SpaceX trims IPO valuation target to $1.8T ahead of record listing

SpaceX has reduced the valuation target for its long‑anticipated initial public offering to at least $1.8 trillion, down from earlier ambitions of more than $2 trillion, according to multiple reports citing people familiar with the deal. The company is seeking to raise as much as $75 billion in fresh capital, which would make it the largest IPO in history by proceeds. A recent term sheet reported by Reuters indicates SpaceX plans to price the offering at $135 per share, selling roughly 555.6 million shares to reach a market value of around $1.75 trillion at the offer price. Formal marketing to investors is expected to begin around June 4, with pricing targeted for around June 11 and trading slated to start shortly after on Nasdaq under the ticker SPCX.

The revised valuation follows consultations with advisers and potential investors as SpaceX balances record‑setting ambitions with public‑market appetite for a highly valued, capital‑intensive business. At the targeted range, the IPO would value SpaceX at roughly 90–100 times its projected 2025 revenue of about $18.7 billion, a multiple that bakes in expectations for sustained hypergrowth across its launch, Starlink connectivity, and AI‑related businesses. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are leading a syndicate of more than 20 banks underwriting the deal, with SpaceX reportedly negotiating unusually low underwriting fees of under 0.75% on the offering size. The combination of a record raise, an unprecedented valuation for a debuting U.S. issuer, and a heavy retail and employee participation component positions the SpaceX IPO as a defining test of investor demand for large, late‑stage private technology and infrastructure companies entering public markets.