SpaceX sets fixed $135 share price for record ~$75bn Nasdaq IPO at $1.77tn valuation; pricing June 11, debut June 12

SpaceX is preparing what underwriters bill as the largest IPO in capital-markets history, set to list on Nasdaq under the ticker SPCX. The company filed confidentially around April 1, made its S-1 public on May 20, and launched its investor roadshow on June 4 after a faster-than-expected SEC review. In an unusual move, SpaceX set a fixed roadshow price of $135 per share rather than a price range, offering roughly 555.6-556.6 million shares to raise approximately $75 billion at a valuation near $1.77 trillion. That target would surpass Saudi Aramco's 2019 offering (variously cited as ~$25.6bn-$35.4bn raised) as the largest on record.

Pricing is expected after the close on June 11, with first Nasdaq trading targeted for June 12. The lead underwriters cited include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan; about 125 analysts from 21 banks were slated to meet management, with a separate event for ~1,500 retail investors on June 11. The S-1 reflects SpaceX's February 2026 all-stock absorption of xAI; the combined entity carries a dual-class structure leaving Elon Musk with roughly 82.4% voting control after the offering, enough to make SpaceX a "controlled company" exempt from certain Nasdaq governance rules. Disclosed financials are large but loss-making: capital.com and The Tech Marketer cite FY2025 revenue of roughly $18.5-18.7bn against a net loss near $4.9bn (attributed largely to xAI integration costs), with Starlink the principal profit engine — about $3.26bn of Q1 2026 revenue (~69% of group), ~10.3 million subscribers.

SpaceX also disclosed a bitcoin treasury of 8,285 BTC (~$656m). Analysts cautioned the $135 fixed figure is a roadshow anchor, not a market-clearing price; genuine price discovery awaits the June 12 open. As of June 8 the shares had not yet priced or traded, so the listing remains a developing event.