• SpaceX is planning a dual-class share structure for a potential IPO in the second half of 2026, aiming to preserve Elon Musk's control via super-voting shares while targeting valuations from $800 billion to $1.5 trillion.
  • The rocket and satellite maker generated $15.5 billion in 2025 revenue, with Starlink driving about 76% of profits, and recently completed a secondary share sale at an $800 billion valuation, doubling prior levels.
  • An IPO could raise up to $125 billion by selling roughly 10% equity at a $1.25 trillion valuation, shattering records like Saudi Aramco (2222.SR)'s $29.4 billion and fueling U.S. capital markets amid demand for mega-IPOs from AI and space firms.

SpaceX is weighing a dual-class share structure for its planned initial public offering, a move that would give Elon Musk super-voting power and preserve his control even with a minority stake, according to people familiar with the matter. The structure mirrors models used by major tech firms such as Meta (META) and Google (GOOGL) and would shield the company from activist investors, echoing Musk's long-standing argument that it protects long-term vision, which he has sought at Tesla (TSLA).

Efforts to finalize the IPO have hit a snag as details remain under discussion, with the timeline shifting to the second half of 2026 from earlier mentions of late 2025. This update clarifies the headline's reference to a $50 billion raise, which is now seen as a conservative estimate amid soaring valuations. No confirmed xAI acquisition or lunar factory plans have emerged in recent reports, though proceeds may fund space-based AI data centers and other ambitious projects, following SpaceX's acquisition of Musk's xAI, which remains unverified.

In the aerospace industry, SpaceX operates with a focus on rocket launches, satellite internet via Starlink, and space exploration goals like Mars colonization. As a private giant, its valuation surged to $800 billion after a 2025 secondary sale, up from $400 billion in July 2025 and $350 billion at the end of 2024, signaling robust investor demand ahead of the IPO. Financial performance has been strong, with 2025 revenue hitting $15.5 billion and Starlink contributing significantly to profits, though no major leadership changes or board expansions have been confirmed in updates.

Without a deal, the company would face increased pressure from shareholders, but Musk has historically resisted full SpaceX IPOs since 2013, prioritizing Mars goals over short-term profits. He has floated a Starlink spin-off since 2020, with timelines like 2021 and 2022 when predictable, but now appears set on a full company IPO that includes Starlink. Analysts note that valuation hype aided the $800 billion secondary success, possibly acting as a "head fake" to boost it before the public offering, with parallels to other unicorns like OpenAI and Anthropic eyeing mega-IPOs.

Regulatory stability is a key factor, as SpaceX's Starlink faces global scrutiny for satellite deployments, though IPO plans emphasize domestic market entry. In a brief statement, a source close to the negotiations said, "What institutional investors are really focused on is regulatory stability, and SpaceX is navigating this carefully to avoid delays." Attempts to reach out for comments from SpaceX representatives were unsuccessful, but industry insiders suggest the move could reshape indices, with possible Nasdaq "fast entry" rules in play.

Short-term, the 2026 H2 IPO is likely for the full company, potentially at $1.5 trillion, though Musk may pivot to a Starlink IPO for cash flow without Mars risks. Long-term, funds could accelerate Mars ambitions and AI-space infrastructure, but experts caution on AI hype versus capex realities. Retail investors may gain indirect access through brokerages like Morgan Stanley's EquityZen acquisition for pre-IPO access, though post-IPO "juice" may fade, according to market watchers.

Correction: An earlier version of this article misstated the IPO timeline; it is now confirmed for the second half of 2026, not late 2025.