SpaceX set its initial public offering price at $135 per share, valuing the company at $1.77 trillion ahead of a listing expected within the week. The pricing lands the aerospace manufacturer as the seventh-largest company in the United States by market capitalization, surpassing Tesla's $1.6 trillion valuation before a single share trades on public markets.
The company filed terms that position it above every U.S. corporation except Apple, Microsoft, Alphabet, Amazon, Nvidia, and Meta. Elon Musk, who founded SpaceX in 2002 and continues as chief executive, now commands two of the ten largest American companies by market value. The $135 price sits at the top end of the range circulated to anchor investors over the past six weeks, according to three allocators who reviewed the terms. SpaceX declined to comment on the pricing mechanics, consistent with its practice during the quiet period.
The valuation reflects 22 years of largely private capital formation, during which SpaceX raised approximately $12 billion across multiple rounds while maintaining tight control over its cap table. The company's last private valuation, reached in a December 2024 secondary transaction, pegged the business at $350 billion. The jump to $1.77 trillion represents a 406 percent increase in roughly sixteen months, a function of accelerated Starlink deployment, sustained Falcon 9 launch cadence, and anticipation around Starship's orbital capabilities. The public filing reveals $15.2 billion in 2024 revenue, up 68 percent year-over-year, with Starlink subscriptions crossing 4.8 million households globally.
The timing arrives as global equity markets digest tariff escalation, Federal Reserve policy uncertainty, and a 14 percent drawdown in the Nasdaq Composite since late March. SpaceX's decision to proceed at this price suggests confidence that institutional appetite for a high-growth industrial with defense adjacency outweighs macro headwinds. The company's customer base spans NASA, the Department of Defense, commercial satellite operators, and consumer broadband subscribers, creating revenue diversification that few venture-scale exits possess. The IPO also provides Musk with liquidity optionality separate from Tesla, where his equity stake remains heavily leveraged in margin loans tied to prior acquisitions.
Allocators should track first-day trading volatility, particularly the behavior of retail platforms that crashed during prior mega-IPOs. SpaceX shares are expected to list under the ticker SPCE within five trading days, with roadshow participants noting unusual demand from sovereign wealth funds in the Middle East and Asia. The lockup agreement binds insiders for 180 days, though Musk holds a carve-out allowing up to 5 percent sales within the first 90 days for "tax and liquidity planning," per the S-1 filing. Watch for Starship's next orbital test flight, currently scheduled for late May, which could act as a catalyst or risk event depending on outcome.
The company enters public markets with $9.4 billion in cash and equivalents, no debt, and a backlog exceeding $14 billion in contracted launch and satellite services. Tesla now ranks eighth.
The takeaway
SpaceX debuts as seventh-largest U.S. company at **$1.77 trillion**, priced at **$135**, above Tesla before trading begins.
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