SpaceX targets $1.77T valuation with $75B IPO on June 12 at $135 per share

SpaceX is set to officially commence public trading on June 12, executing a capital raise of $75 billion through the issuance of 555.6 million shares priced at $135 each. This transaction positions the company with a market capitalization nearing $1.77 trillion, marking a historic milestone in global equity markets. Trading is scheduled to initiate on June 11, with shares listed on both NASDAQ and the NASDAQ Texas Market under the ticker symbol 'SPCX' the following day. The capital structure ensures that 马斯克 retains approximately 84.4% of the voting rights, securing absolute command over corporate governance. Based on the issuance price, Bloomberg's Billionaires Index projects 马斯克's net worth to reach $988 billion, placing him within a mere 2.2% price increase to $138 of becoming the world's first trillionaire.

The listing strategy diverges significantly from standard U.S. market conventions by establishing a fixed issuance price rather than conducting roadshows to determine a final range after announcing an initial band. This approach, while uncommon in the United States, mirrors practices frequently observed in Asian and European markets. The $75 billion financing volume is poised to shatter the previous record set by Saudi Aramco's $29.9 billion IPO in 2019, solidifying this as the largest initial public offering in history. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase serve as joint lead underwriters, joined by 18 additional banks representing nearly every major global investment institution. Data compiled by Woofun AI indicates that this unprecedented underwriting syndicate is expected to catalyze similar IPO ambitions for OpenAI and Anthropic, both targeting hundreds of billions in financing this year.

Financial performance data presents a complex narrative for potential investors, characterized by robust revenue growth alongside widening net losses. The prospectus reveals revenue climbed to $18.7 billion last year from $14 billion in 2024, yet the company swung from a $791 million profit in 2024 to a $4.94 billion net loss in the same period. Proceeds from the IPO are designated for expanding AI business operations, rocket launches, and satellite infrastructure development. Crucially, the company must utilize a portion of the raised capital and debt financing to repay at least part of $20 billion in bridge loans within six months of listing. These loans were originally secured to refinance high-interest junk bonds held by 马斯克's social media and AI ventures.

To address immediate cash flow pressures, SpaceX has secured a contract with Anthropic to provide AI computing services at a monthly fee of $1.25 billion. This agreement aims to partially alleviate funding requirements for the company's AI sector, though both parties retain the right to terminate the arrangement with 90 days' notice. 马斯克 stated on X on May 28 that while no multi-year lease has been committed, the arrangement 'is possible' to continue. Woofun AI notes that the prospectus estimates a total addressable market of $28.5 trillion, identifying AI infrastructure and space-based data centers as primary growth vectors. The ownership structure grants 马斯克 near-absolute control via Class B shares, which carry 10 voting rights per share; holding 93.6% of these shares allows him to control 84.4% of voting rights, determine 51% of board seats, and block any resolution to remove him from leadership.

Governance concerns have been raised by the non-profit Alliance to Protect Shareholder Value, which issued a statement on May 26 criticizing the policies as 'attempting to significantly weaken shareholder protection in a novel and reckless manner.' The firm argues that the structure grants SpaceX leadership nearly all administrative powers. In the shareholder hierarchy, Valor Equity Partners remains the second-largest disclosed holder with 6.7% of Class A shares. Antonio Gracias, founder of Valor and a long-time ally of 马斯克, serves on the board and has supported the rocket company for over a decade. Despite these structural advantages, Morningstar analysts contend the company is 'seriously overvalued,' calculating a fair value of approximately $780 billion using a discounted cash flow model, which is less than half of the target IPO valuation.

Morningstar's assessment highlights uncertainty regarding the profitability of the xAI division and an unclear 'economic moat,' viewing these as threats that could 'substantially undermine the company's value.' The firm's $780 billion valuation represents a 48% discount to the $1.75 trillion target.

However, the analysts acknowledge that short-term stock performance may be supported by a limited initial share supply, the participation of virtually all major global investment banks, and intense investor demand for AI infrastructure. Woofun AI analysis suggests that despite the overvaluation concerns, SpaceX is expected to be included in the NASDAQ 100 index within just 15 trading days of listing, an unprecedented speed in market history. Morningstar concludes that even with this rapid inclusion, investors may find more attractive entry points post-IPO if market sentiment shifts.