By Echo Wang and Milana Vinn NEW YORK, June 3 (Reuters) - SpaceX publicly set a $135 price for shares in its initial public offering on Wednesday, upending the longstanding Wall Street price-discovery apparatus and underscoring Elon Musk’s determination to raise record sums his way.

SpaceX says it plans to raise up to $75 billion when it goes public this month in what could be the largest stock market debut ever, and it would put Elon Musk on course to becoming the first trillionaire.

Many current and former staffers have stakes valued at millions of dollars and will be able to tap them more easily after the rocket maker goes public.

SpaceX's entry will take longer after S&P Dow Jones Indices declined to relax rules for megacap IPOs. Reuters U.S. M&A Editor-in-Charge Echo Wang examines the IPO and whether sky-high multiples are justified or reflect the so-called Musk premium.

SpaceX will sell its shares for $135 apiece during its IPO, yielding a valuation of $1.77 trillion.

Projections banks shared with top investors show how they are selling the rocket maker’s $1.77 trillion valuation.

SpaceX going public could see it added to index funds like the S&P 500, affecting millions of retirement accounts.

Mega IPOs won't have a fast track into the S&P 500 like they will for the Nasdaq 100. The decision means SpaceX can't join the index until mid-2027.