Largest IPO Ever Set to Launch, Valued at Rp1,300 Trillion
SpaceX, the aerospace and satellite communications company led by US tech billionaire Elon Musk, plans to raise approximately US$75 billion, or around Rp1,357.17 trillion, through a record-breaking initial public offering (IPO).
Citing Deutsche Welle, SpaceX intends to offer 555,55 tribut shares at an initial price of US$135 per share. Based on approximately 13 billion outstanding shares, this would grant the company a valuation of around US$1.765 trillion. If realised, this IPO will surpass the current fundraising record set by the Saudi Arabian oil producer Aramco, which raised US$25.6 billion during its public debut in 2019.
Analysts have noted that this listing could make Musk, already the world’s wealthiest individual, the first person in history to become a trillionaire. SpaceX’s decision to set its public share price a week before the IPO marks a return to older Wall Street practices, reversing long-standing market pricing mechanisms and underscoring Musk’s determination to raise record funds through unconventional methods.
“There is nothing normal about this IPO in any respect,” an investor planning to participate in the offering told Reuters. “But then again, this is the largest IPO in history, so perhaps it is not surprising.”
The lack of clear public market benchmarks for the share price is expected, given the scarcity of public companies with SpaceX’s unique interests in space, aerospace, telecommunications, and defence.
In terms of performance, SpaceX’s revenue increased by 33% to US$18.67 billion in 2025, although the company still recorded a net loss of US$4.94 billion. “At a glance, a price-to-earnings ratio of 90 times is very high by any standard,” said Tim Hatt, head of research and consulting at GSMA Intelligence, to Reuters. “But SpaceX is entirely non-traditional, and no other public company is truly comparable.”
Founded in 2002, SpaceX has pioneered new advancements in private spaceflight. In 2012, it became the first private company to successfully dock a spacecraft with the International Space Station (ISS), marking a milestone in the commercial space industry. In 2020, SpaceX achieved another historic feat by becoming the first private company to transport astronauts to the ISS.
In February, SpaceX took over Musk’s artificial intelligence company, xAI—one year after xAI acquired the social network X, formerly known as Twitter. Analysts anticipate further consolidation of Musk’s business ventures by 2027, predicting that SpaceX could merge with his electric vehicle company, Tesla, as it continues to expand its focus into robotics, energy solutions, and autonomous transport.