Markets SPCX JUN 09, 2026

SpaceX prices SPCX IPO at fixed $135, seeking $75B at $1.75T valuation

Morgan Stanley-led syndicate begins marketing the largest IPO ever as Morningstar pegs fair value at $780B and Anthropic's $1.25B/month compute deal underwrites the AI thesis.

BY HENLEY MARRAST · MARKETS DESK

SpaceX launched its IPO roadshow Thursday at a fixed $135 per share, marketing 555.6 million shares for a $75 billion raise that implies a $1.75 trillion valuation and more than triples Alibaba’s prior record for the largest IPO ever. The ticker, SPCX, will trade on Nasdaq.

The fixed-price structure is itself a tell. Real bookbuilding implies the underwriters don’t already know what the demand looks like, and Goldman Sachs, alongside active bookrunners Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, plus 16 supporting banks, aren’t pretending. CFO Bret Johnsen told the syndicate in April that retail would get “a bigger part than any IPO in history,” with 1,500 retail investors slated for a June 11 event. An 83.33 million share overallotment, worth $11.2 billion, sits on top.

The number Wall Street is actually arguing about is the gap. Morningstar’s independent fair value pegs SpaceX at $780 billion, roughly 55% below the ask. The S-1 puts 2025 revenue at $18.67 billion, which makes the IPO price a 93.7x trailing multiple. It also discloses a $4.937 billion GAAP net loss for 2025, another $4.28 billion lost in Q1 2026 alone, and a $41.3 billion accumulated deficit.

Most of that red ink is xAI, the unit merged into SpaceX in February at a $1.25 trillion combined valuation. xAI booked a $6.35 billion operating loss in 2025 and burned another $2.5 billion in Q1. The bull case rests almost entirely on Anthropic’s contract to pay $1.25 billion per month for spare capacity at the xAI Colossus data center through May 2029, worth up to $45 billion over its term. Rivals are now funding the buildout.

Governance is the other gap. The S-1 shows Elon Musk retaining over 82% voting control post-IPO, with 78% of the raise pre-pledged to Musk insiders. Denmark’s AkademikerPension has already declined, calling the structure “catastrophic.” Alibaba’s 2014 record was set by a company whose founder ran a parallel VIE arbitrage. The structural rhyme is the point.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.