Gibson Dunn Leads Legal on SpaceX’s Record $75B IPO
Gibson Dunn led legal counsel for SpaceX’s $75 billion IPO in June 2026.
Why it matters: SpaceX's IPO involved complex legal challenges like supervoting shares and mandatory arbitration, relevant for lawyers advising on sophisticated tech deals and IPOs.
- SpaceX raised $75 billion by selling 555.56 million shares at $135 each, reaching a $1.77 trillion valuation.
- Elon Musk retained all shares, preserving control with supervoting rights worth over $866 billion.
- Gibson Dunn led legal counsel; Davis Polk advised underwriters; Latham & Watkins and Freshfields managed the UK and European regulatory issues.
- Legal fees totaled $25.5 million, reflecting the offering’s legal complexity and scale.
On June 11, 2026, SpaceX completed the largest IPO in U.S. history, selling 555.56 million shares at $135 each to raise $75 billion. This valued the company at about $1.77 trillion. SEC filings show Gibson, Dunn & Crutcher LLP acted as lead legal counsel, guiding SpaceX through complex regulatory and market challenges.
Founder Elon Musk kept all of his shares, holding a stake with special "supervoting rights"—meaning his shares carry multiples of voting power compared to common stock. This locked-in control structure, along with mandatory arbitration provisions limiting shareholder litigation, made the IPO legally novel. These terms required precise legal safeguarding to satisfy regulators and shareholders.
Gibson Dunn collaborated with top firms: Davis Polk & Wardwell LLP advised underwriters on the U.S. side, while Latham & Watkins LLP and the London-based Freshfields Bruckhaus Deringer LLP managed regulatory compliance and transaction aspects for European investors. Freshfields’ involvement underscored the IPO’s global regulatory complexity.
Total legal fees and expenses reached $25.5 million, reflecting the transaction’s high stakes and intricate legal requirements. SpaceX’s IPO presents a benchmark for legal teams handling tech companies that innovate not only products but also governance structures and cross-border finance.
By the numbers:
- $75 billion — capital raised in SpaceX’s IPO
- $1.77 trillion — company valuation post-IPO
- 555.56 million — shares sold at $135 each
Yes, but: While the IPO set new legal precedents, some details about the novel governance terms and their long-term implications remain undisclosed.
What's next: Watch for future regulatory guidance on supervoting shares and arbitration clauses as they gain prominence in tech IPOs.