SpaceX Plans Historic IPO to Raise $75 Billion
SpaceX has announced intentions to go public this month, aiming to raise up to $75 billion. This would mark the largest stock market debut ever and might set Elon Musk on a path to become the first trillionaire.
The company, officially known as Space Exploration Technologies Corp., revealed it would offer 555.6 million shares priced at $135 each in its initial public offering. The expected proceeds would surpass the $26 billion raised by oil giant Saudi Aramco in 2019 and would value SpaceX at $1.77 trillion. Currently, only six companies in the S&P 500 have a higher valuation, with Nvidia leading at $5.2 trillion.
In addition to the substantial offering, SpaceX’s revised prospectus provides insight into Musk’s control over the company. As CEO and chairman, Musk holds 5.22 billion Class B shares, which provide him with ten votes per share. This means he would wield 82.4% of the company’s voting power.
Forbes estimates Musk’s net worth at $826 billion and his SpaceX holdings at $542 billion, based on a $1.25 trillion company valuation. This new valuation could inflate Musk’s fortune by $223 billion, pushing him into trillionaire territory. However, much of his wealth remains tied up in stock that hasn’t been liquidated.
Despite its ambitious market debut plans, SpaceX is currently operating at a substantial loss. According to the filing, the company lost $2.6 billion from operations in the past year, even as it generated $18.7 billion in revenue, with losses continuing in early 2026.
The future of SpaceX in the market is uncertain, but Musk’s aspirations are far-reaching. The IPO document, highlighting grand visions, diverges from the typical technical details usually found in such filings. It talks about ambitions like returning humans to the moon and establishing a “permanent human colony” on Mars, warning of existential threats that humanity might face.
Musk has similarly bold plans for Tesla, aiming to evolve it from electric vehicle manufacturing to producing robotaxis and humanoid robots. Analyst Dan Ives from Wedbush Securities speculates that Tesla and SpaceX might merge next year.
Artificial intelligence is crucial for both companies and their potential merger. In the IPO prospectus, SpaceX claims AI could yield up to $26.5 trillion in revenue, depending on Musk’s vision for establishing data centers in space—something currently unfeasible.
Transitioning SpaceX into an AI-centric company presents challenges, especially after the formation of xAI in 2023, which was initially intended to corner the AI market. The main AI product, Grok, has drawn criticism for its lack of competitiveness compared to offerings from major players like OpenAI and Google’s Gemini.
However, there’s still potential for SpaceX to become a significant AI entity, aided by a partnership with Anthropic and a recent agreement granting SpaceX rights to acquire AI coding tool Cursor for $60 billion later this year.
The proceeds from the IPO are intended to expand SpaceX’s AI and rocket operations, as well as enhance the satellite constellation that supports Starlink Mobile, among other investments.
SpaceX is set to list on the Nasdaq under the ticker “SPCX,” with trading possibly starting at the end of next week.
Additionally, SpaceX isn’t alone in pursuing a major market debut; earlier this week, Anthropic filed confidential documents with the U.S. Securities and Exchange Commission to initiate its own IPO process. OpenAI has not yet submitted its initial paperwork, but an IPO from the creator of ChatGPT is anticipated.
This upcoming listing is being regarded as a significant test for public markets, especially after a period of low IPO activity, with SpaceX leading the way for potential follow-ups from AI giants like Anthropic and OpenAI.
