Elon Musk's SpaceX prices shares at $135, raising $75 billion in largest-ever IPO

SpaceX has priced its shares at $135, according to a filing with the U.S. Securities and Exchange Commission on Thursday, setting the stage for one of the most closely watched public market debuts in recent years.

The company sold 555.6 million shares at that price, raising $75 billion, making it the largest IPO ever, easily topping Saudi Aramco's $30 billion in 2019.

The Elon Musk-led aerospace and satellite company is expected to begin trading on Nasdaq on Friday under the ticker SPCX, giving public investors their first opportunity to buy shares. Based on the offering price, SpaceX will enter the public markets with a fully-diluted valuation of roughly $1.8 trillion.

The valuation is a pricey one, given SpaceX produced roughly $19 billion in revenue last year, driven by launches, government contracts and its rapidly growing Starlink satellite internet business.

Also notable is the company’s sizable bitcoin BTC$62,866.08 holdings. SpaceX held 18,712 bitcoin as of March 31. That would be valued at just under $1.2 billion at BTC's current price around $63,500.

A public listing would bring those holdings into public markets, giving investors indirect exposure to bitcoin through ownership of SpaceX shares. The company’s bitcoin position has drawn increased attention amid reports that Musk has explored combining SpaceX and electric vehicle maker Tesla (TSLA). Tesla already holds one of the largest corporate bitcoin treasuries among publicly traded companies, with more than 11,500 BTC.

At the same time as its expected Nasdaq debut, SpaceX shares are also set to begin trading on Solana-based infrastructure through a tokenized version of the stock.

The token, issued by Backpack, represents ownership of underlying SpaceX shares and can be redeemed for those shares through Backpack’s brokerage platform.

The launch represents one of the highest-profile efforts yet to bring newly listed U.S. equities onchain from their first day of trading. Supporters argue the model could expand access and liquidity for investors globally, while critics have raised questions about regulation, custody and market fragmentation.

SpaceX’s debut is expected to test investor appetite for both large-scale technology offerings and the growing convergence between traditional finance and blockchain-based markets.