SpaceX's $75 Billion IPO Test: $135 a Share, Big Losses and a $650 Billion Starlink Bet
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.
That planned sale of new shares, called a primary raise, followed an insider sale that valued the company at about $800 billion. Bloomberg reported on Dec. 13, 2025 that SpaceX had moved forward with that transaction. In a secondary sale, current holders sell to new buyers. Think of it like resale tickets changing hands, while a primary sale is the venue selling new tickets to fund the show. Cash goes to the sellers in a secondary, and to the company in a primary.
On operating performance, SpaceX lost nearly $5.0 billion in 2025 on $18.7 billion in sales. Morningstar reported those figures on July 31, 2026.
Valuation talk around the deal puts $650 billion on Starlink products. MarketWatch reported that figure on June 11, 2026. By that math, Starlink is $650 billion of the total, with launch and other activities as the remainder. Enterprise value is the term dealmakers use for that total company value.
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 Alphabet, a mature hyperscale company.
The broader context here is the step from secondary to primary. An $800 billion secondary price shows what informed insiders and crossover buyers would pay in a smaller private deal. It does not guarantee the IPO clears at the same multiple. Secondary deals have narrower distribution, limited disclosure, and no stabilization mechanism to support the price. A $75 billion primary bookbuild, the process of collecting investor orders, will face wider demand, questions on index eligibility, and lock-up overhang from shares that cannot yet be sold.
In my view, the structure forces attention onto Starlink. When $650 billion is assigned to one product line, checks narrow to subscriber growth, ARPU or average revenue per user, churn or customer cancellations, capex intensity or the spending needed to build the network, and spectrum and capacity limits. Launch gives vertical integration and extra optionality. Pricing will turn on whether investors treat Starlink as infrastructure with recurring cash flow or as a network still in costly buildout. The 2025 loss of nearly $5.0 billion keeps that question central.
Looking at what this means for the IPO itself, size cuts both ways. A $75 billion raise at $135 provides runway and eases pressure around the spending 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 valuation multiple falls 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.
