SpaceX Priced Ambition: $75 Billion IPO at $135 After $800 Billion Secondary
SpaceX planned to offer shares at $135 apiece to raise $75 billion in its initial public offering. Bloomberg reported the terms on June 3, 2026.
The planned primary raise followed an insider/secondary share sale that valued the company at about $800 billion. Bloomberg reported on Dec. 13, 2025 that SpaceX had moved forward with that transaction. Secondary stock changes hands between existing holders and new buyers. It does not put cash on the company balance sheet in the way a primary IPO does.
On operating performance, SpaceX lost nearly USD 5.0 billion in 2025 on USD 18.7 billion in sales. Morningstar reported those figures on July 31, 2026. The loss sits alongside the capital requirement implied by a $75 billion primary offering. That scale of primary issuance is large by any public-market standard. It also sets a direct test for price discovery.
Valuation discussion around the deal embeds $650 billion for Starlink products. MarketWatch reported that attribution on June 11, 2026. On that arithmetic, Starlink accounts for the dominant share of enterprise value, with launch and other activities left as the residual. For underwriters, that split will shape comparable-company selection, segment disclosure, and how the S-1 frames unit economics.
New Street forecasts SpaceX will be growing faster than Alphabet in 2030. MarketWatch also reported that projection on June 11, 2026. The comparison is to a mature hyperscale compounder. It implies a steep revenue ramp from the 2025 base of $18.7 billion through the end of the decade, funded in part by the contemplated IPO proceeds.
The broader context here is the sequencing from secondary to primary. An $800 billion secondary print establishes a clearing price among informed insiders and crossover buyers. It does not guarantee the IPO clears at the same multiple. Secondaries have narrower distribution, limited disclosure, and no stabilization mechanism. A $75 billion primary bookbuild will face broader elasticity, index-eligibility questions, and lock-up overhang.
In my view, the structure forces attention onto Starlink. When $650 billion of value is assigned to one product line, diligence narrows to subscriber growth, ARPU, churn, capex intensity, and spectrum and capacity constraints. Launch provides optionality and vertical integration. The pricing, however, will turn on whether investors underwrite Starlink as infrastructure with recurring cash flow or as a capital-intensive network still in buildout. The 2025 loss of nearly $5.0 billion keeps that distinction central.
Looking at what this means for the IPO itself, size cuts both ways. A $75 billion raise at $135 provides substantial runway and de-risks the capex cycle. It also widens the shareholder base at a high absolute valuation and raises the bar for aftermarket performance. If New Street's 2030 growth call proves directionally correct, the multiple compresses quickly. If growth disappoints, the overhang is large. For specialists, the filing details to watch are segment revenue splits, gross margin by line, capital commitments, and insider selling restrictions carried over from the secondary.
