SpaceX Targets Record $75 Billion IPO to Fund AI and Mars

The Space Exploration Technologies Corp. (SpaceX) has confidentially filed for an initial public offering on the Nasdaq under the ticker SPCX, targeting a valuation between $1.75 trillion and $2 trillion. The company aims to raise approximately $75 billion by selling 555.6 million shares at a fixed price of $135 each, which would be the largest IPO in history. Trading is expected to begin on June 12, 2026.

Financially, SpaceX reported 2025 revenue of approximately $18.7 billion but suffered a net loss of nearly $5 billion, driven by $20.7 billion in capital expenditures. While its Starlink satellite network remains the primary profit engine, the company's AI division—expanded through the merger of xAI and X—reported a $6.4 billion loss. To justify its valuation, Goldman Sachs projects AI revenue will surge to $322 billion by 2030. The company also revealed deep financial entanglements with other ventures led by its founder, including substantial purchases of Tesla products and a $20 billion bridge loan used to retire debt for X and xAI.

Founder Elon Musk will retain absolute control via Class B super-voting shares, granting him over 82% of the voting power. His compensation is tied to extreme milestones, including the establishment of a permanent colony of one million people on Mars and a $7.5 trillion market capitalization. To facilitate the listing, Nasdaq has fast-tracked SpaceX's entry into the Nasdaq-100 index, though S&P Global has declined to waive standard profitability requirements for S&P 500 inclusion. The roadshow, supported by a consortium of 23 banks, began in early June with a focus on high-net-worth and retail investors.