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1h ago

SpaceX Prices $75 Billion IPO at $135 as Investor Demand Runs About Two Times Offering

Fixed pricing, a roughly 30% retail allocation and a tiny public float raise the risk of concentrated buying, index-driven flows and near-term price swings.

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Overview

  • The company set a flat IPO price of $135 per share to sell 555.6 million Class A shares for about $75 billion, with pricing scheduled for June 11 and trading expected around June 12.
  • Bankers report roughly $150 billion of investor indications, or about two times the offering size, signaling strong demand but leaving final allocations to be decided at pricing.
  • The $1.75–$1.8 trillion implied valuation rests heavily on aggressive AI revenue forecasts from lead underwriters while independent fair-value estimates are materially lower.
  • Governance and liquidity are concentrated because Elon Musk will keep roughly 82% of voting power and only about 4–5% of shares may be freely tradable after the offering.
  • Market structure quirks include a large retail carve-out of about 30%, Nasdaq fast-entry rules that could force ETF buying, and S&P’s refusal to bend index rules, all of which could amplify early volatility.