SpaceX IPO at $135 Valuation of $1.8T Could Trigger $27B Passive Fund Buying
SPCX•SpaceX plans a $135-per-share IPO valuing the company at $1.8 trillion with roughly 13 billion shares outstanding, implying a price-to-sales ratio near 96x based on $18.67 billion in 2025 revenue. New index rules could drive $22–27 billion of passive fund inflows, lifting passive ownership toward 30% within 15 days.
1. IPO Pricing and Valuation Ranges
SpaceX has set its IPO price at $135 per share, which with 13 billion shares outstanding would value the company at approximately $1.8 trillion. Investors are projecting a wide range of possible market caps on day one, from under $1 trillion to over $4 trillion, reflecting varying probabilities and implying share prices between $76 and above $300. This pricing equates to a price-to-sales ratio near 96x, based on $18.67 billion in revenue last year.
2. Index Inclusion and Passive Fund Impact
Recent rule changes by major index providers now allow mega-cap IPOs to join benchmarks within days of listing, rather than months. Analysts estimate passive index funds could be forced to purchase $22–27 billion of SpaceX shares in the first 15 trading days, potentially driving passive ownership from around 4% of free float to nearly 30%, which may underpin early post-IPO demand.
