SpaceX Is Going Public at $135 a Share. Here Is Everything You Need to Know About the Record $75 Billion IPO

The terms are clear and unprecedented in scale:

• Price: $135 per share, fixed.
• Shares Offered: 555.6 million Class A common shares .
• Total Raise: $75 billion, with an additional option for underwriters to purchase more shares that could add $11.2 billion .
• Implied Valuation: Approximately $1.77 trillion .
• Ticker and Exchange: SPCX, on the Nasdaq Global Select Market .
• Lead Underwriters: A syndicate of 21 banks led by Goldman Sachs .
• Elon Musk’s Control: Following the offering, Musk is expected to retain over 85% of the company's voting power, ensuring his continued control .

A Landmark Moment for Retail Investors

Typically, 95% or more of a "hot" IPO's shares are allocated to large institutional clients, leaving scraps for the general public. SpaceX has inverted this model by targeting an allocation of up to 30% of the offering for retail investors. At the $75 billion target, this could represent a $22.5 billion chunk of shares . SpaceX CFO Bret Johnsen articulated the company's intent, stating retail participation would be "a bigger part than any IPO in history" .

For U.S. investors, this means access through major consumer brokerage platforms. Fidelity slashed its typical $500,000 account minimum for IPO participation to just $2,000 for the SPCX offering. Meanwhile, Robinhood, SoFi, and Charles Schwab also offered access, with Robinhood and SoFi having no minimum account balance requirements . The catch is that placing an indication of interest does not guarantee allocation; demand is so high that many retail orders are likely to be filled only partially or not at all .

This retail-first model extends internationally. In the United Kingdom, eight online investment platforms are offering access to the IPO with a minimum of just £1,000 . Across continental Europe, retail investors in at least seven additional countries—Germany, France, the Netherlands, Norway, Spain, Sweden, and Switzerland—can also participate, depending on local regulatory approvals .

Deep Losses Behind the Revenue Story

The IPO is the largest ever, but the company isn't profitable. SpaceX generated $18.7 billion in revenue in 2025, with Starlink contributing $11.4 billion, or 61% of the total . Yet the company's capital-intensive business model, which includes the massive Starship launch system, means that top-line revenue is eaten up by enormous costs. SpaceX reported a net loss of roughly $5 billion in 2025 and another $4 billion loss in just the first quarter of 2026 .

The most sobering independent analysis comes from Morningstar, which has pegged the company's fair value estimate at a decidedly lower figure: roughly $780 billion. That assessment places the company's fair value about 55% below the $135 IPO price, a bearish outlook far more stark than the 29% discount some early reports had suggested .

Oversubscription and a Razor-Thin Public Float

The mismatch between supply and demand is one of the deal's most significant risks. The IPO is reportedly well oversubscribed, with institutional demand reaching approximately $150 billion—right around two times the $75 billion target. Multiple large institutions have individually placed single orders of $10 billion or more .

This intense demand is colliding with a very small slice of shares actually being made available to trade. The 55.6 million Class A shares being offered in the IPO represent only about 10% of the total newly issued public shares, a tiny public float that has analysts predicting extreme price swings on the first day of trading .

Wall Street Sounds the Alarm

The sheer size and unusual structure of the deal have prompted vocal warnings from prominent market commentators, most notably CNBC's Jim Cramer. He has repeatedly described the SpaceX IPO as potentially "destructive" for the broader market. Cramer’s primary concern is that the frenzy will suck massive amounts of capital out of other stocks, as investors sell existing positions to fund their SPCX orders, while the tiny float could cause the share price to spike to levels completely untethered from fundamental value. He has speculated the company could briefly hit a $5 trillion market cap on its first day—up 180% from its IPO price—and explicitly warned that investors placing market orders risk getting "hurt" in the process .

As the biggest IPO in history goes live this Friday, it marks not just a financial event but a direct test of a company's cultural power. A deeply unprofitable business with a $1.75 trillion price tag is leaning on a base of retail investors who have never had this level of access to a mega-debut. Whether that turns into a triumphant launch or a cautionary tale will play out in real time when the first SPCX trade crosses the wire.