SpaceX Files S-1 for $75 Billion Nasdaq IPO with Dual‑Class Shares

The filing provides the first detailed financial view of the aerospace company Elon Musk founded in 2002. SpaceX’s valuation has risen from roughly $1.25 trillion in February after its merger with xAI to about $1.75 trillion now, a rise of approximately 40 %. For reference, Apple (AAPL) and Microsoft (MSFT) each hold market caps near $3 trillion and $2.8 trillion, while the largest IPO to date, Saudi Aramco (2222.SR), raised $25.6 billion in 2019.

SpaceX expects the offering to generate around $75 billion in proceeds, which would make it the biggest IPO ever. The company intends to list on Nasdaq under the ticker SPCX, launching its roadshow on June 8. The prospectus confirms a two‑class share structure: Class A shares, sold to the public, carry one vote each; Class B shares, held by insiders, carry ten votes each. This grants Elon Musk, who serves as founder, CEO, CTO and chairman, controlling voting power despite owning a smaller equity stake. The filing also notes SpaceX will seek “controlled company” status under Nasdaq rules, which exempts it from certain board‑independence requirements.

Investors will receive Class A shares with limited voting influence, while Musk retains decisive control over corporate actions such as board elections and mergers. The dual‑class model mirrors structures used by firms like Alphabet (GOOGL) and Meta (MBA) to preserve founder authority. Underwriters led by Goldman Sachs, with Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase, will manage the book‑building process. The AI division, which absorbed roughly $20 billion of capital expenditures in 2025, continues to lose money, raising questions about how proceeds will be allocated across Starship development, Starlink expansion and xAI research.