SpaceX Makes Market History With Massive $1.75 Trillion IPO

SpaceX officially announced plans on June 4, 2026, to go public in what would be the largest initial public offering in stock market history — targeting a jaw-dropping $1.75 trillion valuation and aiming to raise $7.5 billion by selling shares at $135 each.

The Deal That’s Rewriting Wall Street Records

When people think of landmark IPOs, names like Saudi Aramco, Alibaba, and Facebook come to mind. But SpaceX just made all of them look small.

Space Exploration Technologies Corp — better known as SpaceX — has filed for a public offering that would shatter every record in the books. The company plans to issue roughly 555.6 million Class A shares at $135 per share, putting its total valuation somewhere between $1.75 trillion and $1.77 trillion. The previous record holder for the largest IPO in history was Saudi Aramco, which raised approximately $29.4 billion in 2019. SpaceX is targeting more than double that figure in a single offering.

The target listing date is around June 12, 2026, and the stock will trade on the Nasdaq under the ticker symbol SPCX.

What You’re Actually Buying: Breaking Down the Business

Before deciding whether SpaceX stock belongs in your portfolio, it helps to understand exactly what you’d be owning.

Starlink: The Crown Jewel

The only profitable part of SpaceX’s business right now is Starlink, its satellite broadband internet service. Starlink now handles over 90% of all space-based internet traffic globally, and its subscriber base has grown explosively over the past two years. Revenue for the full year 2025 came in at approximately $18.67 billion — a 33% jump compared to the prior year — with Starlink contributing the lion’s share of that figure.

This is the business most long-term investors are excited about. Starlink has genuine global reach, pricing power, and a nearly insurmountable infrastructure advantage given the sheer cost and complexity of deploying satellite constellations at scale.

The Launch Business: Dominant but Unprofitable

SpaceX’s rocket launch division — including the Falcon 9, Falcon Heavy, and the next-generation Starship — is technically a world leader but currently operates at a loss. The launch business collectively lost billions in 2025, largely due to the enormous capital requirements of developing and testing new hardware.

xAI: The Wild Card That Worries Analysts

In February 2026, SpaceX completed an all-stock deal that folded xAI, Elon Musk’s artificial intelligence company, into the SpaceX corporate structure. This is arguably the most controversial piece of the IPO story.

According to Morningstar’s analysis, xAI’s “economic moat is indeterminate” and represents a “material threat of value destruction” to shareholders. The AI unit generated $3.2 billion in revenue in 2025 — but posted an operating loss of nearly $6.4 billion in the same period. It burned through $12.7 billion in capital expenditures in 2025 alone and is projected to incinerate $10 billion more in 2026.

Put plainly: the AI segment is a massive, money-losing bet on the future of artificial intelligence, bundled into an already richly priced IPO.

How Big Is $1.75 Trillion, Really?

Numbers this large can feel abstract, so here’s some context:

• A $1.75 trillion valuation would place SpaceX at roughly 94 times its 2025 annual revenue — a multiple that, as Morningstar’s analyst described, requires “flawless execution” from a company currently posting net losses.
• For comparison, Nvidia — the most celebrated growth story on Wall Street — trades at roughly 22 times trailing revenue. SpaceX would be priced at more than three times that multiple.
• AJ Bell’s head of markets noted that the $1.75 trillion valuation puts SpaceX at 67 times sales, compared to Nvidia’s ratio based on its most recent financial year.
• SpaceX recorded a net loss of $4.28 billion in its most recent quarter, following a $4.94 billion net loss for all of 2025.

Elon Musk’s Voting Control — And What That Means for Investors

One detail that deserves attention: Elon Musk controls 85% of SpaceX’s voting rights. That means public shareholders — even if they collectively own a significant stake — have virtually no say in how the company is run.

As AJ Bell’s Dan Coatsworth pointed out, very little has been publicly known about SpaceX’s financials until now, given its status as a private company. The IPO filing changes that, but the governance structure remains heavily tilted in Musk’s favor. Investors buying SPCX shares are, in a meaningful sense, betting on Musk’s vision and judgment for the long haul.

