. Fidelity, Schwab, Robinhood, SoFi, E*TRADE - the broker list is already spinning on FinTwit. Queues, FOMO, and “is this a Musk cult stock” debates are guaranteed.
Control matters too: after the IPO Musk keeps 82.4% of voting power - Class B shares vote ten times harder. Public company, one person’s decisions.
Lockup is interesting: Musk can’t sell for a year and a day. Some investors and execs unlock in stages after earnings. Everyone else - six months after listing.
Trading opens tomorrow morning in New York. Day one is always a circus: gaps, volatility, “I bought space” memes. If the price holds above $135, institutions bought the premium. If it dips below, retail that chased the hype becomes sad statistics fast.
Tonight we wait for the official pricing release. Tomorrow - the opening bell for a rocket company.