SpaceX targets $1.77 trillion valuation in blockbuster IPO, adds $920 million-a-month Google deal

SpaceX has filed to go public at a valuation of about $1.77 trillion, with the Elon Musk-led company pricing shares at $135 apiece and targeting roughly $75 billion in proceeds, according to the latest filing. If completed on those terms, the offering would rank as the largest IPO in history.

Google contract bolsters revenue story

The filing also folds in a new multi-year cloud-services agreement with Google, under which the Alphabet unit will pay SpaceX $920 million a month from October 2026 through June 2029. The contract covers access to about 110,000 Nvidia GPUs along with CPUs, memory and related infrastructure, giving SpaceX a large recurring revenue stream ahead of its public debut.

The Google deal follows an earlier compute arrangement with Anthropic, adding to the company’s AI-infrastructure narrative as it heads toward the market.

Filing spells out safeguards

The prospectus says Google will start paying the full monthly rate from October, with a reduced-fee ramp-up period until then as capacity is delivered. It also says Google can walk away if delivery milestones are missed, while either side can terminate the agreement with 90 days’ notice after December 31, 2026.

The filing further states that Google will retain ownership of its content, AI models and related data, a key point as the AI computing market gets more competitive and contract terms become more protective of intellectual property.

New allocation structure

SpaceX has also added a “friends and family” share carve-out to the IPO structure, another notable change in the amended filing. The move suggests the company is refining both its fundraising pitch and the distribution mechanics of what is shaping up to be one of the most closely watched listings in years.

Taken together, the updated filing shows SpaceX leaning heavily on scale, recurring AI-related infrastructure revenue and a record-setting valuation to make its case to public-market investors.