Highly Anticipated SpaceX IPO Next Week: $135 Per Share with No Room for Negotiation

SpaceX, the space technology and AI company founded by tech giant Elon Musk, will go public on Wall Street in a week. Retail investors worldwide are wondering how to purchase the new shares. However, due to market demand far exceeding supply, even institutional investors will have to enter at a non-negotiable price of $135 per share.

The U.S. space technology company SpaceX is set to launch its initial public offering (IPO) on the Nasdaq exchange on the 12th. With an issue price of $135 per share, the total fund raised will reach $75 billion. This amount far surpasses the fundraising records of Saudi Aramco, which raised approximately $29 billion on the Saudi Stock Exchange in 2019, and Alibaba, which raised roughly $25 billion on the New York Stock Exchange in 2014. It is anticipated to become the largest IPO in history.

Investment banks Goldman Sachs and Morgan Stanley are acting as the lead underwriters for the SpaceX listing. Bank of America, JPMorgan Chase, and Citigroup are handling brokerage, retail, and treasury operations. Due to the massive scale of the offering, 18 other banks and brokerages globally and across the U.S. are also participating.

SpaceX's estimated market capitalization upon listing is $1.77 trillion. According to a Wall Street Journal report on the 5th citing people familiar with the matter, a report presented by Morgan Stanley to key investors indicated that SpaceX's estimated revenue in 2040 will reach $3.4 trillion, with Adjusted EBITDA potentially reaching $2.7 trillion. SpaceX's revenue in 2025 is projected to be only $18.7 billion.

Sources point out that analysts at both Goldman Sachs and Morgan Stanley forecast SpaceX's revenue to approach $160 billion in 2028. Goldman Sachs believes it could reach $470 billion in 2030, while Morgan Stanley evaluates it at $330 billion.

SpaceX's operations encompass the design, manufacturing, and launching of satellites and crewed rockets, the low Earth orbit broadband service "Starlink," space tourism, and the artificial intelligence startup xAI, which launched the AI chatbot Grok.

Global retail investors are all asking how to buy shares in what they see as the first major AI-related company to go public and join this long-awaited grand listing party on Wall Street, but the answer may not be easy.

Typically, a new IPO involves investment banks conducting roadshows to explain the company's prospects to funds and institutional investors. However, The New York Times reported on the 4th, citing three people familiar with the matter, that SpaceX is being highly cautious with large investment institutions. Morgan Stanley and Goldman Sachs will invite potential investors to their Manhattan offices in New York over the next few days for confidential discussions regarding the new share underwriting.

Demand for SpaceX's new shares heavily outweighs supply, and the underwriting banks are adopting a very confident stance. There are no wholesale discounts—it is a fixed price of $135 per share, with no room for negotiation. Buyers simply have to accept it.