NEW YORK CITY, New York: Elon Musk's SpaceX is planning an unprecedented stock market debut, aiming to raise a record US$75 billion by setting its initial public offering (IPO) price at $135 per share before formally beginning investor presentations, according to a source familiar with the matter.

The rocket and satellite communications company plans to sell 555.6 million shares and is targeting a valuation of $1.75 trillion, according to people familiar with the plans.

If successful, the offering would rank among the largest IPOs ever and could mark the start of a new wave of blockbuster listings, with artificial intelligence firms OpenAI and Anthropic also expected to pursue public offerings.

SpaceX's approach breaks with long-established IPO conventions. Companies typically provide a price range and adjust the final offering price after gauging investor demand during a roadshow and bookbuilding process.

Instead, SpaceX plans to offer shares at a fixed price ahead of investor meetings. The company begins its roadshow on Thursday, following preliminary "testing the waters" discussions with potential investors.

The plans remain subject to change as investor feedback is gathered, sources cautioned.

"There is no rule banning SpaceX's unconventional plan for setting a fixed price for the IPO," said Weiheng Chen, a senior partner at U.S. law firm Wilson Sonsini Goodrich & Rosati.

"Musk is simply taking a 'take-it-or-leave-it' approach, which works for his followers and is also sensible given the market conditions and the lack of comparables," Chen said.

SpaceX is also reshaping the IPO process in other ways. Reuters previously reported that the company is considering allocating up to 30 percent of its shares to retail investors, an unusually large portion intended to tap into Musk's loyal following.

The IPO is expected to be structured as an all-primary offering, meaning all proceeds will go directly to the company rather than existing shareholders. Sources also said Musk would be required to hold his SpaceX shares for 366 days following the offering.

Funds raised are expected to support projects, including expanded AI computing infrastructure and growth of the company's Starlink satellite network.

The valuation reflects investor expectations for businesses that extend beyond SpaceX's current operations, including future Mars missions and space-based AI data centers.

Earlier this year, SpaceX merged with Musk's AI startup xAI in a deal that valued SpaceX at $1 trillion and xAI at $250 billion.

Valuing the company remains challenging because it has few direct competitors. Morningstar recently estimated SpaceX's value at $780 billion, well below its targeted IPO valuation, with much of that value tied to the Starlink satellite communications business.

At a $1.75 trillion valuation and 2025 revenue of $18.67 billion, SpaceX would trade at roughly 94 times revenue. The company cannot be evaluated on a price-to-earnings basis because it reported a net loss last year.

Revenue rose to $4.69 billion in the first quarter from $4.07 billion a year earlier, while losses widened to $1.27 per share. For 2025, the company posted a net loss of $4.94 billion, compared with a profit of $791 million the previous year.

Analysts say investor interest is likely to be driven as much by Musk's track record as by SpaceX's financial performance. "When you're the most anticipated IPO ever, you can ask investors to adapt to your process rather than the other way around," said Craig Coben, former Bank of America co-head of Asia-Pacific global capital markets.

SpaceX plans to list on Nasdaq under the ticker symbol "SPCX," with trading expected to begin on June 12.