• SpaceX (SPCX) is confidentially filing for what could be the largest IPO in history, aiming to raise about $75 billion at a valuation around $1.75 trillion, with trading potentially starting on Nasdaq under the ticker SPCX in June 2026.
  • The offering would surpass Saudi Aramco's 2019 record of $29.4 billion, placing SpaceX among the most valuable public companies globally.
  • Analysts expect a record-breaking raise but caution about a tricky path to sustained profitability given heavy capital expenditures and R&D costs.

SpaceX sets sights on record-breaking IPO

Space Exploration Technologies Corp., the rocket and satellite company formally known as SpaceX, has confidentially filed for what is poised to be the largest initial public offering in history, according to people familiar with the matter. The company plans to raise about $75 billion by selling shares at a valuation of roughly $1.75 trillion, with trading slated to begin on the Nasdaq under the ticker SPCX as early as June 2026.

The move would shatter the previous record held by Saudi Aramco, which raised $29.4 billion in its 2019 listing. SpaceX's valuation would also place it among the most valuable companies in the world, rivaling tech giants like Apple (AAPL) and Microsoft (MSFT).

The IPO comes as SpaceX continues to dominate the aerospace industry with its reusable rocket technology and rapidly expanding Starlink satellite broadband network. The company reported 2025 revenue of about $18.7 billion, though public disclosures show a net loss of $4.9 billion, driven by heavy spending on R&D and AI-related initiatives. Private estimates, however, suggest the company was profitable on an adjusted basis, with around $8 billion in earnings on roughly $15–16 billion in revenue before IPO discussions.

Starlink and xAI integration key to growth story

Investors are being pitched on a narrative of a high-growth, capital-intensive tech conglomerate that blends aerospace, satellite broadband, and artificial intelligence. SpaceX has been integrating its operations with xAI, Elon Musk's artificial intelligence venture, which is now housed under the corporate structure. Recent leadership changes include a reshuffle of AI teams to accelerate product development.

"The combination of Starlink's global network and AI capabilities creates a unique platform that we believe has significant long-term potential," said a person familiar with the company's strategy.

The IPO would also provide liquidity for employees and early investors, while subjecting the company to heightened public scrutiny. Regulatory oversight from the Securities and Exchange Commission, as well as national security considerations around dual-use technology and Starlink's global communications role, will be key post-listing challenges.

Analysts weigh valuation risks

While the offering has generated immense interest, some analysts question the valuation given SpaceX's spending trajectory. "The amount of capital required to scale Starship, achieve Starlink profitability, and develop AI products is enormous," said an analyst who covers the space industry. "Sustaining a $1.75 trillion valuation will require flawless execution."

Reception from institutional investors has been mixed, with some expressing concerns about governance and conflicts of interest post-listing. SpaceX has historically maintained a private leadership dynamic, and the IPO will bring new reporting requirements and board oversight.

SpaceX declined to comment beyond the confidential filing. The company's move is expected to redraw aerospace and tech equity benchmarks, potentially spurring a wave of mega-IPOs in the sector.

Update: This article has been updated to reflect that the filing is confidential. SpaceX has not yet filed a public registration statement with the SEC.