Last week, Elon Musk called Bloomberg's "SpaceX Said to Cut IPO Value" story "false," marking the latest clash between Musk and the MSM over coverage of his companies.

Reuters has released a new report, which, based on sources, says SpaceX is planning an IPO at a price of $135 per share, aiming to raise a record $75 billion by selling about 555.6 million shares at an estimated $1.75 trillion valuation.

SpaceX's roadshow is expected to begin Thursday, with a potential Nasdaq debut under the ticker SPCX on June 12. Goldman Sachs, Morgan Stanley, BofA, Citigroup, and JPMorgan are leading the deal.

Sources said the IPO is "structured as an all-primary offering," which means the proceeds will go to SpaceX rather than existing shareholders. Musk will reportedly be subject to a 366-day lock-up period.

At a $1.75 trillion valuation and projected 2025 booking revenue of $18.67 billion, SpaceX would trade at roughly 94 times trailing sales. The company also reported a $4.94 billion net loss in 2025, compared with a prior-year profit, with Starlink internet as the major profit engine.

Beyond Reuters' reporting, there was a separate report from Morningstar analysts stating that SpaceX's valuation should be less than half of the $1.75 trillion figure, and closer to $780 billion.

Morningstar equity analyst Nicolas Owens wrote in a note that his team "doesn't see Grok as one of the leading AI labs today," adding:

"We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO."

Polymarket odds for "SpaceX IPO closing market cap above ___ ?" currently stand at 89% for a market cap above $1.8 trillion.

Related:

SpaceX is preparing a record-setting IPO that would test public-market appetite for Musk's empire, space, and AI. This listing is expected to pave the way for other mega IPOs, such as those of chatbot makers OpenAI and Anthropic.