SpaceX has outlined an IPO that would value the company at $1.77 trillion, based on the sale of 555.6 million Class A shares at $135 each. The timeline in the filing points to a roadshow starting on June 4, final pricing on June 11, and Nasdaq trading under the ticker SPCX on June 12.
Musk keeps control through the dual-class share structure
The filing says public investors will receive Class A shares, while Class B shares will remain mostly with Elon Musk. Each Class B share carries 10 votes, leaving Musk with 82.4% of total voting power after the IPO. The SEC filing states that he will be able to control matters requiring shareholder approval. Public investors may gain economic exposure, but the company’s decision-making power stays concentrated.
Revenue is rising fast, yet losses remain large
SpaceX reported $18.7 billion in 2025 revenue, including $11.4 billion from Starlink. At the same time, it posted a $4.9 billion net loss, with the article attributing much of that to investment in Starship and AI programs. The revenue outlook for 2026 still points to heavy spending. That leaves the valuation debate centered on two facts: Starlink scaled to $11 billion in less than five years, but the business is still burning money at a high level.
Three crypto exchanges moved before the listing date
Several crypto trading platforms launched products tied to SpaceX before the Nasdaq debut. BitMart introduced bSPCX, which it says is backed by real equity interests rather than being a synthetic token. Subscription is done in USDT, and the campaign runs from June 3 to June 11, 2026. The exchange also says the product does not carry the six-month post-listing lock-up often seen in similar offerings. MEXC listed SPACEX(PRE) through its Launchpad as a Mirror Credits token intended to mirror SpaceX’s market value, with a subscription price of about 130 USDT per unit and proportional allocation. Bitget published the headline IPO terms of $135 per share, a $75 billion raise, and a $1.77 trillion valuation, while offering $SPCX pre-IPO exposure and fair-value discovery tools.
These instruments are not the same as buying SPCX on Nasdaq
The source makes that distinction explicit. These are crypto-based products that track or mirror SpaceX’s value, not direct purchases of the actual listed shares on Nasdaq. Terms differ from platform to platform, and so do the risks. The article also says Musk reportedly cannot sell his shares for at least 366 days after the IPO. Most exchange pre-listing products, by contrast, usually have a six-month lock-up, while BitMart says its product does not.
A record valuation comes with clear execution risk
The article lays out both sides without removing the tension. SpaceX is carrying a massive valuation, a large annual loss, rising Starship development costs, and potential regulatory barriers for Starlink in multiple countries. On the other side are Starlink’s growth pace and SpaceX contracts with NASA and the U.S. military. Demand during the roadshow and final pricing stage will shape the market’s first response, while the exchange-issued pre-listing products remain a separate, higher-risk route that should not be confused with regulated stock ownership.