SpaceX sets $135 IPO price, Musk retains 82.4% voting power

SpaceX announced a preliminary IPO price of $135 per Class A share, aiming to raise roughly $75 billion in gross proceeds and about $74.4 billion in net proceeds [1]. The filing shows Elon Musk would still control approximately 82.4% of the company’s voting power after the offering [1].

Key takeaways

• SpaceX plans to sell 555,555,555 Class A shares at $135 each [1]
• Expected net proceeds are about $74.4 billion [1]
• Musk would retain roughly 82.4% voting power via Class B shares [1]
• The IPO would value SpaceX at around $1.75 trillion, making it one of the largest listings ever [2]
• Starlink’s connectivity segment generated $11.387 billion in 2025 revenue and $4.423 billion operating income, forming the profit base for the filing [1]

Pricing, valuation and share structure

The preliminary prospectus filed with the SEC lists 555,555,555 Class A shares at $135 each, a departure from the usual price‑range process and a move that locks in the price ahead of investor meetings [1]. At this price, the offering would value SpaceX at roughly $1.77 trillion, positioning it among the world’s most valuable public companies and potentially setting a record for the largest IPO by proceeds [2]. The share structure grants one vote to each Class A share and ten votes to each Class B share, a design that enables Musk to keep enough voting power to elect directors and approve shareholder matters, preserving his 82.4% control [1][2].

Use of proceeds and business segments

SpaceX disclosed $18.674 billion of consolidated revenue for 2025, with a $2.589 billion operating loss [1]. The connectivity segment, primarily Starlink, contributed $11.387 billion in revenue and $4.423 billion of operating income, making it the visible profit source in the filing [1]. Proceeds from the IPO are earmarked for AI compute infrastructure, launch infrastructure and vehicles, satellite constellations, and general corporate purposes, including plans to deploy orbital AI compute satellites as early as 2028 [1]. The filing also notes that up to 5% of the Class A shares may be reserved for employees and other select individuals, purchasable at the same price and without lock‑up restrictions [1].

Why it matters

The filing signals SpaceX’s transition from a privately held aerospace firm to a publicly traded entity with a valuation that rivals the world’s biggest tech giants. Retaining 82.4% voting control ensures Musk can steer the company’s ambitious plans—ranging from AI‑focused satellite services to deep‑space missions—without significant shareholder interference. The scale of the raise, combined with the company’s ongoing operating losses, raises questions about how the capital will be allocated between debt repayment, growth initiatives, and the costly AI race. Investors and regulators will closely watch the upcoming roadshow, scheduled to begin June 4, with pricing set for June 11 and trading potentially starting June 12 [1].