SpaceX plans to price its initial public offering at $135 a share, aiming to raise $75 billion in what would be the largest IPO in history, according to a source familiar with the matter.
The company, led by Elon Musk, is targeting a valuation of $1.75 trillion. The listing comes after years of sluggish large-cap IPO activity, with SpaceX joining AI giants OpenAI and Anthropic as one of the most consequential offerings in recent history.
The high valuation is based on technologies and markets that don't yet exist-including Mars missions and AI data centers in space.
Setting a specific target price at this stage is highly unusual. Companies typically set a price range before their roadshow, which for SpaceX begins Thursday. Usually, a final price isn't set until the day before trading begins.
The roadshow is expected to be one of the most closely watched IPO marketing tours in years, with bankers trying to build demand for a record $75 billion order book.
Reuters previously reported SpaceX may allocate as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at Musk's cult-like following.
Musk will be required to hold his shares for 366 days after the IPO, signaling he won't sell.
Proceeds will fund AI computing resources and the Starlink satellite network. SpaceX merged with Musk's AI startup xAI earlier this year, valuing the rocket company at $1 trillion and the Grok chatbot developer at $250 billion.
The company has no direct peers. Morningstar values SpaceX at $780 billion, 48% below its current private-market valuation, primarily from Starlink. SpaceX ties most growth prospects to AI and unbuilt technologies like solar-powered space data centers, targeting a potential $28.5 trillion market.