SpaceX filed with the US Securities and Exchange Commission on Wednesday, June 3, 2026, announcing plans for an initial public offering targeting a valuation of nearly $1.77 trillion. The Texas-based rocket company intends to sell 555.6 million shares at $135 each, aiming to raise approximately $75bn before trading begins on the Nasdaq on June 12.
The scale of the upcoming listing marks a shift in the history of public markets. By targeting a valuation of nearly $1.77 trillion, SpaceX is positioning itself to execute the largest stock market debut in history. This figure would place the aerospace firm as the world’s seventh-largest company by market capitalization, surpassing both Meta and Elon Musk’s own electric vehicle company, Tesla, while trailing only the Taiwanese chipmaker TSMC.
The filing reveals an ambition that eclipses previous records. For comparison, Saudi Aramco’s 2019 debut raised $26bn at a valuation of $1.7 trillion. SpaceX intends to nearly triple that capital raise, seeking approximately $75bn. The decision to set a specific share price of $135 ahead of the IPO is a departure from standard industry practice, signaling a high degree of confidence in the pricing and demand for the stock.
Musk’s Wealth and Voting Control
The public offering is set to fundamentally alter the global wealth hierarchy. Elon Musk currently holds a roughly 42 percent stake in the company. Upon the completion of the offering next week, Musk is poised to become the world’s first trillionaire.
Despite the transition to a public entity, the corporate governance structure ensures that Musk remains the primary decision-maker. The company is implementing a dual-class stock structure, which grants certain shares 10 votes instead of one. This mechanism allows Musk to retain more than 82 percent of the voting rights, ensuring he maintains effective control over the company’s strategic direction and operational priorities.
Financial Performance and the xAI Integration
Wall Street’s enthusiasm comes despite a financial profile that shows significant spending and net losses. According to 2025 data, SpaceX reported revenue of US$18.7 billion, but faced an operating income of US$(2.6) billion and a net income of US$(4.9) billion. The company’s total assets stood at US$92.1 billion with total equity of US$2.6 billion for that year.
The valuation trajectory has climbed steeply over the last few months. In February 2026, when SpaceX acquired the artificial intelligence firm xAI, the company valued itself at $1.25 trillion. The jump to nearly $1.77 trillion in June suggests a rapid escalation in perceived value, driven in part by the integration of AI capabilities and the company’s expanding role in telecommunications via Starlink.
Investment bankers are betting heavily on the appetite of the general public. Recent reporting indicates that bankers are counting on retail investors to drive the momentum of the offering, reflecting a trend where individual traders seek exposure to high-growth aerospace and AI ventures.
Technical Milestones and Starship V3
The timing of the IPO aligns with critical technical developments at the company’s Starbase facility in Texas. SpaceX has recently focused on the deployment of its newest megarocket design, the Starship V3.
The company targeted May 22, 2026, for the launch of Flight 12, the first Starship mission of the year and the first test flight for the V3 version. This flight followed a seven-month gap since the Flight 11 launch in the previous autumn. The V3 design incorporates system upgrades aimed at increasing the power and capacity of the world’s largest rocket, a factor that analysts view as central to the company’s long-term valuation.
The intersection of these technical milestones and the financial filing suggests a strategy to capitalize on operational momentum. The successful progression of the Starship program provides the tangible evidence of progress that institutional investors require to justify a trillion-dollar valuation for a company that is not yet profitable on a net-income basis.
Market Implications and Next Steps
The SpaceX IPO is expected to create a ripple effect across the aerospace and technology sectors. By listing on the Nasdaq, SpaceX transforms from a privately held powerhouse into a public benchmark for the entire space economy. The sheer volume of capital being raised—approximately $75bn—could provide the company with a massive war chest to accelerate the deployment of Starlink and the development of interplanetary transport systems.
However, the dual-class share structure may create friction with certain institutional investors who prefer more traditional governance and greater shareholder influence. The fact that Musk retains more than 82 percent of the voting power means that public shareholders will have limited ability to influence board decisions or corporate policy.
Market participants are now looking toward June 12, when shares are expected to begin trading. The primary uncertainty remains whether the retail and institutional demand will be sufficient to sustain a $135 share price, or if the market will correct the valuation once the company is subject to the volatility of public trading.
