SpaceX Targets $75 Billion IPO at $1.75 Trillion Valuation

Context SpaceX filed its S‑1 with the SEC, seeking ticker SPCX on Nasdaq. The roadshow begins June 4 2026, pricing on June 11, and trading starts June 12. If successful, the raise would surpass the current record set by Saudi Aramco’s 2019 $25.6 billion debut.

Key Facts - The IPO aims for $75 billion in proceeds at a $1.75 trillion valuation, implying a price‑to‑sales ratio of roughly 109× based on 2025 revenue of $18.7 billion. - Starlink passed 10 million subscribers in February 2026 and continues to add between 750 k and 1.5 million new users each month, driving about 70 % of total revenue. - Elon Musk holds 85.1 % of voting power through a super‑voting share class, giving him decisive control over board decisions and capital allocation. - SpaceX reported $18.7 billion of revenue and a $4.9 billion net loss in 2025, with free cash flow negative due to heavy Starship investment; the connectivity segment posted a $1.2 billion profit in the latest quarter. - Compared with recent tech IPOs, Snowflake debuted at ~100× forward sales and Airbnb at ~80×; SpaceX’s forward 2026 multiple of 58‑65× remains high but lower than its trailing multiple.

What It Means Investors receive pure‑play exposure to launch, satellite broadband, and heavy‑lift rockets, but economic rights are decoupled from governance due to Musk’s voting lock. The valuation prices in flawless execution on Starlink monetization and eventual Starship commercialization; any slowdown in subscriber growth or delay in Starship reusability could compress multiples sharply. Retail participation will be limited at the IPO price, with most buying in the open market after June 12, where first‑day pops often retreat 20‑40 % within three months.

What to watch next Monitor Starlink’s monthly subscriber tally, the November 2026 first‑quarter earnings as a public company, and upcoming Starship flight tests that will signal progress toward the long‑term cash‑flow turnaround.