Musk and Jamie Dimon walked into a room in New York. The biggest IPO in history walked out

$135 a share. No range. No haggling. Take it or leave it.

On Thursday, SpaceX launched the biggest IPO road show in history. Musk and Jamie Dimon stood in front of a room full of investors in New York and pitched a company worth $1.77 trillion. Goldman Sachs is leading the deal. Twenty-one banks are on the ticket. Fidelity opened access to retail buyers. And Japan upsized its piece of the deal by 25% on day two because demand was too strong.

But here's the number that should give you pause. Morningstar — one of the most respected research firms on Wall Street — values SpaceX at $780 billion. That's 55% below the asking price.

Let me explain…

SpaceX broke the playbook. Every major IPO in history has used a price range. The bankers set a floor and a ceiling, run the road show, gauge demand, and narrow it down. Facebook did it. Alibaba did it. Saudi Aramco did it.

SpaceX skipped all of that. It set $135 and moved on. No range. No bookbuilding to test price sensitivity. Just a number and a dare.

At that price, you're paying 93.7 times trailing sales for a company that lost $4.9 billion last year and $4.3 billion in Q1 alone. The S-1 shows $41.3 billion in total losses since founding. All 11 original xAI co-founders have left the company.

And yet demand is crushing it. Japan's retail piece grew 25% in one day. Fidelity's retail portal lit up. Bloomberg reports JPMorgan is running a special campaign to pitch SpaceX to its ultra-high-net-worth clients — with Dimon himself leading the calls.

So how do you square a $780 billion fair value with a $1.77 trillion price tag?

You don't. You pick a side.

The bull case says Starlink is worth $1 trillion on its own. It made $11.4 billion last year and $1.2 billion in profit in Q1. Add Starship's potential, orbital data centers, and government contracts… and $1.77 trillion is cheap.

The bear case says you're paying a trillion dollars for AI hype from a unit that's lost $6.35 billion, whose founders have all walked out, and whose compute-in-space plan has no revenue or proven hardware. Meanwhile, Musk holds 85% of the votes. You own shares. You control nothing.

I understand the excitement. But history says otherwise. Motley Fool data shows 7 of the 10 largest U.S. IPOs have trailed the S&P 500 after listing. Aramco. Alibaba. Facebook — down 50% in its first year.

SpaceX could be the exception. Starlink's cash flow is real. The moat is deep. The government needs this company.

But $135 a share is not a deal. It's a bet on perfection.

Know the difference.

Dig into the S-1 and things get interesting. Of the $75 billion being raised, 78% is pre-pledged to Musk insiders. All proceeds are primary shares — the cash goes to SpaceX, not to sellers. Existing holders can't sell for 366 days. But 5% of shares go to employees, executives, and their friends and family — and that slice has no lockup at all. They can sell on day one at $135. Meanwhile, all 11 original xAI co-founders have left SpaceX since the February merger. The team that built the AI business is gone. The losses remain. Read the fine print before you buy.

Voyager Technologies signed a deal Tuesday to buy Astrobotic, the Pittsburgh lunar lander firm, for up to $300 million in cash and stock. Astrobotic builds the Griffin and Peregrine landers plus LunaGrid, a lunar power system. Its Griffin Mission One was just named Moon Base II by NASA. Voyager already builds the Starlab space station with Airbus. Now it can land on the Moon too. Wedbush called the deal "net positive." Close expected by early July. Pittsburgh becomes Voyager's lunar HQ. The lunar supply chain is being assembled — one deal at a time.

Dave Limp said Monday the damage at LC-36 isn't as bad as feared. Fuel tanks survived. The booster that landed twice and three upper stages are safe in the hangar. The destroyed transporter-erector? Blue Origin was already planning a different vertical assembly method — they'll skip straight to it. NASASpaceFlight confirmed all four stored stages escaped damage. But the root cause is still unknown. And NASA chief Isaacman said it would "take some serious time." SpaceX took 15 months to rebuild Pad 40 after a similar explosion in 2016. Seven months would be historic.

Three dates. All next week.

Tuesday, June 9 at 11 a.m. EDT: NASA names the Artemis III crew at Johnson Space Center. Four astronauts. The mission: dock Orion with one or both lunar landers in Earth orbit, mid-2027. It's a rehearsal for the Moon landing on Artemis IV, now set for late 2028. The crew announcement will be the first time NASA says whether Blue Origin's lander is still in the plan — or if it's SpaceX only.

Thursday, June 11: SpaceX sets the final IPO price. The book closes. Allocations go out. This is when you find out if you got shares at $135… or if you're buying on the open market the next day.

Friday, June 12: SPCX starts trading on Nasdaq. The bell rings. The largest IPO in history goes live. Price discovery begins.

In other words, next week is the week the space economy steps into the public market for good.

Get ready.

Every major IPO works the same way. The company picks a range — say $120 to $140. The bankers run the road show. Demand pours in. They narrow the range. Then they set a final price the night before trading starts.

SpaceX didn't do any of that. It set $135 on day one and said "this is the price." No range. No back and forth.

Why? Two reasons.

First, confidence. SpaceX has been selling shares on private markets for years. In December 2025, the last tender was priced at $135. So the company already knew what big investors were willing to pay. The road show isn't about finding a price — it's about filling the book at a price they've already set.

Second, control. A price range invites negotiation. If demand is soft, the bankers lower the ceiling. That sends a signal: the market thinks you're worth less than you said. By skipping the range, SpaceX avoids that risk entirely. You get one number. You say yes or no.

The downside? If the market thinks $135 is too rich, day-one trading could gap down hard. There's no cushion built in from a carefully narrowed range.

And here's where Morningstar's $780 billion number matters. If the biggest independent research firm on the street says the company is worth less than half the ask… some buyers will pause. Not the ones chasing the hype. But the ones who read the S-1 and do the math.