SpaceX Plans IPO at $135 per Share to Raise $75 Billion
SpaceX plans to set the initial public offering (IPO) price at $135 per share, intending to issue approximately 555.6 million shares, raising up to $75 billion, which corresponds to a company valuation of about $1.75 trillion.
If completed, this IPO will become one of the largest projects in the history of global capital markets. The roadshow will start this Thursday, featuring a rare arrangement where the target issue price is set before the roadshow.
Market Mechanism: Institutional and retail investors are the main buyers actively subscribing, with capital flowing massively from the private market into SpaceX's public equity. SpaceX benefits from substantial expansion funds, accelerating AI computing power and the Starlink project, while the aerospace technology sector receives a valuation boost.
Supplementary Data: SpaceX has completed a merger with xAI, with the funds primarily used for AI computing infrastructure and Starlink network expansion; up to 30% of shares are allocated to retail investors, and Musk must lock in his shares for 366 days.
Source: Public Information
ABAB AI Insight
SpaceX has long relied on private financing and personal funds from Musk. This IPO continues its transition from a heavily capital-intensive aerospace company to the public market. It has previously delayed its listing plans multiple times due to valuation and market timing issues, and the merger with xAI further strengthens the AI + aerospace synergy.
In terms of capital strategy, SpaceX is conducting a roadshow with a fixed issue price of $135, directly raising $75 billion in new equity funds. The motivation is to accelerate AI computing power and global deployment of Starlink, reduce reliance on external debt, and expand the shareholder base through a 30% retail allocation while signaling long-term holding intentions.
Similar to Tesla's 2010 IPO, which provided crucial ammunition for subsequent expansion, SpaceX is currently at a peak of transformation from a commercial aerospace leader to an AI + satellite + aerospace integrated platform, focusing on using massive public market capital to support its trillion-dollar long-term infrastructure vision.
Structural Judgment: Essentially, this is a concentration of capital. By conducting one of the largest IPOs in history, SpaceX rapidly gathers market liquidity towards the AI and aerospace fusion platform, shifting pricing power from private limited partners to a broad base of public market investors. The mechanism involves a fixed high price, retail allocation, and Musk's long lock-up period, collectively reinforcing market confidence and long-term growth expectations.
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