SpaceX Eyes $135 Per Share IPO Price in Record $75 Billion Raise

SpaceX plans to set its IPO price at $135 per share, targeting a record $75 billion raise, a source told Reuters in an exclusive report.

The figure, if confirmed at pricing, would rank as the largest initial public offering on record, surpassing every listing to date by a wide margin. The plan comes from a single unnamed source briefed on the matter, according to Reuters, and the company has not publicly confirmed the terms.

What does the $135 price point signal?

A fixed target of $135 per share gives bankers and investors a concrete anchor for a deal that has been the subject of market speculation for years. SpaceX, founded and led by Elon Musk, has remained private far longer than most venture-backed peers of its scale, funding itself through successive private rounds.

The reported $75 billion raise would dwarf previous record IPOs. Saudi Aramco's 2019 listing raised $25.6 billion, later lifted to roughly $29.4 billion after greenshoe exercises. Alibaba's 2014 New York debut raised about $25 billion. A raise three times that size would reset expectations for what public markets can absorb in a single offering.

At $135 per share, the implied valuation of the company would depend on the share count at listing, which the source did not disclose to Reuters. The pricing plan itself, however, signals that SpaceX's internal benchmarks and investor demand indications have reached the level where management believes public markets will support a record-size deal.

Who is behind the plan?

Reuters attributed the report to "a source" with knowledge of the plans. The wire service's exclusive did not name the banks managing the offering, a listing venue, or a target date. Musk, who also runs Tesla and xAI, has long sent mixed signals about taking SpaceX public, arguing that the capital-intensive, long-horizon nature of the rocket and satellite business fits private ownership better.

The reported decision to proceed at a specific per-share price suggests that calculus has shifted. Reuters reported only the price and the raise target; the timing of a formal filing, the exchange, and the float size remain undisclosed.

Why does the raise size matter?

A $75 billion raise is not just a record. It is a stress test of global liquidity for new issuances. Deals of this scale typically require:

• Sovereign wealth funds and pension funds as cornerstone investors
• A syndicate of underwriters spanning multiple markets
• Weeks of pre-marketing to cornerstone accounts before the price range is published

Any bank group that wins the mandate would also earn some of the largest fees in equity capital markets history, given that underwriting fees on mega-listings typically run well below 2% but apply to an unprecedented base.

For public market investors, a SpaceX listing would create the first direct exposure to the company's launch and satellite businesses, including Starlink, its space-based internet division. Reuters did not break out segment figures, and no revenue disclosure accompanied the source's account of the pricing plan.

What are the open questions?

Three details will determine how the deal actually lands. First, the total valuation implied by the $135 price, which depends on shares outstanding. Second, the timing — Reuters' source did not give a listing date, and pricing plans at private companies frequently shift before formal filings. Third, the float: a $75 billion raise could represent a small or large fraction of the company depending on that implied valuation.

Reuters also did not report whether the offering would include a dual-class structure, a standard feature of Musk-led public companies. Tesla uses such a structure, and observers have long assumed SpaceX would follow suit if it listed.

What happens next?

Investors should watch for a public filing, which would force SpaceX to disclose financials, share count, and governance terms for the first time. Until then, the $135 per share plan stands as a single-source report of intent, not a term sheet — and pricing plans of this scale have historically moved between leak and listing.