SpaceX Heads for Wall Street in What Could Be the Biggest IPO Ever

MARKETS · UNITED STATES

Elon Musk’s SpaceX is heading for what could be the largest stock-market debut in history, seeking to raise as much as $75 billion at a valuation of at least $1.75 trillion. The June listing would let public investors buy into Musk’s combined rocket, satellite and artificial-intelligence vision, though the company is still loss-making and the plans carry significant risk.

What the SpaceX IPO involves

SpaceX filed for an initial public offering on May 20, revealing previously undisclosed details of one of the largest and most secretive private companies in history, including its finances, board members and business lines. It plans to trade on the Nasdaq under the ticker SPCX, with a debut that reports place in June.

The company is aiming to raise as much as $75 billion, more than twice the roughly $29 billion record set by Saudi Aramco’s 2019 listing. That would make it the biggest IPO ever by money raised, with a valuation reported between $1.75 trillion and more than $2 trillion.

What is behind the SpaceX IPO valuation

The business rests on three main pillars. Starlink, the satellite-internet service, is the principal revenue generator and the part of the company likeliest to reassure public-market investors, though its average monthly revenue per user has slipped as it expands into lower-priced markets abroad.

The launch business that made the company famous generated several billion dollars in revenue but lost money, as developing the next-generation Starship rocket consumed around $3 billion a year. The newest piece is an AI unit, formed when SpaceX absorbed Musk’s xAI in February, which has posted heavy operating losses.

The losses behind the headline

For all the ambition, SpaceX is not yet profitable. The company reported revenue of $18.7 billion in 2025 against a loss of $4.9 billion, with the AI segment a major drag. Reports indicate the losses continued into the first quarter of 2026.

Analysts have flagged that Starship, central to the long-term valuation narrative, has completed multiple test flights but had not yet delivered a commercial payload as of the prospectus filing, a gap between vision and current results that frames the debate over the price.

Why the SpaceX IPO matters beyond Wall Street

The offering is large enough to reshape market mechanics. A Nasdaq index-rule revision means SpaceX is expected to enter the Nasdaq 100 within weeks of listing, so investors holding funds that track the index would gain exposure passively, without an active choice.

For Latin America, the relevance runs through Starlink, which has expanded rapidly across the region’s remote and underserved areas, and through the regional investors and pension funds whose index-linked holdings could end up exposed to the stock. This article is general information, not investment advice.

The risks investors are weighing

Musk’s growth plans, including data centres in space, are described by analysts as hugely ambitious but high-cost, high-risk and potentially years from realization. History also suggests buying shares on the first day of trading can be riskier than the hype implies, as early pops often fade.

A successful listing could nonetheless make Musk the world’s first trillionaire and deliver large gains to early backers, capping a rise built on private fundraising rounds that kept the company out of public markets for more than two decades.

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