TL;DRSpaceX’s $75bn IPO at $135/share is well oversubscribed. Books close Monday, pricing expected Wednesday, Nasdaq trading Thursday.
SpaceX’s initial public offering is well oversubscribed, according to Bloomberg, with order books set to close on Monday ahead of a pricing expected on Wednesday and first trading on Nasdaq on Thursday. The $75 billion raise at $135 a share would be the largest IPO in history, eclipsing Saudi Aramco’s $29.4 billion listing in 2019.
The oversubscription means investors have collectively bid for more shares than the roughly 555.6 million on offer, which implies a fully diluted valuation of approximately $1.8 trillion. SpaceX will list under the ticker SPCX on both Nasdaq and Nasdaq Texas, the exchange’s new Dallas venue.
What is driving the demand is not just the rocket business. Two contracts disclosed in the S-1 filing anchor the revenue story. Google is paying SpaceX approximately $920 million per month, or roughly $30 billion through 2029, for Starlink bandwidth and AI computing services. Anthropic has committed to approximately $1.25 billion per month for AI infrastructure access.
Together, those two deals alone represent approximately $26 billion in annualised recurring revenue, a figure that reframes SpaceX as an infrastructure utility with contracted cash flows rather than a launch company dependent on mission-by-mission bookings. The contracts emerged from SpaceX’s February merger with xAI, which folded Musk’s AI company and the social media platform X into the same corporate entity.The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
