Elon Musk's SpaceX is preparing for a market debut that would rewrite the record books. The company has unveiled plans to raise $75 billion in an initial public offering, valuing the company at roughly $1.77 trillion, a number that would make it one of the most valuable publicly listed companies in the US almost immediately upon listing.
According to Bloomberg, SpaceX filed an updated prospectus with the Securities and Exchange Commission, setting the price and share count for the offering, details that were not included in the original S-1 registration statement filed on May 20.
SpaceX share price and scale
SpaceX will sell 555,555,555 shares of its Class A stock at $135 per share, raising $75 billion before expenses. Underwriters will also have the option to purchase an additional 83.3 million shares at the same price for up to 30 days after the IPO, potentially generating an additional $11.25 billion.
The pricing gives SpaceX an estimated valuation of $1.77 trillion, making it the seventh-largest company in the US by market capitalisation and surpassing Tesla's $1.6 trillion valuation. The decision to set a single price target, rather than offering a range, is an unusual move, one that reflects both the hot IPO market around the AI craze and Musk's own tendency for outsized ambitions.
Musk, who currently owns approximately half of SpaceX, would still control nearly half of the company's total shares after the offering. More significantly, the updated prospectus reveals that Musk will retain 82.4 percent of the voting power of the company's shares, through his ownership of Class B stock.
The AI bet at the heart of it
While SpaceX built its name on rockets and Starlink satellites, the IPO story is now substantially about artificial intelligence. A February 2026 all-stock merger with xAI, Musk's AI company, which owns the Grok model and the X social media platform, valued the combined entity at $1.25 trillion and fundamentally transformed SpaceX's financial and strategic profile.
The IPO filing shows SpaceX directed around 60 percent of its capital spending in 2025 to its AI division, roughly $20 billion. And yet the division lost billions last year, growing revenue by only about 22 percent, well below the reported growth rates at other frontier AI labs.
In the first quarter of 2026 alone, SpaceX reported $4.7 billion in revenue and a net loss of nearly $4.3 billion, with $10.1 billion in capital expenditures, of which $7.7 billion was directed at its AI division. By contrast, SpaceX spent just $930 million on Starship development in the same quarter.
SpaceX describes its vision as uniting launch capabilities and global connectivity with AI development, believing that its reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute, including orbital AI data centers.
Starlink remains the financial engine
Amid the AI ambition, the business today is dominated by Starlink, which generated more than half of the company's 2025 revenue, around $11 billion. Starlink is the only profitable segment of the combined company, with its subscriber base more than doubling in 2025.
The combined company generated $18.67 billion in revenue in 2025 but posted a net loss of $4.94 billion, a sharp reversal from 2024, when SpaceX on a standalone basis posted an estimated $791 million profit. The swing is almost entirely attributable to xAI, which contributed $3.2 billion in revenue while burning approximately $14 billion in cash.
A historic moment for public markets
The scale of the offering is difficult to overstate. The proposed $75 billion raise would more than double Saudi Aramco's 2019 record of $29 billion and triple Alibaba's $22 billion US IPO record. Twenty-one banks have been lined up to manage the offering, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley holding senior bookrunner roles.
2026: The year of AI IPOs
SpaceX's listing may only be the opening act. OpenAI and Anthropic, two of the most influential AI companies in the world, are expected to go public as soon as this fall. Anthropic filed confidentially for an IPO on June 1, and OpenAI is expected to follow suit in the coming days or weeks. OpenAI was valued at $852 billion in March, while Anthropic has raised capital at a valuation exceeding $965 billion.
