SpaceX’s record IPO has Wall Street torn between a Musk ‘holy grail’ and a $72-per-share leap of faith

Space X’s $1.77 trillion IPO is set to become the largest in history this week, and, analysts say, among the most controversial. The IPO, which aims to raise $75 billion by selling 555 million shares at a fixed price of $135 per share, starts trading on Friday, June 12, and will be listed on the NASDAQ under the ticker SPCX. The IPO, and its gigantic size, reflects investor enthusiasm for all things AI, but it will also help to break a rut in the IPO market. Last year, there were only about 200 public offerings—roughly half the number of traditional IPOs during the 2021 boom. Now, on the back of investor enthusiasm for high-growth plays, AI heavyweights Anthropic and OpenAI have also confidentially filed to go public. Yet SpaceX’s IPO has already become a lightning rod for debate. Some market onlookers argue its eye-popping valuation is untethered from its fundamentals. SpaceX posted $18.67 billion in 2025 revenue, up 33%, while swinging to a $4.94 billion net loss: about 94x trailing sales at the IPO price. Others are convinced Elon Musk will achieve his lofty ambitions and, in the process, replicate the Tesla playbook to make SpaceX one of the biggest companies in the world by market cap. The IPO is reportedly oversubscribed, meaning there’s more investor demand than the number of shares SpaceX is willing to offer at the offering price. The first day (or days) of trading could thus be prone to major price swings. Still, analysts are split on whether SpaceX will ultimately skyrocket or falter on the platform. Here’s what some of them are saying. The Bull Case Dan Ives, a managing director and senior equity research analyst at Wedbush Securities, is a longtime Tesla bull, and his enthusiasm has now spread to SpaceX’s IPO. In a note to investors on Wednesday, he described the public offering as “an important moment for the broader tech sector in our view as this AI Revolution and data takes this next step forward.” Ives believes there is more than an 80% chance SpaceX