space x The largest IPO in history has been officially decided.
Elon Musk’s reusable rocket company sold 555.6 million shares at $135 each, raising $75 billion, according to a filing with the Securities and Exchange Commission. The deal values SpaceX at $1.77 trillion, making it the seventh most valuable U.S. company. teslaMusk’s electric car maker.
SpaceX’s Nasdaq debut will take place on Friday, giving the public its first chance to buy into the 24-year-old company. SpaceX’s bet at this price is primarily a bet on Musk. That’s because the company is burning cash and has much smaller sales than its $1 trillion peers.
SpaceX said in its prospectus that first-quarter sales rose 15% to $4.69 billion from $4.07 billion in the year-ago period. For all of last year, revenue increased 33% to $18.67 billion. The company posted a net loss of $4.28 billion in the latest quarter, after posting a net loss of $4.94 billion in 2025.
In addition to its space business, Musk’s company owns Starlink, the satellite internet service that makes up the bulk of its revenue and is its only profitable division, and xAI, the artificial intelligence unit that merged with SpaceX in February.
SpaceX said in its IPO filing that capital expenditures reached $10.1 billion in the first quarter, more than doubling from the same period last year. The bulk of these costs ($7.7 billion) went to AI, with the rest going to space and connectivity.
The company has accumulated losses of about $41.3 billion since its founding in 2002, and warns investors in its prospectus that it may not be able to achieve profitability in the future.
Some of the IPO drama was removed last week when SpaceX set a fixed price of $135 per share. While new issuers typically offer price ranges that allow companies and their advisors to gauge demand sensitivity at various levels, SpaceX adopted a take-it-or-leave-it approach following numerous test meetings leading up to its 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 on track to become the world’s first trillionaire. His SpaceX stock is worth $866.5 billion, and is in addition to his Tesla holdings, which are valued at about $320 billion, excluding some options. For Musk, 54, the SpaceX offer comes 16 years after he took Tesla public.
Musk controls more than 82% of SpaceX’s voting rights, effectively controlling its board of directors.
Two Wall Street firms began covering SpaceX on Thursday. Oppenheimer opened the stock with an outperform rating and a 12-18 month price target of $190, representing a 40% upside from the IPO price. Analyst Timothy Horan wrote that the diversification of the company’s portfolio is appealing to investors.
“We see the potential for SPCX to leverage its terrestrial computing expertise as a bridge (and possible backup plan) to realize key scale and cost advantages,” he wrote. Horan called the company “the only vertically integrated AI company with the necessary capital, data, LLM, hardware, manufacturing and engineering talent,” and said “its space infrastructure appears to be structurally advantageous.”
Meanwhile, New Street Research initiated coverage with a price target of $165 and said it sees xAI as a $575 billion business “compared to expectations for OpenAI and Anthropic.”
SpaceX’s IPO is about three times the size of the largest U.S. IPO in history, but there could be challenges depending on how things go. Anthropic and OpenAI, each valued at nearly $1 trillion by private investors, secretly filed to go public less than four years after the generative AI boom began. Such a deal could happen this year.
WATCH: SpaceX IPO represents the future of the space economy
