Order books slammed shut on June 10 for the largest initial public offering in history, and the numbers are staggering: investor demand for SpaceX topped $250 billion, more than three times the $75 billion offering size. When shares begin trading on the Nasdaq under ticker SPCX on June 12 at an expected price of $135, the company will carry an approximate valuation of $1.78 trillion — instantly ranking it among the five most valuable public companies on Earth. SpaceX's Record-Shattering IPO Prices at $1.78 Trillion — But Can a Money-Losing Rocket Company Justify a Valuation Bigger Than Amazon?
Order books slammed shut on June 10 for the largest initial public offering in history, and the frenzy is unprecedented. SpaceX is targeting an IPO price of $135 per share for an offering of 556.6 million shares, targeting a $75 billion raise . Investor demand surpassed $250 billion — more than three times oversubscribed. SpaceX will go public under ticker SPCX and is set to be the biggest IPO ever, more than triple the size of Alibaba . The valuation would make Elon Musk's firm the seventh-biggest company in the U.S., above Tesla . But investors piling in face a fundamental tension: massive ambition backed by massive losses.
The Satellite Internet Business Is Carrying the Entire Company
SpaceX reported $18.7 billion in revenue in 2025, with Starlink serving as the largest driver . Starlink's 2025 revenue reached $11.4 billion with a 63% EBITDA margin, becoming SpaceX's sole profitable segment . But average revenue per subscriber fell from $99 per month in 2023 to $66 at the end of March 2026 , even as subscribers quadrupled to 10.3 million. Shareholders are betting on volume over pricing power — a trade that works until subscriber growth slows.
Losses Are Real and Getting Bigger
SpaceX disclosed a net loss of $4.9 billion on $18 billion in revenue in 2025 . The AI segment recorded a $6.35 billion operating loss in 2025 , swamping Starlink's profits. $20 billion of SpaceX's debt is a short-term bridge loan that must be repaid within six months of a successful IPO . That means a huge chunk of the $75 billion raised walks straight out the door.
The Price Tag Demands Belief in a Distant Future
The $1.77 trillion valuation works out to roughly 94.7 times annual sales . Morningstar called SpaceX "significantly overvalued" at the offering price . The company's own S-1 pitches a $28.5-trillion addressable market spanning space, connectivity, and AI — but SpaceX invested more than $3 billion in Starship R&D in 2025 alone , with commercial returns still years away.
Musk Keeps Control, and the Calendar Favors Bulls — For Now
Musk will own over 82% voting control after the offering . Fifteen days after listing, SpaceX enters the Nasdaq-100, triggering an estimated $22 to $27 billion in forced buying from index funds . That mechanical demand could prop up the stock short-term — but the next test is whether SpaceX's ambitious valuation holds up long enough for early-investor lock-ups to expire .