New York, June 11, 2026, 07:03 (ET)
- Investor demand for SpaceX’s upcoming $75 billion share sale has topped $250 billion, Reuters reported.
- The company plans to price its Class A common stock at $135 a share and aims to trade on Nasdaq using the ticker SPCX.
- Bulls are betting on Starlink, leadership in launches, and AI plans. The risk is investors may be paying a big premium before any of those bets pay out.
SpaceX is in the last stretch of pricing its planned Nasdaq IPO, with investor demand way above the shares available and the $135-a-share level in focus ahead of Friday’s open. Bookrunners have seen more than $250 billion in orders for a $75 billion deal, leaving it about three-and-a-half to four times oversubscribed. Allocations haven’t been finalized yet, and interest could shift before books close.
Space Exploration Technologies Corp. said it plans to sell 555,555,555 shares of Class A common stock in its launch announcement. Underwriters can buy up to 83,333,333 more shares in the next 30 days. The company expects an IPO price of $135 and said it has filed to list on the Nasdaq Global Select Market and Nasdaq Texas using the ticker “SPCX.”
SPCX does not have a public-market last-sale price yet. The $135 listed is just the IPO offer price—what allocated investors pay before trading starts—not a price from actual market trading. SpaceX said in its own filing notice that its registration statement was not effective when the roadshow kicked off. Reuters said pricing was expected later Thursday and debut trading is set for Friday.
Deal size isn’t the only thing on investors’ minds today. The price matters, too. Reuters reported SpaceX is targeting a $135-a-share price for an IPO, which would lift its valuation to $1.75 trillion and push it alongside the world’s biggest publicly traded companies—if the offering goes ahead. That’s a steep bet on future earnings for SpaceX, where the latest figures show Starlink is profitable but big spending remains on AI and next-gen rockets.
Mixed results for SpaceX. Sales climbed 33% to $18.67 billion in 2025, with Starlink bringing in about 60% of that and serving 10.3 million users on 9,600 satellites, Reuters reported. But SpaceX posted a $4.94 billion net loss for 2025, down from a $791 million profit in 2024, after merging with loss-making xAI.
The valuation dispute is unusually pronounced. At $135 per share, Reuters figures SpaceX would be valued at about 94 times trailing revenue. Price-to-sales ratios are used when profits swing or turn negative. Since SpaceX posted a loss last year, a standard price-to-earnings comparison doesn’t work.
Jim Chanos, the short seller known for his Enron call, put the bear view simply at an iConnections event in New York this week. “The company is not worth, in my opinion, $1.75 trillion,” Chanos said, Reuters reported. He said SpaceX trades at around 90 times sales, much higher than Tesla’s ratio, and said the IPO story is riding on “hopes and dreams.” Reuters
SpaceX is getting valued more like a growth tech firm than a normal aerospace contractor. Reuters reported SpaceX has gone from a single launch back in 2006 to more than two per week now. Falcon 9’s reusability gives them an advantage, and their new Starship is built to lift over 100 metric tons to low Earth orbit. Starship is key for SpaceX: the company wants cheaper launches to support bigger satellite constellations and, in the long run, build AI data centers in space.
AI throws a wrench into the numbers for SpaceX. The company calls artificial intelligence its top addressable market, but Reuters pointed out xAI lags behind names like Anthropic and OpenAI on several business adoption metrics. That’s key as SpaceX is pitching investors on a tech-style valuation, while most of its current cash still comes from Starlink and launches.
Franklin Templeton isn’t sitting out. CEO Jenny Johnson told CNBC the firm already owns SpaceX shares and “will participate in the IPO,” Reuters reported. Franklin Templeton runs about $1.7 trillion. SpaceX is turning into a name growth investors are looking at ahead of any Nasdaq debut. Reuters
Wall Street is looking at the debut as a systems test. Reuters said Nasdaq, Citadel Securities, Jane Street and others have done simulations and stress tests designed to prevent a Facebook 2012-style meltdown. Morgan Stanley will likely serve as the stabilization agent. “We’ve never seen anything of this size before,” Darren Thomas, head of enterprise solutions at S&P Global Market Intelligence, told Reuters. Reuters
The risks aren’t minor. If Starship hits delays, or if building AI data centers in orbit blows past estimates, or if xAI keeps spending cash while OpenAI, Anthropic and more crowd the space, the multiple could shrink fast. There’s a governance risk too: AP says Elon Musk will keep control through a special class of shares, and SpaceX’s own materials flag that buying the shares carries lots of risks—including losing the whole investment.
Friday’s open is the next watch point. The index angle is already folded into how traders are looking at the name. AP reported Nasdaq has changed its rule so some companies can now join the Nasdaq-100 after just 15 sessions. S&P Dow Jones is holding to its 12-month trading history rule for S&P 500 entry. Investors who aren’t in the IPO allocation will see that first open price — and if index money jumps in early — as the sign of how much the public market wants to pay for the SpaceX story right out of the gate.
