SpaceX is preparing for the largest stock market debut in history, announcing Wednesday that it planned to raise approximately $75 billion in an initial public offering that would value the company at roughly $1.77 trillion.
The space and satellite giant plans to sell 555.6 million shares at an expected price of $135 per share, according to a filing with the Securities and Exchange Commission. If completed as planned, the offering would eclipse the record-setting $26 billion IPO of Saudi Aramco in 2019 and instantly rank among the largest public offerings ever.
The offering will also further cement founder Elon Musk’s control over the company. According to the filing, SpaceX will maintain a dual-class share structure, and following the IPO, he is expected to control about 82.4% of the company’s voting power.
The IPO would place SpaceX among the most valuable publicly traded companies in the world. At a projected market capitalization of $1.77 trillion, only a handful of companies in the S&P 500 command higher valuations, led by Nvidia at roughly $5.2 trillion.
The public offering could also significantly boost Musk’s already record-setting fortune. Forbes estimates his net worth at about $826 billion, including a SpaceX stake valued at roughly $542 billion. A successful IPO at the proposed valuation would likely increase the value of that holding substantially, boosting his net worth into the trillions.
That level of ownership will allow Musk to effectively determine the outcome of shareholder votes, including the election of most SpaceX board members. The filing notes that SpaceX will qualify as a “controlled company” under Nasdaq corporate governance rules and that it intends to rely on exemptions from certain governance requirements available to firms dominated by a single shareholder.
The company reported a $2.6 billion operating loss in 2025 on $18.7 billion in revenue, according to the filing. Losses have continued into 2026 as SpaceX pours billions into developing its Starship rocket program, satellite infrastructure, and other long-term projects.
Investors are nevertheless betting that the company can capitalize on its dominant position in commercial launches and the rapid growth of its Starlink satellite internet business. Goldman Sachs is leading the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase serving as additional underwriters.
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When Musk founded SpaceX in 2002, the company focused on building rockets and launching payloads into space. It later expanded into telecommunications with its Starlink satellite internet service and, earlier this year, merged with Musk’s artificial intelligence company xAI, which includes the social media platform X.
While SpaceX dominates the commercial launch industry, the company’s AI assets are increasingly seen as a major part of its valuation. The IPO comes amid a wave of investor enthusiasm for artificial intelligence, with Anthropic also planning to go public and OpenAI expected to follow.
