Overview
- SpaceX priced the offering at $135 per share on Thursday, selling about 555.6 million Class A shares to raise roughly $75 billion and setting a valuation near $1.77–$1.8 trillion.
- The company’s structure leaves Elon Musk with roughly 82% of voting power after the IPO and uses a dual‑class share setup plus dispute provisions that limit shareholder influence.
- Market mechanics are unusual: only about 4% of equity is being floated, retail investors are targeted for up to 30% of the sale, and heavy oversubscription has concentrated demand.
- SpaceX reported roughly $18.7 billion in 2025 revenue and a $4.9 billion net loss, with Starlink supplying most revenue and the xAI merger expanding its AI claims, prompting wide valuation disagreements including Morningstar’s much lower $780 billion estimate.
- Trading will begin on the Nasdaq under ticker SPCX on Friday and investors should watch for early volatility, possible rapid index and passive‑fund purchases because of recent Nasdaq rule changes, and ongoing scrutiny from public pension funds and lawmakers.