SpaceX filed its S-1 on May 20, 2026, officially kicking off the SPCX IPO — a Nasdaq listing targeting June 12 that could become the largest initial public offering in Wall Street history. In total, SpaceX is targeting up to $75 billion in proceeds, with 30 percent of shares reserved for retail investors. By comparison, Saudi Aramco’s 2019 record IPO raised $25.6 billion.
The filing values SpaceX at $1.75 trillion. Bloomberg subsequently reported the company pushed that figure above $2 trillion.
What the SPCX IPO S-1 Filing Reveals
The numbers paint a mixed picture. SpaceX posted $18.67 billion in revenue for 2025, with more than half — $11 billion — coming from Starlink, its satellite internet service. However, the company also logged $4.9 billion in losses for the year and over $37 billion in cumulative losses since founding.
Sixty percent of SpaceX’s $20 billion in 2025 capital expenditures went to the AI division, which now includes xAI — Elon Musk’s Grok chatbot operation — following a merger completed earlier this year. Additionally, the company expects merger-related legal costs to hit $530 million. The xAI division ran at a loss, posting only 22 percent revenue growth against billions in spending.
The Musk Factor
Governance is the other major disclosure. Musk will hold 93.6 percent of Class B stock, giving him 85.1 percent voting power post-IPO. Public investors, in contrast, receive Class A shares with significantly reduced influence — a dual-class structure common in tech, but notable at this scale.
The compensation package is also striking. Musk is eligible for up to 1 billion additional shares. Two conditions apply: SpaceX must reach a $7.5 trillion valuation, and establish a permanent human colony on Mars with at least one million inhabitants.
Future Plans: Starship, Orbits, and AI
Meanwhile, the S-1 lays out an ambitious growth roadmap. SpaceX targets Starship payload delivery to orbit in the second half of 2026, with Starlink V2 satellite launches planned for 2027. Future business lines include orbital data centers, space tourism, in-space manufacturing, lunar and Martian facilities, and asteroid mining.
SpaceX’s claimed total addressable market: $28.5 trillion, with $22.7 trillion attributed to enterprise AI applications.
Should Retail Investors Buy the SPCX IPO?
With 30 percent of shares set aside for retail participation, the SPCX IPO ranks among the more accessible major listings in recent memory. Still, the central question for anyone considering a position on June 12 is whether that valuation holds — given cumulative losses exceeding $37 billion and the scale of AI spending. The full S-1 is publicly available through the SEC.
For more context on high-valuation IPO dynamics, see our Finance coverage on Tech My Money.
