Elon Musk’s SpaceX is expected to price its IPO at $135 a share, raising a record $75 billion, in a surprise announcement ahead of its investor roadshow, a source familiar with the issue said.

The rocket and satellite communications corporation aims to sell 555.6 million shares, the person added.

It is eyeing a $1.75 trillion valuation, claimed the two other persons.

The listing starts a wave of high-profile private companies looking to test public markets following years of quiet large-cap IPO activity, with SpaceX seen as leading into artificial intelligence giants OpenAI and Anthropic.

With the IPO, SpaceX is trying to break the mould and set records.

It’s rare to set a fixed price before presentations to investors and bookbuilding.

Companies that are looking to go public may often specify a price range to provide valuation guidance and to give room to move pricing up or down depending on demand from investors.

Strong demand can drive the final price to the top of the range — or beyond it — before the market launch.

SpaceX’s display kicks off Thursday. It’d already had some “testing the waters” meetings with investors.

Mission: Data centres for Mars and space

In many other respects, Musk has reinvented the IPO playbook for SpaceX, from proposing to offer retail investors a bigger role in allocations to fighting for early index inclusion and structuring governance to keep strong founder control.

The company’s worth is based on SpaceX owning technology and businesses that do not even exist — from Mars missions to AI data centres in space.

Reuters reported earlier this week that the business is considering giving up to 30% of the sale to individual investors, a substantial retail tranche meant to tap into Musk’s cult-like following and expand ownership of the company.

The IPO is planned to be all primary, meaning that all proceeds will go to the firm, and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources added.

One of the individuals claimed Musk will have to hold his SpaceX shares for 366 days following the IPO, a statement to investors of his commitment to the company.

Proceeds from the IPO will be utilised for reasons including boosting AI computing capacity and SpaceX’s satellite network, the source said.

SpaceX combined with Musk’s AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the maker of the Grok AI chatbot at $250 billion.

The company has no direct counterparts, making the valuation of the company subjective.

In a June 1 research note, Morningstar put SpaceX’s value at $780 billion, 48% below its current private-market estimate.

The vast majority of that comes from its Starlink satellite communications sector, which produced most of its sales, profits and growth last year.

But SpaceX has pegged much of its future development on AI and its plans depend on unbuilt technologies for a large part of its future revenue, including solar-powered data centres in space, as it looks to a possible $28.5 trillion market, Reuters previously reported.

At a $1.75 trillion value and the firm earning revenue of $18.67 billion in 2025, SpaceX would trade at a trailing price to revenue multiple of 93.7x.

Space company Rocket Lab is trading on a multiple of 118, data analytics firm Palantir Technologies at 81 and Tesla at around 17 on the same basis.

SpaceX cannot be valued using price-to-earnings as it showed a net loss in the last year .

A mega-IPO tsunami

The listing is likely to trigger a wave of giant IPOs, with SpaceX, OpenAI and ⁠Anthropic set to together bring over $4 trillion in market capitalisation to the public markets and heighten the race for investor money.

For many investors, the stake is as much on Musk as it is on SpaceX.

His track record at electric-vehicle startup Tesla and his ability to galvanise regular traders might also fuel robust demand for shares, as his reputation has done for earlier enterprises.

Still, two of SpaceX’s three operations are losing money, with only its connection division, home to the Starlink satellite constellation, making money, and broadly seen as the ⁠company’s cash cow.

SpaceX’s revenue grew to $4.69 billion in the three months ending March 31 from $4.07 billion a year earlier. Losses narrowed to $1.27 a share from 18 cents a share in the same period.

It swung to a net loss of $4.94 billion in 2025 from a profit of $791 million.

Experts have said that a big part of SpaceX’s presentation to investors rests on Musk, which could give investors pause about some corporate governance concerns.

The IPO prospectus details a dual-class share structure, a measure that concentrates voting power with Musk and a few of insiders.

SpaceX is looking to list on the Nasdaq under the name “SPCX.” Two of the individuals indicated the premiere is scheduled on June 12.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are acting as the joint book-running managers for the offering which is being made through a syndicate of companies