SpaceX Files for Historic $75B IPO, Valuation May Top $2 Trillion

TL;DR SpaceX has filed its S‑1 with the SEC, seeking to raise about $75 billion in an IPO that could value the firm above $2 trillion. The dual‑class share structure will let Elon Musk retain decisive control despite selling Class A shares to the public.

Context SpaceX, founded by Elon Musk in 2002, disclosed its first detailed financials in an S‑1 registration statement on Wednesday. The filing follows a February 2026 merger with Musk’s AI startup xAI, which lifted the company’s private valuation from $1.25 trillion to roughly $1.75 trillion, with some analysts projecting over $2 trillion. A five‑for‑one stock split on May 4 adjusted all per‑share figures in the prospectus.

Key Facts The IPO is expected to raise approximately $75 billion and list on Nasdaq under ticker SPCX as early as next month, with a roadshow slated for June 8. Goldman Sachs leads the underwriting syndicate, joined by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, plus a broader group of book‑runners. SpaceX’s revenue is split roughly half from its Space and Connectivity division—driven by Starlink’s ~10,000‑satellite constellation—and half from other segments. The AI division, which absorbed about $20 billion of 2025 capital expenditures, lost money and grew revenue only around 22 percent. Meanwhile, the 12th Starship launch could occur this week, a key milestone for the fully reusable heavy‑lift rocket that underpins long‑term growth prospects.

What It Means The prospectus creates a two‑class share structure: Class A shares sold to the public carry one vote each, while Class B shares held by insiders carry ten votes each. This arrangement lets Musk control essentially all shareholder‑approval matters and allows SpaceX to claim “controlled company” status under Nasdaq rules, exempting it from certain board‑independence requirements. If the IPO prices at the top of expectations, SpaceX would join a rare group of firms with a market cap exceeding $2 trillion, surpassing current leaders like Apple and Microsoft. Investors should watch the June 8 roadshow for the final pricing range and any updates on Starship’s flight test, as those factors will shape early trading sentiment and signal whether the AI and launch businesses can justify the lofty valuation.