SpaceX filed its public prospectus with the SEC on May 20, 2026. The roadshow begins around June 4, the deal is expected to be priced on June 11, and shares should start trading on June 12 under the ticker SPCX on the Nasdaq.
The target valuation is $1.75 trillion, with the company looking to raise up to $75 billion. For context, Saudi Aramco's 2020 IPO raised around $29 billion and was, until now, the largest ever. SpaceX would raise more than double that in a single offering.
At that valuation, SpaceX would immediately rank among the ten most valuable publicly traded companies on Earth. The size of the deal required 23 banks to organize it, with Goldman Sachs and Morgan Stanley leading.
The business underneath the headlines is actually two very different companies. Starlink, the satellite internet service, is a genuine money machine: $11.4 billion in revenue in 2025, growing at nearly 50% year-on-year, with operating profit of $4.4 billion. It now has 10.3 million subscribers and over 9,600 satellites in orbit. This is the engine that makes the rest possible.
The rocket launch business, on the other hand, loses money. It generated $4.1 billion in 2025 revenue but posted an operating loss of $657 million. That is partly because SpaceX is pouring billions into its next-generation rocket, Starship, spending $3 billion on research and development for the program in 2025 alone.
Then there is xAI. SpaceX absorbed Elon Musk's AI company in February 2026 in a deal valued at $1.25 trillion: the largest corporate merger in history. That unit, which houses the Grok chatbot and now sits inside SpaceX under the name SpaceXAI, lost $6.4 billion in 2025 and is burning roughly $1 billion per month. Capital spending across the whole company nearly doubled to $20.7 billion last year, and about 60% of that went to AI.
The filing also lists $530 million in expected legal costs tied to the xAI and X social media acquisitions. There are 36 pages of risk factors. The company has accumulated more than $37 billion in total losses since it was founded in 2002.
For business operators thinking about whether any of this matters to them directly, the answer is mostly no in the short term, and yes in the medium term. Starlink is already used by companies operating in remote areas, on ships, at construction sites, and anywhere traditional internet is unreliable. It is a real product at a real price, and it keeps getting cheaper and faster as the satellite count grows.
The AI side is a different story. SpaceX's pitch to investors is that it will eventually build data centers in orbit, powered by solar energy, to process AI workloads for companies globally. Whether or not that happens in any near-term horizon is genuinely uncertain, and the company's own filing acknowledges it.
The governance structure is the sharpest issue for anyone considering buying shares. Musk holds roughly 85% of all voting power after the listing, through a share structure where his shares carry ten votes each versus one vote per ordinary share. Public investors buying into this IPO cannot remove him from the board, cannot block major decisions, and cannot easily challenge transactions that may benefit his other companies. Major pension funds in New York and California have already written to oppose this structure. That opposition has not slowed the filing.
The $1.75 trillion valuation implies SpaceX is priced at roughly 100 times its 2025 revenue. Even technology companies with enormous growth records rarely trade at those multiples for long. That is not a reason to dismiss the company, but it is a reason to be clear-eyed about what you are paying for.