SpaceX has told the US Securities and Exchange Commission that it plans to sell shares in its initial public offering at $135 each, a price that would value Elon Musk’s rocket and satellite company at around $1.77 trillion.
The biggest IPO ever
If all the shares are sold, SpaceX could raise around $75 billion. That would make it by far the largest stock market flotation in history, well ahead of the previous records set by Saudi Aramco in 2019 and Alibaba in 2014, each of which raised around $25 billion.
The timetable
According to the filing, SpaceX planned to begin marketing the offering to investors on 4 June, set the final price on 11 June and start trading on 12 June. The shares are expected to list on Nasdaq under the ticker SPCX.
Musk stays in control
Even after the listing, Musk will keep firm control of the company. Through a dual-class share structure, he will hold 82.4% of the voting power:
- Class A shares, sold to the public, carry one vote each;
- Class B shares, held by Musk, carry ten votes each.
This structure, also used by companies such as Meta and Alphabet, lets founders raise money from public investors without losing control.
The finances
The filing also gives a rare look at SpaceX’s accounts. For 2025, the company reported revenue of $18.7 billion and a net loss of $4.9 billion, reflecting heavy spending on its Starship rocket and on expanding its business.
What the money is for
SpaceX’s main businesses are rocket launches and Starlink, its satellite internet service, which has millions of customers worldwide. The company has also expanded into artificial intelligence. The proceeds from the IPO are expected to fund the development of Starship, the expansion of Starlink and Musk’s long-term ambitions, including missions to Mars.
Why it matters
A listing at this valuation would put SpaceX among the most valuable companies in the world on its first day of trading, and give ordinary investors the chance to own shares in a company that has until now been privately held. It would also be a major test of investors’ appetite for Musk’s companies.
