(Reuters) – In a surprise move ahead of its investor roadshow, Elon Musk’s SpaceX plans to fix its IPO price at $135 per share to raise a record-setting $75 billion, according to a source familiar with the matter._x000D_
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The rocket and satellite communications company plans to sell 555.6 million shares, the source said._x000D_
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It is aiming for a valuation of $1.75 trillion, two other people said._x000D_
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The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX expected to be followed by artificial intelligence giants OpenAI and Anthropic._x000D_
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SpaceX aims to set records and break tradition with the public offering._x000D_
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A fixed price ahead of presentations to investors and bookbuilding is highly unusual._x000D_
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Companies planning to go public typically set a price range to frame valuation expectations and allow pricing to be adjusted based on investor demand._x000D_
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Strong demand can push the final price to the top of the range, or above it, ahead of the market debut._x000D_
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SpaceX’s roadshow begins on Thursday. It earlier held some “testing the waters†meetings with investors._x000D_
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Mission: Mars and space data centres_x000D_
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Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail investors a larger role in allocations to â pushing for early index inclusion, and structuring governance to preserve strong founder control._x000D_
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The company’s valuation relies on SpaceX dominating technologies and markets that do not yet exist – from Mars missions to AI data centres in space._x000D_
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Reuters previously reported that the company is considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk’s cult-like following and broadening ownership of the company._x000D_
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The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company, and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said._x000D_
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Musk will be required to hold his SpaceX shares for 366 days after the IPO, one of the sources said, a signal to investors of his commitment to the company._x000D_
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Proceeds of the IPO will be used for purposes including expanding AI computing resources and SpaceX’s satellite network, the source added._x000D_
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SpaceX merged with Musk’s AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the developer of the Grok AI chatbot at $250 billion._x000D_
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The company has no direct peers, making valuing the company subject to interpretation._x000D_
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Morningstar placed a $780 billion price tag on SpaceX, 48% below its current private-market valuation, according to a June 1 research note._x000D_
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Most of that comes from its Starlink satellite communications business, which drove most of its â revenue, profits and growth last year._x000D_
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SpaceX, however, has tied most of its growth prospects to AI, and its plans rely on yet-to-be-built technologies for a significant portion of future revenue, including solar-powered data centres in space, as it targets a potential $28.5 trillion market, Reuters previously reported._x000D_
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At a $1.75 trillion valuation with the company booking revenue of $18.67 billion in 2025, SpaceX would trade at a trailing price-to-revenue multiple of 93.7 times._x000D_
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On the same basis, space company Rocket Lab is trading on a multiple of 118, data analytics firm Palantir Technologies at 81, and Tesla at nearly 17._x000D_
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SpaceX cannot be evaluated on a price-to-earnings basis as it reported a net loss last year._x000D_
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Mega IPO wave_x000D_
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The listing is expected to kick off a wave of mega IPOs, with SpaceX, OpenAI and â Anthropic together poised to add almost $4 trillion in market capitalisation to public markets and intensify competition for investor dollars._x000D_
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For many investors, the bet is as much on Musk as on SpaceX._x000D_
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His track record at electric-vehicle company Tesla and his ability to galvanise retail traders could likewise spur strong demand for shares, as his reputation has done for past ventures._x000D_
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Still, two of SpaceX’s three businesses are burning cash, with only its connectivity segment, home to the Starlink satellite constellation, generating profits and widely viewed as the â company’s cash cow._x000D_
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SpaceX revenue rose to $4.69 billion in the three months ended March 31 from $4.07 billion a year ago. Losses widened to $1.27 per share versus 18 cents per share over the same period._x000D_
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In 2025, it swung to a net loss of $4.94 billion from a profit of $791 million._x000D_
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Since a large part of SpaceX’s pitch to investors hinges on Musk, some corporate governance concerns could give investors pause, experts have said._x000D_
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Measures, including a dual-class share structure laid out â in the IPO prospectus, concentrate voting power in the hands of Musk and a small group of insiders._x000D_
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SpaceX is aiming to trade on the Nasdaq under the ticker symbol “SPCX.†The debut is expected on June 12, two of the sources said._x000D_
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Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are the joint book-running managers for the offering, leading a syndicate of g
