SpaceX Sets IPO Price at $135 Per Share
SpaceX filed its amended S-1/A on June 3, 2026, setting a fixed IPO price of $135 per share — breaking convention by forgoing a traditional price range. The roadshow began June 4, with pricing set for June 11 and trading on June 12 under ticker SPCX on Nasdaq.
At $135/share, the offering values SpaceX at approximately $1.77 trillion and will raise ~$75 billion — making it the largest IPO in U.S. history, roughly 3x the size of Alibaba's 2014 record.
IPO Details
| Detail | Value |
|---|---|
| IPO Price | $135/share (fixed — no range) |
| Shares Offered | 555.6 million Class A shares |
| Amount Raised | ~$75B |
| Valuation at Pricing | ~$1.77T |
| Ticker | SPCX on Nasdaq + Nasdaq Texas |
| Roadshow | Started June 4, 2026 |
| Pricing Date | June 11, 2026 |
| Trading Debut | June 12, 2026 |
| Lead Banks | Goldman Sachs (lead), Morgan Stanley, BofA, Citi, JPMorgan |
| Public Float | ~5% of total shares |
| Musk Control | 82%+ voting power post-IPO |
How $135 Compares to Secondary Market Pricing
The IPO price sits right between the two major secondary platforms:
| Source | Price Per Share | vs. IPO |
|---|---|---|
| Forge Global (last trade) | ~$129 | IPO is ~5% premium |
| SpaceX IPO | $135 | — |
| Hiive (model price) | ~$157 | IPO is ~14% discount |
For secondary holders who bought below $135, the IPO represents an immediate markup. For those who bought above, the fixed price creates a near-term reference point that may compress secondary premiums.
Lock-Up Structure: Staggered, Not Standard
SpaceX's lock-up breaks from the typical 180-day cliff. This is critical for holders planning liquidity:
| Trigger | Shares Released | Cumulative |
|---|---|---|
| Q2 2026 Earnings (first public quarter) | Up to 20% | ~20% |
| Q2 Earnings + SPCX ≥30% above $135 | Additional 10% | ~30% |
| Day 70 post-IPO | 7% | ~37% |
| Day 90 | 7% | ~44% |
| Day 105 | 7% | ~51% |
| Day 120 | 7% | ~58% |
| Day 135 | 7% | ~65% |
| Q3 2026 Earnings | Additional 28% | ~93% |
| Day 180 | All remaining | 100% |
Elon Musk is excluded from all early-release provisions — locked for the full period.
The staggered structure means secondary market dynamics will shift at each unlock date, creating trading windows throughout H2 2026.
Key Considerations
- Morningstar considers SpaceX "overvalued by half" at the IPO price and recommends investors wait
- Only ~5% float at IPO vs. 20%+ typical for large caps — expect elevated volatility
- Up to 30% of float earmarked for retail investors
- $4.94B net loss in 2025 (combined with xAI) — the xAI segment burned $6.4B in operating losses
- The $135 fixed price (no range) signals confidence from the underwriting syndicate but limits price discovery
Timeline: What Happens Next
| Date | Event |
|---|---|
| June 4 | Roadshow begins |
| June 11 | IPO pricing confirmed |
| June 12 | SPCX begins trading on Nasdaq |
| ~August 2026 | Q2 earnings — first unlock window (20-30%) |
| ~August-October | Rolling 7% unlocks every 2-3 weeks |
| ~November 2026 | Q3 earnings — 28% additional unlock |
| ~December 2026 | Day 180 — full release |
Sources: CNBC, Fortune, SEC S-1/A Filing, Forge Global