The largest IPO in history prices tonight. SpaceX is selling at least 555 million shares at $135 each — $75 billion or more, at a valuation of at least $1.77 trillion — and starts trading on Nasdaq as SPCX on Friday, June 12. Saudi Aramco's 2019 record was $29.4 billion. This is two and a half times that.
| Metric | Value |
|---|---|
| Raise | $75B+ (record) |
| Share price | $135 |
| Valuation | $1.77 trillion+ |
| 2025 revenue | $18.7B |
| Retail allocation | up to 30% of the deal |
| Demand | 3x+ oversubscribed |
| Musk voting power | ~82% post-IPO (10x super shares) |
Why it matters
The deal is 3x oversubscribed by institutions, and the 30% retail allocation is triple the norm — Musk is deliberately building a retail shareholder army. But hold the two key numbers side by side: the IPO values SpaceX at $1.77 trillion, while Morningstar's independent estimate is $780 billion. That gap — nearly a trillion dollars — is the price of believing in Starlink's compounding, the merged xAI business, and Starship optionality all at once, on $18.7 billion of 2025 revenue.
What it means for you
At roughly 94x sales, nothing about SPCX is priced for disappointment, and a $50 billion retail rotation into the stock can pressure the rest of the market in the short term. The asset is genuinely unique — reusable launch dominance, a profitable satellite ISP, an AI lab — but uniqueness and any-price-buying are different decisions.
Bottom line: I will watch the debut, not chase it. The history of mega-IPOs priced at euphoria favors the patient: let lockups, index inclusion, and two earnings prints shake out the tourists first.