SpaceX set its initial public offering price at $68 per share late Thursday, establishing the framework for what will become the largest capital markets transaction by gross proceeds in history. The pricing lands at the upper end of the $62-$70 range floated to anchor investors during roadshow sessions across New York, London, and Hong Kong over the past eleven days.
The offering comprises 1.47 billion shares, implying a fully diluted market capitalization of approximately $340 billion at the IPO price. Goldman Sachs, Morgan Stanley, and JPMorgan are lead underwriters on the transaction, which is expected to raise $100 billion in primary capital for the company, with an additional $15 billion in secondary sales from existing shareholders including Founders Fund, Sequoia Capital, and a portion of Elon Musk's personal holdings. The company filed its S-1 registration statement with the SEC on March 3rd, following eighteen months of private preparation that included audited financials dating back to fiscal 2021 and the resolution of outstanding litigation related to Starlink spectrum allocation in Indonesia and Brazil.
The pricing matters because it establishes the reference point for what multiple desk heads are already calling the decade's cleanest test of public market appetite for vertically integrated space infrastructure. SpaceX reported $14.2 billion in revenue for fiscal 2024, with $3.1 billion in GAAP net income, putting the IPO price at roughly 24x trailing earnings and 11x revenue. That sits between the multiples assigned to Boeing (currently 9x revenue, negative earnings) and the 15-18x revenue multiples that defined the 2020-2021 SPAC wave for space-adjacent companies, most of which have since repriced 60-80% lower. The difference here is demonstrated free cash flow—SpaceX generated $4.7 billion in operating cash flow in 2024, supported by 112 Falcon 9 launches, 38 Starlink deployment missions, and $6.8 billion in contracted backlog from NASA, the Department of Defense, and commercial satellite operators. The company also disclosed in its roadshow materials that Starlink achieved positive unit economics in Q3 2024, with average revenue per user of $87 across 4.2 million subscribers in 61 countries.
Allocators should track three follow-on events in the next 72 hours. First, the greenshoe option—underwriters have the standard 15% over-allotment provision, which at $68 represents an additional $15 billion in potential demand absorption if first-day trading runs above the IPO price. Second, retail allocation remains unresolved as of Thursday evening; CNBC reported that the underwriting syndicate is still negotiating with platform brokers including Robinhood, Fidelity, and Charles Schwab on whether to open a directed share program for accounts above $100,000 in assets, a structure used in the Rivian IPO but not the Arm Holdings transaction. Third, options market infrastructure—Cboe Global Markets filed preliminary paperwork to list SpaceX options on the first day of trading, which would make it the fastest derivatives buildout for any IPO since Facebook in 2012. Implied volatility surfaces are already pricing 35-40% annualized movement, which is conservative relative to the 55% realized volatility SpaceX demonstrated in private secondary markets during 2023 and early 2024.
The company begins trading on the New York Stock Exchange under ticker SPCE on Monday, with opening cross auction procedures scheduled for 11:30 AM Eastern. Musk will retain 42% voting control through a dual-class share structure that assigns 10 votes per founder share, a governance framework that cleared SEC review but drew formal objections from CalPERS and the New York State Common Retirement Fund during the comment period.
The takeaway
SpaceX's **$68** IPO price sets **24x** earnings entry point for the only profitable, vertically integrated space infrastructure play in public markets.
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