SpaceX, the countdown begins for the largest listing in history

The countdown has started for the largest quotationof history so far. SpaceX, the aerospace company of Elon Musk, debuts on June 12 on Nasdaq with the ticker SPCX aiming to raise 75 billion of dollars.

SpaceX shatters the record

A figure that shatters the historical record of Saudi Aramco, stops at 29.4 billion in 2019. The operation projects the overall valuation of the group at 1,750 billion of dollars, a value that would allow Musk to overcome in one fell swoop Meta, Berkshire Hathaway and his own Tesla, entering the top ten companies in the world. The company will put it on the market 555 million shares at $135 each. The roadshow officially started today but will set the final price on the 11th, on the eve of its debut on the price list.

Musk’s previous experience with Tesla is reflected in the debut

When the automaker went public in 2010 it was worth just around $2 billion, losing money and considered a high-risk bet. Today it capitalizes over one thousand billion and has sensationally rewarded those who believed in Musk’s vision at the time. This is the pattern that the markets see in SpaceX in an even more solid starting condition, the result of an already highly profitable satellite service, important contracts for space research and a demand that remains very high on the eve.

In 2025 it was worth 12 billion

To understand the extent of this anticipation, Americans would say ‘hype’, one must look at the trajectory of almost unprecedented growth in the private sector. Founded in 2002, SpaceX was worth 12 billion dollars in 2015, which later rose to 125 in 2022. From there the race changed pace significantly, driven by government contracts and a commercial boom also made up of announcements, experiments and goals, sometimes unexpected. To hold the bet then there is also Starlink, satellite internet which has exceeded 10 million subscribers in over 160 countries. Connectivity generates the majority of the group’s revenues, which closed the last financial year with a total turnover of 18.7 billion dollars, up 33% on the previous year.

But it is clear that to all this we must add the dominance in commercial launches: SpaceX alone covers 85% of the US market thanks to reusable Falcon rockets which have demonstrated that they can reduce the exceptional costs of access to orbital adventures. Even Musk, over the years, has remained the controversial visionary of Tesla’s times. With SpaceX, this time, it broke Wall Street practice by setting a single price instead of the usual indicative range.

‘Take it or leave it’

A ‘take it or leave it’ formula that eliminates negotiations with investment banks and institutional investors: the company has decided that demand is so high as to make that step almost superfluous. Control of the company will however remain armored: a dual class share structure will guarantee Musk 80-85% of the voting rights despite a lower share of capital. Furthermore, the stock will take advantage of Nasdaq’s new “fast entry” rule, which allows large newcomers to enter the Nasdaq-100 basket after just 15 days of trading, immediately paving the way for automatic purchases of index funds.

The valuation raises the key question among analysts, however. At the fixed price, SpaceX is worth approximately 94 times its revenues, a multiple that is decidedly higher than the average of the S&P 500. The consolidated balance sheet is in fact mainly affected by the artificial intelligence division, the xAI incorporated in Februarywhich eroded Starlink’s positive margins and led to a net loss of $4.9 billion in the latest financial year, following a profit the previous year.

Morningstar, for example, which initiated coverage on the eve of the roadshow, estimates the fair value of the entire company at around $780 billion, less than half the target, and suggests caution. As with Tesla in its early days, everything depends on whether Musk can deliver what he promises, from trade routes to Mars to new global networks in space. To support him, this time, there is also the exponential growth of artificial intelligencewhich continues to power these scenarios, including data centers in space. June 12th, however, is around the corner, and then the market will begin to give the first answers.