SpaceX Targets $1.75 Trillion Valuation in Planned $75 Billion IPO

SpaceX aims to raise $75 billion in an IPO that would value the company at $1.75 trillion, making it the largest U.S. listing ever.

The move hinges on Starlink’s rapid subscriber growth and Musk’s continued control through super‑voting shares.

SpaceX filed its S-1 with the SEC targeting ticker SPCX, with the roadshow set for June 4 2026, pricing on June 11, and trading to begin June 12. If priced as indicated, the offering would become the biggest ever on Nasdaq.

The company seeks $75 billion at a $1.75 trillion valuation, which translates to a price‑to‑sales ratio of roughly 110 times its 2025 revenue of $18.67 billion. That revenue grew about 35‑40% year‑over‑year. Using the projected 2026 revenue range of $27‑30 billion, the forward multiple falls to 58‑65 times. Elon Musk will keep 85.1% of voting power through a super‑voting share structure that grants extra votes per share, leaving public investors with little influence over board decisions.

At those multiples, the market prices in execution that meets expectations on Starlink monetization and eventual Starship commercialization; any miss on either front could cause the multiple to drop sharply. The voting concentration mirrors structures used by Meta and Alphabet but is large, creating key‑person risk for shareholders. Retail investors will likely acquire SPCX in the open market on June 12, where first‑day pops often retreat 20‑40% within the first 90 days.

Watch for Starlink’s subscriber count (aiming for 20 million by end‑2026) and the next Starship flight test for early signs of cash‑flow improvement.