SpaceX is pricing its initial public offering at $135 per share on June 11, with trading set to begin June 12 on the Nasdaq under ticker SPCX, according to CNBC reporting from June 3. The offering of approximately 555.6 million shares will raise roughly $75 billion and establish an implied valuation near $1.75 trillion, making it the largest IPO in history—more than triple Alibaba's previous record, per CNN Business. The IPO includes a 15% greenshoe over-allotment option, a tiered insider lockup structure, and a 30% retail allocation that is triple the typical level. Goldman Sachs leads a syndicate of more than 20 banks including Morgan Stanley, Bank of America, Citigroup and JPMorgan. Morningstar analysts valued SpaceX at approximately $780 billion—about 55% below the offer price—and warned the company is "overvalued in almost any scenario, at least in the near term," raising questions about whether the debut price reflects fundamental value or engineered demand.
SpaceX Sets $135 IPO Price with 15% Greenshoe and Tiered Lockup Structure
SpaceX is selling approximately 555.6 million shares at $135 to raise about $75 billion, according to CNBC. The roadshow opened on June 4, with pricing set for after the close on June 11 and trading beginning June 12. Goldman Sachs leads a syndicate of more than 20 banks including Morgan Stanley, Bank of America, Citigroup and JPMorgan, per CNBC reporting from June 3.
The offering includes a 15% over-allotment option—commonly called a greenshoe—that could lift total proceeds toward $85.7 billion, according to Seeking Alpha reporting from June. This mechanism allows underwriters to initially sell up to 15% more stock than exists. If SPCX trades above $135, underwriters exercise the option and buy additional shares from the company. If it trades below $135, they buy in the open market to cover their position.
SpaceX adopted a tiered lockup structure instead of the standard 180-day cliff. Existing shareholders can sell 20% of their holdings shortly after the company's first quarterly earnings report covering Q2, according to Morningstar reporting from June 8. A further 10% becomes sellable only if the stock is trading above its IPO price. Elon Musk retains more than 80% of voting power through a dual-class structure, per CNBC.
The company allocated up to 30% of the float to retail investors—roughly triple the usual 10% level, according to FinanceFeeds. SpaceX also secured a fast-track entry mechanism that pushes SPCX directly into the Nasdaq blue-chip index, forcing passive index funds to buy shares regardless of valuation, per the source articles.
Morningstar Values SpaceX at $780 Billion Against $1.75 Trillion Offer
Morningstar analyst Nicholas Owens pegged SpaceX's fair value near $780 billion—about 55% below the $1.75 trillion implied by the $135 offer price, according to Fortune reporting from June 3. "We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO," Morningstar analysts wrote, per the source.
Owens called SpaceX "overvalued in almost any scenario, at least in the near term," adding: "We think long-term investors eager to participate in SpaceX's future endeavors and potential success will have opportunities to do so with more margin of safety than the initial offering is likely to provide," according to the source articles.
SpaceX reported 2025 revenue of $18.67 billion with a $2.6 billion operating loss and more than 10 million Starlink subscribers, per CNBC reporting from June 3. The company's valuation of $1.75 to $1.77 trillion would make SPCX the seventh-largest US company by market capitalization on day one, according to the source.
Goldman Sachs Leads 20-Bank Syndicate with 30% Retail Allocation
Goldman Sachs leads a syndicate of more than 20 banks including Morgan Stanley, Bank of America, Citigroup and JPMorgan, according to CNBC. The 30% retail allocation is roughly triple the typical 10% level for IPOs, per FinanceFeeds.
Crypto platforms have built exposure products around the IPO. Kraken opened SpaceX exposure through its tokenized xStocks platform, while Bybit and Bitget rolled out pre-IPO products, according to the source articles. The fast-track index inclusion mechanism forces passive index funds to buy SPCX shares upon listing, per the source.
Ahead of its own listing, more than 600 current and former OpenAI staff sold roughly $6.6 billion of stock into the secondary market, according to the source articles. SpaceX's tiered lockup is structured to delay similar insider selling.
Bank of America and Citigroup Warn of Concentration Risk in AI IPO Wave
Bank of America chief investment strategist Michael Hartnett stated: "This epic IPO cycle is essentially a large-scale transfer of accumulated risk from early investors to the public market," according to the source articles. He warned the tech weighting in the S&P 500 could breach 48%, exceeding concentration peaks seen in the 1920s, the 1970s Nifty Fifty, 1980s Japan and the 1990s dot-com era.
Citigroup described the market backdrop as "highly frothy," per the source. SpaceX is the first of three major AI-related IPOs, with OpenAI and Anthropic lining up autumn listings that together could add approximately $3 trillion in fresh market capitalization, according to the source articles—none of them currently profitable.
Tether CEO Paolo Ardoino warned that the biggest threat to Bitcoin in 2026 is the AI bubble, stating that if enthusiasm for AI infrastructure fades and equities turn volatile, digital assets could feel spillover effects, per the source.
FAQ
What is the SpaceX IPO price and when does trading begin?
SpaceX is offering shares at $135 each, with pricing set for June 11 and trading beginning June 12 on the Nasdaq under ticker SPCX, according to CNBC reporting from June 3. The offering of approximately 555.6 million shares will raise roughly $75 billion for an implied valuation near $1.75 trillion.
How does Morningstar's valuation compare to the IPO price?
Morningstar analyst Nicholas Owens valued SpaceX at approximately $780 billion—about 55% below the $1.75 trillion implied by the $135 offer price, per Fortune reporting from June 3. Owens called SpaceX "overvalued in almost any scenario, at least in the near term" and stated investors will have opportunities to buy at more attractive levels after the IPO.
What is SpaceX's tiered lockup structure?
Existing shareholders can sell 20% of their holdings shortly after the first quarterly earnings report covering Q2, according to Morningstar reporting from June 8. A further 10% becomes sellable only if the stock is trading above the $135 IPO price. This differs from the standard 180-day cliff lockup used in most IPOs.
