SpaceX Sets a Fixed $135 IPO Price for Historic $75 Billion Nasdaq Debut

The scale of the offering is extraordinary. At $75 billion, the raise dwarfs the previous record holder, Saudi Aramco’s $29.4 billion listing in 2019, and values the company at roughly $1.75 trillion . This valuation places SpaceX’s market capitalization above companies like Meta Platforms and Berkshire Hathaway, trailing only Apple and Nvidia among U.S. public firms . Elon Musk’s personal stake is consequently worth an estimated $735 billion to $840 billion based on the IPO price .

The offering is structured with a fixed price, an unusual tactic that bypasses the typical demand-testing process in which a price range is first offered to investors and then adjusted. In this case, SpaceX named its price more than a week before listing day, effectively turning the roadshow into a take-it-or-leave-it proposition .

Retail Investor Allocation: Up to 30% of Shares

In a significant departure from standard IPO practice, SpaceX is reserving up to 30% of the total offering—approximately $22.5 billion worth of shares—for retail investors . Most IPOs allocate only 5% to 10% of shares to retail buyers .

Several major brokerages have adjusted their requirements to participate:

• Fidelity Investments: Lowered its account minimum to $2,000 specifically for the SpaceX IPO .
• Robinhood Markets: Allowing customers to place orders for shares .
• Charles Schwab: Participating as a distributor with no prohibitive minimums .
• eToro (UK only): Confirmed as a permitted intermediary with a $750 minimum investment and zero commission .
• Hargreaves Lansdown (UK): Listed with a £1,000 minimum.

European Retail Offer

Based on the EU prospectus approved by Germany's BaFin, the retail offering is open to investors who are resident in a specific set of European countries. The approved list includes Germany, the United Kingdom, France, Denmark, the Netherlands, Norway, Spain, Sweden, and Switzerland . The prospectus explicitly restricts participation and access to offering materials for persons located in mainland China and Hong Kong .

JPMorgan’s Unprecedented Personal Pitch

JPMorgan Chase CEO Jamie Dimon took the unusual step of personally pitching the SpaceX IPO to the bank’s wealthiest clients. On June 4–5, 2026, Dimon hosted a live interactive event simulcast to approximately 90 JPMorgan locations across 26 U.S. states, reaching over 2,500 high-net-worth individuals .

Joining Dimon were Mary Callahan Erdoes, head of JPMorgan Asset & Wealth Management, along with SpaceX President Gwynne Shotwell and CFO Bret Johnsen . The direct involvement of a major bank’s CEO in selling an IPO to private wealth clients underscores both the magnitude of the event and the unusual distribution strategy, reflecting a controlled distribution event engineered around a relatively small float and high existing demand .

Analysts Sound the Valuation Alarm

Despite the operational excitement, the financial community has raised significant concerns about the IPO’s price tag.

Morningstar’s $780 Billion Fair Value Estimate

Morningstar, one of the world’s most prominent independent research firms, initiated coverage on SpaceX and issued a fair value estimate of $780 billion. This figure is approximately 55% below the $1.75 trillion IPO target .

Lead equity analyst Nicolas Owens wrote, “We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO” . Morningstar’s discounted cash flow analysis gives the company a “Narrow Moat” based on its core rocket launch and Starlink satellite internet businesses, but the firm views the newly integrated xAI artificial intelligence venture as presenting a “material threat of value destruction” due to highly uncertain economics .

Price-to-Sales and Financial Health

At the $135 offer price, SpaceX’s price-to-sales (P/S) ratio exceeds 90x based on approximately $19.3 billion in trailing revenue . This far surpasses the current S&P 500 leader Palantir, which trades at about 65 times sales . For context, the S&P 500’s aggregate P/S ratio is roughly 3x .

The company’s underlying financials highlight the speculative premium. In the first quarter of 2026 alone, SpaceX posted a net loss of $4.28 billion and disclosed an accumulated deficit of $41.3 billion . Analysts have warned that the valuation is priced for growth perfection, with one noting that such a high multiple is difficult to sustain on a 15% quarterly sales growth rate .