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SpaceX looking to price IPO at $135 per share, offering 555.6 million shares

Channel: CNBC Television Published: 2026-06-03 16:07
CNBC Television

CNBC reports that SpaceX has filed an amended S-1 setting a fixed IPO price of $135 per share for 555.6 million primary shares, implying about a $75 billion offering and a $1.75 trillion fully diluted valuation. The discussion focuses on how unusual this fixed-price structure is versus a standard price range, and on the technical mechanics of float, index inclusion, and lockup dynamics that could shape demand after pricing.

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Detailed summary

The segment is a breaking-news market update centered on SpaceX’s amended S-1 and the company’s decision to market its IPO at a fixed $135 per share. Leslie Picker says the filing indicates SpaceX plans to offer 555.6 million shares, all primary stock, with the proceeds going to the company rather than selling shareholders. At that price, the offering would raise about $75 billion and imply a roughly $1.75 trillion fully diluted valuation, which the speakers describe as potentially the largest IPO of all time. A key part of the discussion is how unusual the offering structure is. Rather than using the standard IPO price range and back-and-forth “gamesmanship” around the book, the deal is being marketed at a fixed price. …

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Main takeaways

  1. SpaceX is being marketed at a fixed $135 per share, not a normal IPO range.
  2. The deal implies about $75 billion raised and a $1.75 trillion fully diluted valuation.
  3. The offering is entirely primary shares, so proceeds go to SpaceX, not sellers.
  4. The structure is unusually technical: float, lockups, and index inclusion may matter as much as fundamentals.
  5. The speakers frame SpaceX as a long-duration bet rather than a near-term valuation trade.

Market read by horizon

Short term

Near term, the trade is about IPO pricing, book demand, and whether the fixed $135 structure holds into final pricing. Execution risk is high because sentiment may move more on deal mechanics than on fundamentals.

  • Final IPO price is not locked until next Thursday, and debut is expected next Friday.
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  • Watch whether the fixed $135 price is revised during marketing.
  • Immediate attention centers on float size, initial demand, and any surprise shift in final pricing.
Mid term

Over the next few weeks, the key test is whether the market absorbs the $1.75 trillion valuation without needing material repricing; strong early trading and expanding demand would validate the structure, while weak demand would force a reset in how ambitious mega-IPOs can be.

  • Over the next several weeks, the key question is whether the market accepts the $1.75 trillion valuation and how the book builds around the fixed-price structure.
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  • Confirmation will come from post-pricing trading, lockup-related supply expectations, and whether index-inclusion narratives start driving incremental demand.
  • If demand is strong, the fixed-price model could validate a new path for mega-IPOs; if weak, the market may treat the structure as too aggressive or too gimmicky.
Long term

Structurally, this looks like a potential template shift toward trillion-dollar private-company listings with low free float and heavy index/flow sensitivity. If it works, SpaceX could help normalize a new IPO regime built around future optionality rather than near-term earnings.

  • SpaceX is being framed as a structural market event that may redefine what is possible for private-company exits at trillion-dollar valuations.
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  • The longer-term thesis is that investors are buying optionality on a very large future business, not present-day earnings power.
  • If this deal succeeds, it could normalize high-valuation, low-float IPO structures for other elite private companies.
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Key claims (8)

0:10
NEUTRAL IPO pricing SpaceX

SpaceX filed an amended S-1 that sets a fixed IPO price of $135 per share.

Directly stated as breaking news from the amended filing.

0:25
BULLISH capital markets SpaceX

The offering is expected to raise about $75 billion and may be the largest IPO of all time.

The speakers explicitly connect the share count and price to the implied raise and record size.

0:45
NEUTRAL offering structure SpaceX

All 555.6 million shares in the offering are primary stock, so none of the IPO proceeds are going to selling shareholders.

This is stated explicitly in the segment.

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Assets discussed (8)

SpaceX
BULLISH other

The segment frames the IPO as a record-setting capital markets event with massive implied valuation and strong structural demand potential.

SpaceX IPO
BULLISH other

Described as potentially the largest IPO of all time, with a fixed price and large primary raise.

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Speakers

HOST Melissa Lee SPEAKER Leslie Picker

Interview (1 Q&A)

1:10
IPO price flexibility

Is the fixed price of $135 per share a take-it-or-leave-it proposition, or could it still change by next Thursday?

Leslie Picker explained that while the fixed price gives them flexibility to change it, the unconventional approach was Elon Musk's style. The $135 price and 555.6 million shares solve for the $75 billion offering size the company was aiming for, but it could still change by next Thursday.

Where this transcript pushes against consensus

  • The valuation looks extreme versus current revenue; one speaker notes the gap between roughly $20–25B revenue and a $1.75T valuation.
  • The logic that buyers won’t care about a $1–2 difference in IPO price is asserted, not demonstrated.
  • The claim that the IPO will not materially affect indexes because the float is small may depend on methodology and future float expansion.
  • The idea that the fixed price is purely mathematical is plausible, but the transcript does not fully rule out signaling or strategic motives.

Topics

SpaceX IPOfixed-price offeringvaluationfloat and lockupsindex inclusionprimary sharestrillion-dollar IPOs

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