SpaceX is set to finalise its initial public offering pricing on Thursday, with the company targeting a price of $135 per share. The offering involves approximately 555.6 million shares, with the aim of raising $75 billion and valuing SpaceX at approximately $1.77 trillion, which would make it the most valuable company ever to debut on a public stock exchange.

Elon Musk holds a 42% stake in SpaceX. At the $135 per share target price, his combined shares and options in SpaceX would add approximately $688 billion to his current estimated fortune of $782 billion, according to Forbes estimates. This would make Musk the world's first individual to reach a net worth of $1 trillion.

The SpaceX IPO is among the most anticipated stock debuts of 2026, alongside OpenAI and Anthropic, both of which have announced IPO filings in recent weeks. The debut would also generate substantial wealth for several other SpaceX insiders. Antonio Gracias, who holds more than 503 million SpaceX shares, could see his $4.8 billion net worth increase by nearly $68 billion at the $135 IPO price. SpaceX president Gwynne Shotwell's stake is expected to be valued at approximately $1.6 billion, up from $1.2 billion, and CFO Bret Johnson's stake, currently valued at $700 million, could reach approximately $1.2 billion.

Morningstar Inc. (NASDAQ: MORN) has issued a cautionary note on the valuation, projecting that SpaceX should trade at $63 per share and advising investors to wait until after the IPO to avoid volatility. Investor Michael Burry has also pushed back publicly, writing on his Substack that SpaceX's IPO filing contained "nothing" to suggest the company is worth $1 trillion, "let alone $2 trillion."

The SpaceX IPO filing disclosed the company's finances and detailed Musk's grip on shareholder voting power. A successful debut at the target price would also mark the first time Musk leads two companies each valued at more than $1 trillion, with Tesla Inc. (NASDAQ: TSLA) being the other.