SpaceX Filed for a $1.75 Trillion IPO. It Would Be the Largest in History by Six Times.
June 12 listing on Nasdaq under SPCX. A $75 billion raise. A combined entity covering rockets, Starlink, and xAI. And a $4.94B net loss in 2025 to go with it. The largest IPO ever attempted is also the most contested valuation on Wall Street.
What Was Filed
SpaceX formally filed its S-1 prospectus with the SEC on May 20, confirming plans to list on Nasdaq under the ticker SPCX. The company is targeting a public debut on June 12, 2026, with the roadshow beginning the week of June 8 and pricing expected June 11. The target valuation is $1.75 trillion, with reported demand pushing the range as high as $2 trillion. The offering aims to raise approximately $75 billion, more than double Saudi Aramco’s $29.4 billion 2020 IPO, currently the largest in history.
The structure is unusual. Rather than spinning off Starlink as a separate listing, SpaceX is bringing the entire combined business to market: launch services, Starship development, Starlink satellite internet, and xAI artificial intelligence (merged with SpaceX in February 2026). 2025 revenue was $18.67 billion. Net loss was $4.94 billion, with another $4.28 billion loss in Q1 2026, largely attributable to the xAI segment. The accumulated deficit stands at $41.3 billion. Liabilities exceed $60.5 billion, largely tied to the xAI merger.
Goldman Sachs is leading the deal. Retail allocation is set at 30% of the float, three times the standard mega-cap norm. Elon Musk controls 85% of voting power and approximately 42% of equity through SpaceX’s dual-class share structure.
Why It Matters
Starlink is the financial engine. Starlink ended 2025 with more than 10 million subscribers globally and $11.4 billion in revenue, with the legacy SpaceX space operations and Starlink connectivity divisions both profitable on an operating and EBITDA basis. The losses come almost entirely from xAI, which is in heavy R&D investment mode. The IPO valuation depends on investors viewing the bundle as one entity: profitable infrastructure plus moonshot AI, packaged together. Whether that bundle is worth $1.75 trillion is the central debate.
The valuation math is brutal. $1.75 trillion on $18.7 billion in revenue is 94x trailing sales. Apple trades at roughly 8x. Nvidia at 25x. Microsoft at 13x. Even Tesla at its 2021 peak traded at 30x. SpaceX would need to grow revenue more than tenfold to justify the valuation against standard mega-cap multiples. The bull case is that Starlink can scale to $50 billion in annual revenue, xAI emerges as a Big Four AI lab, and SpaceX’s $28.5 trillion total addressable market estimate is even partially correct. The bear case is that this is a peak-cycle Musk IPO at a Musk-cycle multiple, and the lockup expiry in late 2026 will define how the stock trades for years.
Musk’s trillionaire moment. A successful $1.75T valuation would push Musk’s personal net worth past $1 trillion, the first time any individual has crossed that threshold. Combined with Tesla’s $1.3 to $1.6 trillion market cap, it would also make Musk the leader of two trillion-dollar companies simultaneously, a position that has no precedent.
- Multiple compression: 94x trailing revenue. Even modest disappointment in Starlink growth or xAI traction triggers significant repricing.
- Lockup expiration in late 2026: Musk, early employees, and VC syndicate become potential sellers. The 90-to-180 day window from June listing puts supply pressure in September to December.
- Dual-class governance: Musk's 85% voting power means public investors have essentially no governance influence. That matters more at $1.75 trillion than at $200 billion.
- Starlink scale: 10 million subscribers, $11.4B revenue, growing. The satellite internet business alone could be a $50B revenue company within five years.
- Starship is the call option: If Starship becomes fully operational at scale, launch economics change by an order of magnitude. The cost of access to space drops to levels that unlock entirely new categories of demand.
- xAI gets a public-market valuation: Anthropic raised at $380B. xAI inside SpaceX gets the same treatment, providing an immediate uplift to the combined entity.