SpaceX prices IPO at $135 per share for $1.77 trillion valuation, seeking to raise $75 billion

SpaceX will sell 555.6 million Class A shares at $135 each, according to an SEC filing. The offering values the company at roughly $1.77 trillion, positioning it as the seventh-largest company in the U.S. by market cap upon arrival.

Elon Musk will retain roughly 82.4% of voting power after the offering, making SpaceX a 'controlled company' exempt from certain Nasdaq governance rules. The lockup period is unorthodox: insiders can sell up to 20% of locked shares once the company reports its first quarterly earnings, with an additional 10% if the stock trades at least 30% above the IPO price; Musk himself cannot sell for 366 days.

More than three-quarters of the $80 billion in proceeds are already pledged to repay debt and pay for a spectrum acquisition, leaving less than $18 billion for AI expansion. SpaceX absorbed xAI in February as an all-stock acquisition and is now a satellite-internet and AI conglomerate.

SpaceX is expected to float barely 4% of the company. Nasdaq rewrote its rules to allow the largest IPOs to enter its Nasdaq 100 index after just 15 trading days rather than waiting months, and scrapped its 10% minimum float requirement.