Elon Musk’s SpaceX named its IPO price at $135 per share in a filing Wednesday, skipping the usual roadshow negotiation more than a week before next weeks listing.

The rocket maker will sell 555,555,555 shares at that price, raising close to $75 billion at a roughly $1.75 trillion valuation, the Wall Street Journal reported Thursday.

That would dwarf Saudi Aramco’s $29.4 billion 2019 listing, making it the largest IPO in history when trading begins on the Nasdaq on June 12.

Why The Fixed Price Is Unusual

A typical IPO uses the roadshow to discover demand, with bankers floating a price range and refining it over days of investor meetings.

SpaceX skipped the dance because demand was already strong enough that investors would accept what Musk offered, the Journal reported, citing people close to the deal.

The 555,555,555 share count itself looks like vintage Musk numerology, joining a list that previously included 420 and 69 in his filings and posts.

Polymarket traders are pricing a 92% chance of a listing before June 15, alongside an 83% chance SpaceX finishes 2026 as the largest IPO by market cap. OpenAI and Anthropic are both expected to IPO this year at huge valuations.

The Trillionaire Math For Tesla Holders

At $135 a share, Musk’s SpaceX stake could be worth roughly $840 billion.

Combined with his Tesla (NASDAQ:TSLA) holdings, the listing could push his net worth toward $1.1 trillion and make him the world’s first trillionaire.

The SpaceX valuation would also surpass Tesla, Meta and Berkshire Hathaway. SpaceX reported $18.7 billion in 2025 revenue including its xAI acquisition, putting it at around 93 times sales, against roughly 17 times for Tesla at year-end and 3.4 times for the S&P 500.

A 30% Retail Allocation Break

SpaceX is reportedly carving out up to 30% of the offering for retail investors via platforms including Robinhood Markets (NASDAQ:HOOD), Charles Schwab and Fidelity, roughly triple the usual 5% to 10% retail slice.

Retail buyers on those platforms would receive shares at the IPO price at the same time as institutional investors, according to the prospectus.

Whether retail can actually get filled is another question. Robinhood and SoFi allocate shares by lottery, while Charles Schwab and Fidelity require $100,000 and $500,000 minimums respectively.

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