SpaceX , the rocket and satellite company controlled by Elon Musk, has filed an initial public offering with the U.S. Securities and Exchange Commission, targeting a valuation of roughly $1.75 trillion. The company plans to offer 555.6 million shares at $135 apiece, raising up to $75 billion, according to the amended IPO filing. The listing is scheduled for June 12 on the Nasdaq exchange, with pricing set for June 11.

The $135 Price Tag and an Unprecedented Lock-In Strategy

Unlike typical IPOs, where a price range is set and adjusted based on demand, SpaceX has locked in a specific $135 per share from the outset. According to the filing, the company is telling the market it already knows what it thinks it is worth—a move that signals unusual confidence. The IPO roadshow, during which Wall Street underwriters walk investors through financial projections, starts today. If underwriters exercise the so-called 'greenshoe' option to sell additional shares, the total fundraising could increase to $86 billion, pushing the valuatiion to about $1.78 trillion.

Elon Musk's 80% Stake and the Path to Trillionaire Status

Elon Musk controls more than 80% of SpaceX through stock holdings, as the filing notes. If the IPO proceeds at the proposed $135 price, Musk's stake would be worth well over $1.4 trillion, making him the world's first trillionaire. Musk would then control two of the most valuable American buisnesses: SpaceX and Tesla. The filing does not disclose whether Musk plans to sell any shares in the offering, but his dominant ownership gives him outsized influence over the company's direction.

A $75 Billion IPO Topping Saudi Aramco's Record

If SpaceX raises $75 billion, it would surpass the current record for the largest public listing held by Saudi Aramco,which raised $25 .6 billion in 2019. The sheer scale of SpaceX's offering reflects the company's rapid growth in both launch services and Starlink, its satellite internet constellation. The filing says proceeds will be directed to AI infrastructure, space launch vehicles, and Starlink expansion. The IPO comes at a time when tech firms are racing to raise colossal sums for AI, with AI startup Anthropic also planning a U.S. listing and Alphabet increasing its equity raising to $85 billion.

The Terafab in Texas: $55 Billion for AI and Robotics

SpaceX has disclosed plans to invest $55 billion in a semiconductor factory called 'Terafab' in Texas, focusing on chips for AI and robotics. According to the filing, this facility is part of a broader push to bolster SpaceX's artificial intelligence infrastructure. the Terafab represents a major bet on vertical integration, moving beyond rockets and satellites into chip manufacturing—a shift that could reduce reliance on external suppliers and give SpaceX more control over its AI capabilities.

Will Investors Accept the $135 Floor?

The source notes that there is no guarantee the shares will trade at the proposed $135 price; the final price will be determined by share buyer demand. Several open questions remain: Will institutional investors deem the $1.75 trillion valuation justified given SpaceX's high capital expenditure and reliance on government contracts? How will the market react to Musk's dominant control, which could deter some governance-focused funds? And can the IPO close successfully amid ongoing concerns about sky-high tech valuations? The answers will become clear during the roadshow and after pricing on June 11.