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Elon Musk’s space and AI infrastructure giant to dual-list on Nasdaq and Nasdaq Texas June 12, surpassing Saudi Aramco’s $25.6 billion record.
Space Exploration Technologies Corp (SpaceX) is preparing for a landmark initial public offering (IPO) targeting proceeds of approximately $75 billion at an implied valuation of $1.75 trillion to $2 trillion.
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This positions the company to become the largest IPO in history, shattering the previous fundraising record held by Saudi Aramco, which totalled $25.6 billion in 2019.
The company will sell 555 million shares, raising $75 billion and giving SpaceX a staggering $1.75 trillion valuation, placing it among the world’s top 10 most valuable publicly traded companies.
Strong Demand Signals from Japan and Korea
According to Bloomberg Intelligence, current demand signals are robust. SpaceX has boosted its Japanese fundraising target by 25% to $2.5 billion following strong retail demand, while a Korean private placement sold out within one minute of opening.
Fixed IPO Price and Dual-Class Share Structure
Departing from the typical roadshow negotiation process, SpaceX has set a fixed IPO price of $135 per share. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO Elon Musk and insiders will retain super-voting Class B shares (ten votes per share).
Post-listing, Musk is expected to maintain effective control of the company, holding approximately 85% of the voting power and the ability to determine board composition and shareholder outcomes.
Limited Free Float and Dual Listing
Ultimately, the IPO is expected to feature a very limited free float of between 3.75% and 4.29%. The company plans to dual-list on Nasdaq and Nasdaq Texas on June 12, 2026. At $1.75 trillion, the valuation—92 times sales—commands an assertive premium over traditional mega-cap technology companies.
Reshaping Large-Cap Indices
SpaceX would immediately rank among the top ten most valuable US-listed companies, reshaping the weight and composition of large-cap tech indices and creating a new benchmark for private-to-public transitions.
Pivot to AI Infrastructure Drives Capital Needs
SpaceX’s capital needs are escalating sharply as it reframes itself as an AI infrastructure company—offering terrestrial and potentially space-based computing capacity.
This pivot is massively increasing its financial requirements compared to its pre-AI identity as a launch and satellite-broadband firm.
Financial Performance: Revenue Up 33%, But Net Loss Widens
In 2025, SpaceX reported company-wide revenue of $18.7 billion, up 33%, but the group posted a net loss of $4.94 billion—reversing the $791 million net income recorded in 2024.
The loss was largely driven by the consolidation of xAI in February 2026, which carried an operating loss of $6.36 billion.
Starlink Remains the Profitable Anchor
The connectivity segment, Starlink, which represents approximately 70% of group revenue, generated $4.42 billion in operating profit and $7.17 billion in EBITDA, with 10.3 million subscribers across 164 countries.
Starlink remains the only profitable division and the primary anchor for the IPO valuation case.
A Defining Liquidity Event for the Tech Cycle
The IPO represents a defining liquidity event in the current technology cycle: a company spanning launch services, satellite broadband, and AI infrastructure going public at a valuation that reflects a decade of hypergrowth across all three sectors.
A Barometer for Risk Appetite and AI Optimism
For the growing list of prospective new listings within the tech realm, SpaceX’s IPO serves as a public poll on risk appetite, AI optimism, and the market’s willingness to fund long-duration, capital-intensive moonshots at peak multiples.
