SpaceX IPO to Raise $75B at $1.75T Valuation with 30% Retail
SPCX•SpaceX’s IPO will raise $75B at a $1.75T valuation, offering 30% of shares to retail and recording $150B in demand against $75B available. The consolidated S-1 shows $18.7B revenue in 2025 for SpaceX, xAI and X, and estimates $8B of forced Nasdaq100 passive buys in the first month.
1. Record-Breaking IPO Details
SpaceX began trading on Nasdaq targeting a $1.75 trillion valuation by selling 555.5 million shares at $135 each. The offering of $75 billion surpasses Saudi Aramco’s record by over 2.5 times, with Nasdaq reducing its index inclusion period to 15 days and Russell 1000 to five days.
2. Consolidated 2025 Financials
The S-1 consolidates SpaceX, xAI and X financials, showing $18.7 billion in 2025 revenue. Starlink drove $11.4 billion (61%) with a 39% operating margin and 10.3 million users; the Space segment generated $4.1 billion revenue with a $657 million loss; the AI unit posted $3.2 billion revenue against a $6.4 billion loss.
3. Passive Buying Estimates
Fast-tracked Nasdaq100 inclusion is projected to trigger $8 billion in forced passive purchases in the first month and up to $30 billion total. Retail investors received 30% of the IPO through major brokerages, and demand reached $150 billion versus $75 billion available shares.
4. Debt Obligations and Risks
As of March 2026, SpaceX holds $29.1 billion in long-term debt, including a $20 billion bridge loan due within six months post-IPO. Analysts highlight potential index weight shifts after lockup expirations and a possible Tesla merger as key future catalysts.
