SpaceX is preparing for what could be the largest initial public offering in history, planning to raise $75 billion by selling 555.6 million shares at a fixed price of $135 each. This unusual approach bypasses the traditional bookbuilding process, signaling strong confidence from founder Elon Musk.
The rocket and satellite communications company is targeting a valuation of $1.75 trillion upon its listing on the Nasdaq under the ticker symbol "SPCX." The debut is anticipated on June 12, with the roadshow set to commence on Thursday.
The offering is structured as all-primary, meaning all proceeds will go directly to the company. Existing shareholders, including Elon Musk, will not be selling shares in the IPO. Musk is also committed to holding his shares for 366 days post-listing, a move intended to signal long-term commitment.
The funds raised are earmarked for expanding AI computing resources and SpaceX's Starlink satellite network, which currently stands as the company's sole profitable business segment. SpaceX's future growth projections are heavily tied to nascent ventures such as solar-powered data centers in space and Mars missions, a market it estimates could be worth $28.5 trillion.
At a $1.75 trillion valuation against an estimated 2025 revenue of $18.67 billion, SpaceX would trade at a price-to-revenue multiple of 93.7 times. This is higher than Tesla's 17 times but lower than space company Rocket Lab's 118 times.
Morningstar valued SpaceX at $780 billion in a June 1 research note, 48% below the company's current private-market valuation. The majority of this estimate was derived from the Starlink business, which generated most of the revenue and profits in 2025.
SpaceX's financial performance has been mixed. The company swung to a net loss of $4.94 billion in 2025 from a profit of $791 million the previous year. Losses widened to $1.27 per share in Q1 2026, compared to 18 cents per share in the same period of 2025. Currently, only Starlink is generating profits, while two other business segments are incurring losses.
The SpaceX listing is expected to pave the way for other high-profile technology companies to go public. OpenAI and Anthropic, key competitors in the AI enterprise market, are also reportedly preparing for their own public offerings.
Collectively, SpaceX, OpenAI, and Anthropic are projected to add nearly $4 trillion in market capitalization to public markets. This influx could intensify competition for investor capital, particularly as global venture funding remains under pressure.
