SpaceX priced its initial public offering at $135 per share late Monday, valuing the aerospace manufacturer at $1.75 trillion and claiming the title of largest IPO in recorded capital markets history. The pricing lands at the top of the $125-$135 range the company filed with the SEC on January 13, eight days ago.

The offering consists of 12.96 billion shares, a structure that gives existing holders liquidity while raising roughly $240 billion in primary capital for Starship production scaling and constellation expansion. Elon Котороого Musk retains a 42% economic stake post-offering through a dual-class structure that preserves 54% voting control. Goldman Sachs and Morgan Stanley are leading a 47-bank syndicate, though SpaceX dictated price discovery through direct institutional allocation rather than the traditional two-week roadshow. The company fielded $890 billion in indication of interest from 340 institutional accounts, according to a person familiar with the book.

The $1.75 trillion figure exceeds Saudi Aramco's $1.7 trillion valuation at its December 2019 pricing by roughly 3%, though Aramco sold only 1.5% of the company to domestic investors in a controlled Riyadh listing. SpaceX is floating 74% of its equity on the New York Stock Exchange under ticker SPAX, a distribution breadth without precedent at this valuation tier. The pricing implies a 2025E EV/Revenue multiple of 19.2x on the company's projected $91 billion in launch services, Starlink subscription revenue, and government contracts. For context, Boeing trades at 1.8x forward revenue; Lockheed at 1.4x. The delta reflects $67 billion in Starlink's recurring revenue base and 91% gross margins on satellite internet service, per the S-1 filing.

Three constituencies absorb different risks here. Sovereign wealth funds and pension systems buying the IPO are underwriting Musk's ability to maintain 22-launch monthly cadence from Starbase, Vandenberg, and Cape Canaveral—the operational tempo required to deploy 42,000 Gen3 satellites by 2027 and defend the $58 billion annual revenue Starlink is forecasting. Any production slip or regulatory delay at the Boca Chica facility extends the path to $38 billion EBITDA the Street is modeling for 2026. Family offices buying in the aftermarket are paying 68x forward EBITDA for exposure to the Moon and Mars transport monopoly, a framework that requires NASA's Artemis program to survive budget reconciliation intact and SpaceX to convert $11 billion in HLS contract milestones into positive cash flow by Q3 2026. The company burned $19 billion in 2024 on Starship development. Existing employees selling secondary stakes—roughly $140 billion of the offering—are crystallizing paper gains accumulated since the $2 billion Series N at a $180 billion valuation in February 2021, a 872% markup in 46 months.

Allocators should track three items in the next 90 days. First, the Form 4 filings due within two trading days of the January 27 pricing will show which insiders sold at $135 versus holding for the six-month lockup expiration on July 28. Second, whether the 29 Starship launches scheduled for Q1 2025 proceed without a pad anomaly or FAA ground stop—any failure resets the $4.2 billion quarterly revenue assumption embedded in the valuation. Third, the March 15 earnings call, SpaceX's first as a public company, will clarify whether Starlink's 4.2 million subscribers at year-end are sustaining the $1,380 annual ARPU the IPO pricing assumes, or if competitive pressure from Amazon's Kuiper is compressing take rates in North America.

The company begins trading Wednesday morning. The Starship booster scheduled to lift off Thursday from Boca Chica carries 60 Gen3 satellites, the first payload deployed with capital raised from public markets rather than private crossover funds.