SpaceX Files $75 Billion IPO Targeting Near $2 Trillion Valuation, Musk Retains 85% Control

*TL;DR: SpaceX aims to raise $75 billion in an IPO that would value the company close to $2 trillion, while Elon Musk would hold about 85% of voting rights through a dual‑class share setup.

Context SpaceX’s filing, released late Wednesday, outlines the financial architecture of a company that spans rockets, satellite internet and artificial intelligence. Listing on Nasdaq would place the firm alongside the “Magnificent Seven” tech giants, but the proposed valuation would dwarf the $1 trillion market caps of those incumbents. The timing coincides with a test flight of the next‑generation Starship vehicle, underscoring the firm’s push into both launch services and deep‑space ambitions.

Key Facts - The prospectus calls for a $75 billion offering, which, at the targeted price, would push SpaceX’s market capitalization to roughly $2 trillion, potentially the largest public offering in history. - A dual‑class share structure assigns ten votes to each Class B share held by insiders and one vote to each Class A share sold to the public. This design leaves Musk with about 85.1% of total voting power after the IPO. - Capital spending in the first quarter totaled $10.1 billion, with AI‑related projects—spurred by the recent acquisition of xAI—accounting for 76% of that outlay. - Only the Starlink connectivity division posted a profit in the first three months of the year; the rocket and AI segments remain loss‑making but are positioned for rapid growth. - Underwriters stand to earn substantial fees if the deal reaches its $75 billion target, and Nasdaq would gain a marquee listing that could reshape its index composition.

What It Means Investors face a high‑stakes bet: back a satellite business that already generates cash while betting on unproven rocket and AI ventures that could redefine multiple industries. The concentration of voting power limits typical shareholder influence, mirroring structures used by other tech founders to retain strategic control. If the IPO proceeds at the projected size, it would force a recalibration of the “Magnificent Seven” benchmark, adding a near‑$2 trillion player to the elite club.

The market will watch the pricing of the shares, the response of institutional investors, and the outcome of the upcoming Starship test. Those factors will shape whether SpaceX’s valuation claim holds water or becomes a cautionary tale for mega‑IPO ambitions.