By Echo Wang

NEW YORK, June 2 (Reuters) - In a surprise move ahead of its investor roadshow, Elon Musk's SpaceX plans to fix its IPO price at $135 per share to raise a record-setting $75 billion, according to a source familiar with the matter.

The rocket and satellite communications company plans to sell 555.6 million shares, the source said. It is aiming for a valuation of $1.75 trillion, two other people ‌said.

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The listing leads a wave of high-profile private companies preparing to test public markets after years of muted large-cap IPO activity, with SpaceX expected to be followed by artificial intelligence giants OpenAI and Anthropic.

SpaceX aims to ‌set records and break tradition with the public offering.

A fixed price ahead of presentations to investors and bookbuilding is highly unusual.

Companies planning to go public typically set a price range to frame valuation expectations and allow pricing to be adjusted based on investor demand. Strong demand can push the ​final price to the top of the range, or above it, ahead of the market debut.

SpaceX's roadshow begins on Thursday. It earlier held some "testing the waters" meetings with investors.

The company's plans, including the size of the raise, are subject to change as investor meetings get under way, the 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 in Hong Kong 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.

MISSION: MARS AND SPACE DATA CENTERS

Musk has rewritten the IPO playbook for SpaceX in many other ways, from planning to give retail ‌investors a larger role in allocations to pushing for early index inclusion, and structuring ⁠governance to preserve strong founder control.

The company's valuation relies on SpaceX dominating technologies and markets that do not yet exist – from Mars missions to AI data centers in space.

Reuters previously reported that the company is considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk's cult-like following and broadening ownership of ⁠the company.

The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said.