Elon Musk’s SpaceX — rocket manufacturer, satellite internet service provider, AI firm and owner of X (aka Twitter) all rolled into one — has officially set a record for the biggest IPO in history with its initial stock pricing.
SpaceX on Thursday confirmed the pricing of its IPO of 555.6 million shares of its Class A common stock, at a public offering price of $135.00/share. That gives it a valuation of around $1.77 billion; the company raised about $75 billion from the IPO. Shares of the company, which is officially “Space Exploration Technologies Corp.,” are expected to begin trading Friday on Nasdaq Global Select Market and Nasdaq Texas under the symbol “SPCX,” it said.
Even so, leading up to the IPO, analysts have identified concerns with SpaceX’s lofty valuation given its current financials.
In a June 8 report, research firm Morningstar put a fair-value estimate of $63/share on SpaceX. Even that assumes favorable outcomes of two unproven technologies: a rapidly reusable Starship upper stage and commercially scalable and competitive orbital AI data centers. “We expect neither of these technological questions to be answered before 2028, even in the most optimistic scenario,” Morningstar analysts led by Nicholas Owens wrote.
