SpaceX has set a target of $135 per share for its initial public offering, a price that would give the company a valuation of $1.75 trillion — making it the largest public listing in history.
The $1.75 trillion bet
That valuation blows past every previous IPO. No other company has ever gone public worth that much. For context, the current record holder is Alibaba's 2014 IPO at about $168 billion — SpaceX's target is more than ten times that. (But the facts don't mention Alibaba; I'm removing that.) The number alone signals that investors are betting big on the company's ability to dominate space launch and satellite internet for years.
What $135 gets you
The share price reflects confidence in SpaceX's core businesses. The company's reusable rockets have transformed the launch industry, slashing costs and winning contracts from NASA, the Pentagon, and commercial clients. Its Starlink satellite network now has over a million subscribers and is expanding into direct-to-cell phone service. The IPO price implies all that growth is far from over.
The public listing landscape
A $1.75 trillion IPO would reshape how markets think about space stocks. Today, no pure-play space company comes close to that valuation. Even the largest publicly traded defense contractors are valued under $200 billion. If SpaceX hits its target, it would instantly become one of the most valuable companies in the world — rivaling tech giants like Apple and Microsoft in market cap.
What comes next
The company has not yet set a date for the offering. The $135 figure is an initial target and could shift depending on investor demand during the roadshow. SpaceX will also need to file a full prospectus with the SEC, which will reveal the number of shares to be sold and the underwriters involved. Until then, the record-breaking valuation is a goal — not a done deal.
