SpaceX IPO prices at $135, raising record $75 billion

SpaceX priced its IPO at $135 a share on Thursday, raising $75 billion and valuing Elon Musk’s rocket company at $1.77 trillion before the stock’s first Nasdaq trade, SpaceX’s filing with the Securities and Exchange Commission showed.

After weeks of speculation around the largest debut on record, Wall Street now has the fixed price it had been waiting for. The company sold 555,555,555 shares for gross proceeds of $74,999,999,925, according to the SEC filing, while CNBC reported that the deal values SpaceX at about $1.77 trillion.

Orders had already made the listing a test of the 2026 IPO market. Reuters reported on June 9 that demand was approaching four times the shares available, with more than $250 billion of bids submitted before pricing.

For some fund managers, the order book changed the burden of explanation. Reuters earlier quoted one hedge fund manager as saying:

“Lots of people will have to explain why they don’t own it rather than justifying a decision to buy it.”

Reuters quoted the hedge fund manager as saying.

At that price, SpaceX moves from private-market spectacle into a public-market benchmark. The $75 billion raise is also a clearing price for a category that investors have mostly valued by proxy. It gives strategic-technology issuers, bankers and portfolio managers a cash reference for companies whose growth stories sit across defense, communications, data infrastructure and artificial intelligence.

What the valuation implies

Buyers at $135 a share are paying for more than rocket launches. The updated S-1/A filed with the SEC framed SpaceX around launch services, Starlink and long-range infrastructure ambitions, while Reuters said the roadshow emphasized Starlink and AI as the growth legs beyond the core space business.

CNBC’s early Wall Street coverage quoted Timothy Horan as tying the pitch to a possible link between terrestrial computing and space-based infrastructure. The analyst told CNBC in early Wall Street coverage that SpaceX could use terrestrial computing capacity as a bridge for lower-cost space infrastructure.

“We see potential for SPCX to leverage terrestrial compute expertise as a bridge (and possible back-up plan) to enable key scale and cost advantages.”

Timothy Horan, quoted by CNBC.

Other technology listings now have a live comparable, though not a neat one. OpenAI confidentially filed for an IPO earlier this month, CNBC reported, while Anthropic filed its own confidential prospectus the week before. SpaceX’s final price gives those deals a reference point even if the business models and revenue bases differ.

What traders test next

Nasdaq’s opening auction will test whether the private-book demand converts into secondary-market buying. CNBC separately reported that crypto-style perpetual futures had pointed to a possible double-digit pop, but the IPO’s size means early trading will also show how much room public funds have after the allocation process.

Risk has not disappeared inside the enthusiasm. SpaceX remains closely associated with Musk, its chief executive, and the company’s valuation depends on investors assigning high multiples to businesses that are still being scaled. The amended prospectus gives buyers a public disclosure base; it does not remove execution risk around Starlink growth, launch cadence, regulatory access or capital spending.

Governance is separate from demand. The order book showed that investors wanted exposure. The Nasdaq debut will show what price they are willing to defend once the shares trade freely, without the scarcity of an IPO allocation.

Terms are now the headline. SpaceX has raised almost exactly $75 billion at $135 a share, creating the biggest IPO benchmark yet for the current wave of AI, space and strategic-infrastructure listings. The next number that matters is the opening print.