Bitcoin on the Balance Sheet

Buried in the IPO filing is a detail that caught cryptocurrency investors’ attention: SpaceX holds 18,712 Bitcoin on its balance sheet, worth approximately $1.29 billion as of March 31, 2026. That makes SpaceX one of the largest known corporate Bitcoin holders on the planet, joining a select club of public companies that treat digital assets as a treasury reserve.

If the IPO proceeds as expected and Musk’s personal net worth crosses the $1 trillion threshold post-offering — as some projections suggest — it would add a remarkable footnote to an already extraordinary financial event.

The Valuation Debate: Bull Case vs. Bear Case

There is no shortage of opinions on whether $1.75 trillion is a fair price for SpaceX. Here’s where the major camps stand.

The Bull Case

Optimistic investors point to SpaceX’s structural dominance in commercial launch, Starlink’s widening moat in satellite internet, and the long-term potential of both AI infrastructure and deep space exploration. They argue that the company’s revenue growth rate (33% in 2025) justifies a premium valuation, and that index inclusion will create structural buying demand within weeks of the IPO.

Morningstar acknowledged this directly: “With a small initial float boosted by almost every investment bank on the planet, buoyant investor appetite for AI infrastructure bids, and an unprecedented path to inclusion in the Nasdaq 100 Index just 15 trading days after the IPO, we expect SpaceX’s share price will likely survive separation and may even ascend, at least for a time.”

SpaceX is also expected to be eligible for inclusion in the broader S&P 500 just six months after its trading debut, which would force every index fund tracking that benchmark to purchase shares — a powerful mechanical tailwind for the stock.

The Bear Case

Morningstar’s formal fair value estimate for SpaceX is $780 billion — roughly 48% below the IPO target valuation. Their analysts described SpaceX as “significantly overvalued” and warned investors to wait for more attractive entry points after the IPO hype subsides.

The core concern is simple: only one of SpaceX’s three major business segments is actually making money, and the xAI integration introduces a massive, loss-generating wildcard with an unclear path to profitability.

The Motley Fool’s analysis echoed this: “We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO.”

How Retail Investors Can Access SPCX Shares

SpaceX is taking an unusual approach to retail participation. The company is reportedly reserving up to 30% of its IPO shares for retail investors — triple the standard allocation for most large offerings. Retail investors can request SPCX shares through:

• Charles Schwab (minimum account balance of $100,000 required)
• Fidelity
• Robinhood
• SoFi
• Morgan Stanley’s E*TRADE

The pricing date is targeted for June 11, 2026, with trading expected to begin around June 12. Demand is expected to far exceed supply, meaning many retail investors who submit requests may not receive shares at the IPO price.

A New Era for Tech IPOs

The SpaceX listing doesn’t exist in isolation. Both OpenAI and Anthropic have filed confidentially with the SEC, with OpenAI targeting a September 2026 public debut and Anthropic closely behind. The sequential demand on institutional capital from these three blockbuster offerings will be substantial — and is already reshaping how the biggest funds are thinking about portfolio allocation heading into the second half of 2026.

For retail investors watching from the sidelines, the message from many analysts is consistent: the excitement around SPCX is real and justified. But excitement and fair valuation aren’t the same thing. The smartest approach may be to wait for the post-IPO dust to settle, watch a few quarters of earnings, and consider buying when the mechanical index-inclusion tailwinds fade and the stock trades on its actual fundamentals.

Key Facts at a Glance

Final Thoughts

The SpaceX IPO is, by any measure, a historic moment — for the company, for Elon Musk, for the space industry, and for Wall Street. Whether it turns out to be a great investment for early buyers is a separate, much harder question.

Starlink is a genuinely exceptional business. The launch division is unrivaled. But xAI’s losses, the eye-watering valuation multiple, and the governance concentration all give careful investors reason to pause. As always, the best time to do your homework is before the opening bell — not after.

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