SpaceX filed its long-awaited IPO registration with the Securities and Exchange Commission on Wednesday, officially kicking off what many are already calling the most consequential stock market debut in decades. Elon Musk's rocket and satellite giant is targeting a valuation north of $1.75 trillion and plans to raise up to $75 billion, figures that would shatter every previous IPO record by a massive margin.

 

To add some perspective, Saudi Aramco held the prior record when it raised roughly $29 billion in 2019. SpaceX is aiming for more than double that. The company plans to list on the Nasdaq under the ticker symbol SPCX, with shares expected to price on June 11 and trading set to begin June 12.

 

A Company That's Changed Dramatically

The SpaceX going public today is not the same company investors were tracking two years ago. In February 2026, SpaceX completed an all-stock merger with xAI, the artificial intelligence firm Musk founded in 2023. That deal valued SpaceX at $1 trillion and xAI at $250 billion, creating a combined entity worth $1.25 trillion at closing. The jump to a $1.75 trillion IPO target reflects market expectations around continued Starlink revenue growth and the AI premium investors are attaching to the xAI component.

 

The company also recently announced a collaboration with Tesla on an advanced chip manufacturing facility, signaling that the boundaries between Musk's various ventures are blurring in ways that make traditional valuation frameworks feel inadequate. Wedbush analyst Dan Ives went as far as suggesting that a SpaceX and Tesla merger could follow after the IPO completes, pointing to Tesla's $2 billion xAI investment that converted to SpaceX shares after the acquisition.

 

Starlink Is the Engine. AI Is the Story.

Starlink, the satellite internet service that now counts more than 9 million users globally, accounted for the majority of SpaceX's $18.67 billion in revenue last year and remains the core commercial engine of the business. The IPO filing identifies connectivity through Starlink as a $1.6 trillion addressable market opportunity. But that figure is almost a footnote compared to the AI ambitions outlined in the prospectus.

 

The company's total addressable market is pegged at $28.5 trillion across all its business lines. A striking $26.5 trillion of that is tied to AI, including $22.7 trillion in enterprise AI applications and $2.4 trillion in AI infrastructure. Whether those numbers are realistic or optimistic is a debate that will play out over the coming decades, but for IPO purposes, they give underwriters a lot of room to work with.

 

There is a catch buried in the otherwise impressive revenue story. Despite generating $18.67 billion in revenue last year, SpaceX reported a loss of roughly $4.9 billion as capital expenditures nearly doubled to $20.7 billion in 2025. That compares to a profit of around $791 million in 2024. The xAI unit continues to lose money as well, and the filing is pretty blunt about the execution risks that come with building space-based AI data centers and pushing Starship toward operational status.

 

As a retail access angle, Musk has reportedly expressed a desire to reserve up to 30% of IPO shares for individual investors, a move that would be unusual at this scale but would fit his populist branding. The company has also conducted a 5-for-1 stock split, bringing the per-share price down to roughly $105 from over $526, making the listing more accessible to everyday buyers on platforms like Robinhood and Fidelity.

 

What Comes Next

Goldman Sachs is leading the underwriting, with Morgan Stanley, Bank of America, Citi, and JPMorgan among the other major banks involved. The roadshow kicks off June 4, and if everything goes to plan, SpaceX will begin trading the following week. The IPO is internally known as Project Apex, managed by a syndicate of at least 21 banks.

 

For the wider market, the SpaceX debut is expected to be the first of a potential trio of landmark tech IPOs, with OpenAI and Anthropic also eyeing public listings. For crypto and digital asset markets, this IPO is worth watching too. A company of this scale going public at a $1.75 trillion valuation, with explicit AI ambitions and a Musk-controlled governance structure, is the kind of macro event that tends to shift risk sentiment across asset classes. We'll see if SPCX delivers on the hype or falters under the weight of its own valuation...but it will be interesting to watch, either way.