SpaceX (NASDAQ: SPCX) has revealed it will issue new shares in its initial public offering at US$135 apiece, valuing the company at US$1.75 trillion and setting the stage for the biggest IPO in US history.
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Records to tumble
The new valuation of the company will also make Elon Musk the first trillionaire on record, once his shareholdings in various companies, such as Tesla Inc (NASDAQ: TSLA), The Boring Company, and SpaceX, are combined.
The share price was announced in an update to the company's prospectus, which stated it would issue 555,555,555 new shares via the IPO, raising about US$75 billion.
The new filing also reveals that Mr Musk will retain majority control of the company, with the "founder, Chief Executive Officer, Chief Technical Officer and Chairman of our board" holding 82.4% of the voting stock in the company once it is listed.
The company said this meant Mr Musk would have free rein as far as decision-making goes.
The company said regarding Mr Musk's majority stake:
As a result, Mr. Musk will be able to control the outcome of matters requiring shareholder approval. This includes the election of (i) a majority of our board, through his ownership of Class B shares (as Class B Directors), for so long as he holds a majority of the voting power of the Class B common stock, and (ii) the remainder of our board, for so long as he holds a majority of the combined voting power of the Class A and Class B common stock. As a result, we will be a "controlled company" under the corporate governance rules of Nasdaq following the completion of this offering and, as a result, we intend to rely on exemptions from certain corporate governance requirements.
Strong revenue but profits elusive
SpaceX comprises three divisions: the SpaceX rocket division, the Starlink satellite internet division, and the artificial intelligence division.
Of the three, only Starlink is turning a profit at the moment, with SpaceX overall posting a US$2.59 billion loss on revenue of US$18.7 billion in 2025.
For the first three months of 2026, the Space division lost US$662 million, the AI division lost US$2.47 billion, and the connectivity division made a profit of US$1.19 billion.
The company's prospectus is littered with lofty ambitions, saying, for example, "Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars''.
Australian investors still waiting
In terms of Australian investors who want to get in on the action, CommSec wrote to its customers last week, saying the IPO is "expected" to include an Australian retail offer and that it will be the lead Australian retail broker.
CommSec said the shares will not be listed on the ASX, and its customers will need an international shares account.
CommSec has not updated its IPO page since, and there is still no listing for SpaceX shares there.
It will also be possible for Australians with an international trading account to buy and sell shares once trading begins on the NASDAQ exchange, expected around June 12.
