Elon Musk's SpaceX set a fixed price of $135 per share in a filing with the U.S. Securities and Exchange Commission on Wednesday before officially starting marketing for its initial public offering. SpaceX said it plans to sell 555.6 million shares, which would raise $75 billion. The underwriters have the right to purchase an additional 83.33 million shares at the IPO price, valued at $11.2 billion. Documents show that Musk will have more than 82% of voting control after the issuance.

Goldman Sachs is the lead underwriter of the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

Typically, at this stage of the process, new issuers are given a price range so that the company and its advisors can assess the sensitivity of demand at different price points. This time, after a series of exploratory meetings before the launch of the road show, SpaceX took a more unique approach.

At $135 a share, SpaceX would be valued at $1.77 trillion, assuming the EchoStar Spectrum and Cursor deals are completed. This valuation would make SpaceX the seventh-largest U.S. company by market capitalization, surpassing Tesla, which has a market capitalization of about $1.6 trillion.

Musk's company plans to list on Nasdaq on June 12.

In a filing updated Wednesday, SpaceX also mentioned that its xAI unit purchased $269 million worth of Tesla Megapack battery packs in April. Tesla previously disclosed that it sold $430 million worth of giant backup batteries to xAI last year.

Musk merged SpaceX with xAI in February, valuing the combined entity at $1.25 trillion. There are several financial crossovers between Musk's companies, including Tesla's holding of about 19 million SpaceX shares, worth $2.56 billion at the IPO price.

"We have historically collaborated with Tesla through commercial, licensing and support agreements," the filing said.

SpaceX, which will go public under the stock code SPCX, is expected to be the largest IPO in history, more than three times the size of Alibaba. It is the largest U.S. IPO to date.

The highly anticipated listing comes as artificial intelligence companies Anthropic and OpenAI are also racing to go public.

Anthropic on Monday beat its main rivals to a confidential IPO prospectus with the U.S. Securities and Exchange Commission. According to previous reports, OpenAI is preparing to submit its confidential IPO prospectus in the next few weeks.

SpaceX submitted a prospectus to the SEC late last month, disclosing billions of dollars in losses and Musk's huge shareholding. The company filed revised documents on Monday showing that SpaceX plans to set aside up to 5% of its shares in the IPO for purchase by "certain employees and persons" through a direct stock ownership plan.

According to previous reports, as SpaceX moves towards the public market, there is a lot of discussion that Musk's ultimate goal is to merge the company with Tesla.

Musk has discussed the possibility of merging the two companies with colleagues, and one current Tesla employee said the topic was discussed openly within the company. Tesla and SpaceX have also been sharing resources and personnel for many years.