SpaceX IPO Pricing Term Sheet
Effective Date: June 11, 2026
Expected Trading Commencement: June 12, 2026
Offering Summary
| Term | Detail |
|---|---|
| Issuer | Space Exploration Technologies Corp. (SpaceX) |
| Exchange / Ticker | Nasdaq Global Select Market — SPCX |
| Offering Price | $135.00 per share (fixed price) |
| Shares Offered | 555,555,555 Class A common shares |
| Gross Proceeds | $75.0 billion (before expenses) |
| Over-Allotment Option | 83,333,333 additional shares ($11.25B) |
| Post-IPO Valuation | ~$1.77 trillion |
| Expected Settlement | June 15, 2026 |
Share Structure
- Class A Common Stock: One vote per share; offered in IPO
- Class B Common Stock: Ten votes per share; held primarily by Elon Musk
- Post-IPO Voting Control: Elon Musk retains 82%+ voting power
- Controlled Company: SpaceX qualifies as a Nasdaq “controlled company” — exempt from certain independent board requirements
Use of Proceeds
SpaceX intends to use net proceeds for:
- Expansion of Starlink constellation (target: 100,000+ satellites)
- Starship development and launch cadence scaling
- Ground-based and orbital AI data center infrastructure
- AI1 satellite program (first launches targeted late 2027)
- Integration of xAI assets (Grok, Colossus compute, X platform)
- General corporate purposes and working capital
Retail Allocation
Up to 30% of the offering allocated to retail investors through participating broker-dealers:
- Robinhood Markets
- Fidelity Investments
- Charles Schwab
- SoFi Technologies
- E*TRADE from Morgan Stanley
This represents approximately triple the typical 5–10% retail allocation for mega-cap IPOs.
Financial Highlights (from Prospectus)
- Accumulated deficit since 2002: $41.3 billion
- Cash-flow positive: Since approximately 2015 (per CEO statements)
- Profitable segment: Starlink satellite internet division
- xAI acquisition: Completed February 2026; includes Grok AI models, Colossus data centers, and social platform X
Lock-Up and Governance
- Elon Musk subject to 366-day post-IPO share holding requirement
- All-primary offering — no insider selling in the IPO
- Dual-class structure preserves founder control through public listing
Lead Underwriters
Goldman Sachs (lead left), Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase
Estimated underwriting fees: ~$500 million