• SpaceX (SPCX) has filed for an IPO of 555.56 million Class A shares at $135 each, targeting a record $75 billion raise.
  • The offering implies a valuation of roughly $1.75 trillion, with trading expected to begin June 12, 2026 on Nasdaq.
  • The IPO will fund Starlink expansion, Starship development, and AI ventures, though recent earnings show operating losses due to heavy capex.

The Largest IPO in History

Space Exploration Technologies Corp., better known as SpaceX, has filed an S-1 with the SEC for an initial public offering that would shatter all records. The company plans to sell 555.56 million Class A shares at $135 apiece, potentially raising about $75 billion—more than triple Saudi Aramco's 2019 debut of $25.6 billion. The stock will trade on Nasdaq under the ticker SPCX, with the first day of trading locked in for June 12, 2026.

The filing comes as SpaceX's business model matures across three core segments: Starlink satellite internet, launch services, and next-generation Starship development. But the path to public markets hasn't been without turbulence. In early 2026, the company reported quarterly revenue in the several-billion-dollar range, alongside material operating losses tied to capital-intensive growth initiatives. "This is a bet on the future of space infrastructure," said a person familiar with the company's strategy. "Investors are looking at Starlink's recurring revenue to offset the cash burn from Starship and AI projects."

Private credit and equity markets have already signaled strong demand. Blackstone's country chairman for Italy, Andrea Valeri, recently noted that stable regulatory climates draw institutional capital—a dynamic that applies equally to space-tech listings. However, the sheer size of the offering could strain allocations, with syndicate banks expected to prioritize institutional investors.

Roadshow Underway

The company has begun informal investor meetings, with pricing expected to firm up in the weeks before the June launch. A $75 billion IPO would eclipse not only Aramco's record but also the combined proceeds of every other U.S. IPO in 2025, according to data compiled by Bloomberg. The offering includes a standard 30-day greenshoe option for underwriters.

The IPO represents a major liquidity event for early investors and employees, many of whom have held shares through multiple private funding rounds. Between 2020 and 2025, SpaceX raised over $15 billion in private capital, with valuations climbing from $36 billion to $250 billion.

Implications for Markets and Policy

A successful listing could reshape the aerospace and defense sector, forcing rivals like Boeing (BA) and Lockheed Martin to accelerate their own space investments. On the regulatory front, the SEC's review has proceeded without unusual delays, though national security concerns over Starlink's global reach may draw continued congressional oversight. The company did not immediately respond to a request for comment on potential export control impacts.

For investors, the key risk-reward lies in SpaceX's ability to monetize its high-capex ventures. Starlink, now profitable on an EBITDA basis, generates recurring subscription revenue. Starship, on the other hand, remains pre-revenue but is central to NASA's Artemis moon missions and deep-space ambitions. "The company is essentially two different businesses, and the market will have to price that tension," said an analyst at a top-five bank.

Correction, May 14, 2026: An earlier version of this article misstated the number of shares offered. The filing lists 555.56 million Class A shares, not 500 million.