SpaceX has announced a fixed IPO price of $135 per share, diverging from the traditional IPO process that typically involves a price range and adjustments based on investor demand. The company will stop taking orders on Wednesday to allow more time for share allocation on Thursday, with trading set to begin on Friday, according to sources familiar with the matter [1]. SpaceX is targeting a retail allocation of 30%, which is significantly higher than the typical 5% to 10% retail allocation seen in most IPOs [1].
The rocket maker is aiming to raise approximately $75 billion through the IPO, which would be at a historic valuation of $1.77 trillion. This would make SpaceX one of the most valuable public companies, despite generating $18.7 billion in revenue last year and recording an operating loss of $4.2 billion [1]. For comparison, among the nine public trillion-dollar companies, the smallest by revenue is Micron at $58 billion, and the least profitable is Tesla, with $3.8 billion in net income in 2025 [1].
Unlike recent IPOs such as Cerebras, which adjusted its price range upwards in response to investor enthusiasm and saw its stock surge 68% on debut, SpaceX is forgoing the typical price discovery process. Instead, the company, under the control of Elon Musk, is dictating the price and focusing on the logistics of allocating a large volume of shares to underwriters and asset managers ahead of the market debut [1].
Lise Buyer, founder of IPO consultancy Class V Group, noted, "Elon has dictated the price, and, assuming investors go for it, you can check that box. But somebody still has to determine where the shares are going." Buyer also commented on the unusual nature of the offering, stating, "There's zero math that makes any sense whatsoever," referencing the disconnect between SpaceX's financials and its lofty valuation [1].
CONCLUSION
SpaceX's IPO is set to make history with its fixed $135 share price, record $1.77 trillion valuation, and unprecedented 30% retail allocation. The company's unconventional approach and significant operating loss raise questions among market observers, but the offering is poised to have a major impact on the market.