The valuation positions SpaceX as the seventh most valuable company on U.S. exchanges, despite the firm reporting a loss last year. Elon Musk, who retains 82% control of the company, bypassed traditional roadshow negotiations to finalize the terms. In a move to broaden ownership, the company allocated 30% of the shares specifically for retail investors.

While the $75 billion haul eclipses the 2019 debut of Saudi Aramco, some analysts remain skeptical of the astronomical valuation. The company’s growth strategy hinges on the Starlink internet unit, which currently provides the majority of its revenue, and the integration of xAI, which seeks to compete with industry leaders like OpenAI. SpaceX faces mounting pressure from rivals including Jeff Bezos’ Blue Origin, even as it targets a theoretical $28.5 trillion addressable market. Goldman Sachs and Morgan Stanley are among the lead underwriters managing the offering.