SpaceX is offering 555.6 million shares at a fixed price of $135 each, a move that would raise about $75 billion and rank as the largest IPO in history, surpassing Saudi Aramco’s $29.4 billion listing in 2019. The stock is set to begin trading on June 12, 2026. Gulf wealth funds have placed orders worth several billion dollars for the offering, according to people familiar with the matter, signaling the region’s intent to bankroll the global artificial intelligence buildout.
The listing turns a decade-old bet — Alphabet’s roughly $100 million investment — into a publicly visible stake worth close to $100 billion, according to BeInCrypto. That dynamic is feeding the bull case for Google parent Alphabet (GOOGL), which has slid 12.67% from its May 18 record. The IPO is drawing heavy retail interest as well; one New York public relations manager saved $6,500 to buy shares after the debut.
Wall Street is wrestling with the scale of the offering. “What are you going to do, short NASA?” quipped Millbank Dartmoor Portsmouth CIO Dennis Davitt, comparing the challenge to hedging a unique asset like the 2004 Google IPO. Banks lower on the totem pole are working for relatively small fees and receiving no deal credit, a source of frustration among some junior banks in the syndicate.
Counter-argument: Some analysts warn against overfocusing on the SpaceX IPO. Matt Kennedy of Renaissance Capital and Josef Schuster of IPOX Schuster have advised investors not to pile in solely on hype, noting that the fixed-price structure and Elon Musk's controlling stake raise governance concerns that could temper long-term returns.