SpaceX Targets $75 Billion IPO at Near $2 Trillion Valuation, Musk to Retain 85% Vote Control

TL;DR: SpaceX plans to raise $75 billion in an IPO that could value the company near $2 trillion, using a dual‑class share system that lets Elon Musk retain about 85% of voting control while only its Starlink connectivity division posted a profit in the first quarter.

Context: The filing, released late Wednesday, shows SpaceX aiming to become the largest public offering ever, surpassing Saudi Aramco’s $25.6 billion IPO in 2019. If priced at the target, SpaceX would join the trillion‑dollar club alongside Apple ($3.0 trillion market cap) and Microsoft ($2.8 trillion). The company intends to list on Nasdaq under the ticker SPCX, with lead banks set to earn underwriting fees proportional to the deal size.

Key Facts: SpaceX will issue two share classes, with insider Class B shares carrying ten votes each to give Musk and a small group 85.1% of total voting power, while public Class A shares have one vote each. In Q1, only the Starlink connectivity unit posted a profit; the launch and AI/xAI divisions reported losses, with xAI accounting for 76% of the $10.1 billion capital expenditure. The prospectus also notes ambitions in asteroid mining, space‑based manufacturing and lunar/Martian energy production.

What It Means: Investors are betting that Musk can turn a profitable satellite broadband business into a broader tech empire using unproven Starship rockets and AI ventures. The dual‑class structure limits typical shareholder influence, a point likely to draw scrutiny from regulators and proxy advisors. The IPO’s size could absorb significant market liquidity, potentially affecting pricing of other upcoming offerings.

Forward-looking line: Watch for the upcoming Starship test flight on Thursday and the market’s response to the IPO pricing roadshow next week.