SpaceX Targets Record $75 Billion IPO With Fixed Share Price

SpaceX Sets Out Unconventional IPO Structure

According to the report, SpaceX is moving away from the customary IPO approach in which companies first announce a price range and then finalize the offer price after a roadshow with investors. Instead, the company is said to be targeting a fixed price of $135 per share for all 555.6 million shares.

Bloomberg reported that SpaceX is expected to disclose the terms of the offering as soon as Wednesday, with formal marketing scheduled to begin on June 4 and pricing potentially as early as June 11. The timetable could slip by a few days. SpaceX did not immediately respond to a request for comment.

The company is targeting a valuation of at least $1.8 trillion in the IPO, according to earlier Bloomberg reporting. The listing is planned for Nasdaq and Nasdaq Texas under the ticker symbol SPCX.

Record Scale and Banking Syndicate

If completed as outlined, the SpaceX IPO would raise $75 billion, more than double the $29.4 billion raised by Saudi Aramco in 2019, making it the largest initial public offering on record. The company, formally known as Space Exploration Technologies Corp., operates rocket launch, satellite, and artificial intelligence businesses.

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the deal alongside 18 other banks. SpaceX is negotiating to pay razor-thin fees to these Wall Street firms, though banks are still expected to collect about $500 million in total fees.

More than 1,000 current and former SpaceX employees have formed a group to negotiate better pricing and access to tax-efficient financial products ahead of the IPO. A May document reviewed by Bloomberg indicated that the group is considering more than 20 financial advisers and private banks and aims to leverage collective bargaining power to secure advisory fees below 0.5% of assets under management, instead of the traditional 1% level.

The SpaceX offering comes as other prominent technology and AI-focused companies, including OpenAI and Anthropic PBC, explore potential listings. Alphabet Inc. has also announced plans for an $80 billion equity offering.

FAQ

How many shares is SpaceX planning to sell and at what price?
SpaceX aims to sell 555.6 million shares at $135 per share, for a total of $75 billion.

What valuation is SpaceX targeting in the IPO?
The company is targeting a valuation of at least $1.8 trillion, according to Bloomberg.

Where will SpaceX shares be listed and under what ticker?
SpaceX expects to list on Nasdaq and Nasdaq Texas under the symbol SPCX.

Which banks are leading the SpaceX IPO?
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., along with 18 other banks, are leading the offering.