SpaceX Files for Historic IPO Targeting $75 Billion Raise

SpaceX has officially filed for an initial public offering (IPO) that aims to raise $75 billion, a figure that would mark the largest public listing in history [2]. The company, formally known as Space Exploration Technologies Corp., plans to market approximately 555.6 million shares at $135 each, potentially valuing the firm at nearly $1.77 trillion [2].

Key takeaways

• The $75 billion fundraising goal would surpass the $29.4 billion record set by Aramco in 2019 [2].
• SpaceX reported a net loss of $4.94 billion on $18.7 billion in revenue for the previous year [2].
• The company’s equity compensation programs have historically engaged its 22,000+ employees, with some expected to reach net worths of $100 million or more [1].
• SpaceX is utilizing a directed share program, often called "friends and family" shares, which allows certain individuals to purchase stock at the IPO price without a lockup restriction [1].
• The company has discontinued its non-qualified employee stock purchase plan in connection with the offering [1].

Equity Compensation and Employee Wealth

The IPO filing provides a window into the company’s extensive use of equity compensation, which it describes as a method to foster an "ownership mindset" among its workforce [1]. While the S-1 filing offers limited historical detail, it confirms that SpaceX currently grants restricted stock units (RSUs), restricted stock awards (RSAs), and non-statutory stock options to eligible employees [1]. Notably, the company previously utilized "double-trigger" RSUs—which required both time-based service and a liquidity event—for a March 2023 grant, but later removed the second trigger requirement [1].

Beyond standard equity awards, the filing reveals that SpaceX has maintained employee stock purchase plans (ESPPs) for many years, a rarity for a private company [1]. While the 2017 ESPP is expected to be amended for the offering, the company’s 2023 non-qualified ESPP will be discontinued [1]. Additionally, the company has reserved up to five percent of its Class A common stock for a directed share program, allowing selected employees, friends, and family members to purchase shares at the IPO price without being subject to the typical post-IPO lockup restrictions [1].

Financial Outlook and Market Strategy

The upcoming listing, scheduled for June 11 with trading expected to begin the following day, represents a significant shift in standard IPO practices [2]. Unlike most U.S. listings that announce a price range to gauge demand, SpaceX has opted for a fixed price of $135 per share [2]. This strategy accompanies a broad corporate pitch that includes plans for orbital AI compute, direct-to-cell wireless services, and long-term goals for lunar and Martian bases [2].

The company’s financial performance shows volatility, with a net loss of $4.94 billion last year compared to a net income of $791 million on $14 billion in revenue in 2024 [2]. To support its AI initiatives, SpaceX has entered into a contract with Anthropic to provide $1.25 billion of AI compute per month [2]. If successful, the SpaceX debut is expected to pave the way for other high-profile firms, such as and Anthropic, to pursue their own multi-billion dollar public listings [2].