SpaceX is seeking a valuation of about $1.75 trillion as it prepares for a stock market debut that could become the largest initial public offering on record.
The company has indicated that it expects its shares to be priced at $135 each when trading begins on Nasdaq on 12 June. If the offering attracts sufficient demand, SpaceX could raise around $75 billion, comfortably exceeding the amount secured by Saudi Aramco when the oil giant listed in 2019.
The proposed valuation is substantially higher than the $1.25 trillion figure attached to SpaceX earlier this year. It would also place the company among the world’s most valuable listed businesses from the moment its shares enter the market.
SpaceX has taken an unusual step by revealing its target price more than a week before its planned debut. Companies typically wait until the final stages of an IPO, after gauging demand from major investors, before settling on a price.
The figure is not guaranteed, however. Once trading begins, the value of the shares will depend on how investors respond.
“There is no doubt the valuation is incredibly rich,” Samuel Kerr, head of equity capital markets research at Mergermarket, said.
SpaceX generated $18.6 billion in revenue last year but reported a net loss of $4.9 billion. In the first three months of this year, it recorded sales of $4.7 billion alongside a $4.3 billion loss.
Although best known for rockets and satellite launches, the company has expanded far beyond its original focus. Its Starlink network provides satellite-based internet services, while its acquisition of xAI has increased its exposure to artificial intelligence, social media, and data centre infrastructure.
Musk has argued that space could eventually help meet the vast energy and land requirements of advanced AI systems. His longer-term plans include launching AI-focused satellites and developing data centres in orbit.
“But SpaceX is being valued on future earnings and revenue rather than the here and now, so some investors might be willing to overlook that,” Kerr added.
The listing will test whether investors are prepared to back that vision at a price that leaves little room for disappointment.