SpaceX's Reported $1.75 Trillion IPO: What the Largest Listing on Record Would Signal

SpaceX has reportedly filed for what would be the largest initial public offering on record, with people familiar with the process telling outlets including Bloomberg, Reuters, CNBC and The Wall Street Journal that the company is targeting a valuation of roughly $1.5 trillion to $1.75 trillion and a raise of up to $75 billion. According to that reporting, the company submitted a confidential draft registration to the Securities and Exchange Commission earlier this year and has applied to list Class A stock on Nasdaq under the ticker SPCX. SpaceX itself has not formally confirmed final pricing or timing, the SEC has declined to comment, and several advisers cited in the same reports have cautioned that the deal could still slip. A raise near the top of the reported range would exceed Saudi Aramco’s roughly $29 billion debut in 2019, the current record.

What the reported deal would actually look like

The numbers being discussed are without precedent for a US listing. Reporting summarized by Capital.com and others points to an offering of around 556.6 million shares at a target near $135 each, which is how the up to $75 billion figure is derived. If achieved, that would make SpaceX both the most valuable company ever to go public and the largest IPO by proceeds in history.

A second unusual feature is the reported retail tilt. Reuters has reported that Elon Musk discussed allocating as much as 30% of the offering to retail and employee buyers, against a more typical 5% to 10% in large institutional deals. That structure, described in the S-1 teardown by Mostly Metrics, would hand an outsized share of the float to individual investors, a choice consistent with Musk’s history of cultivating a retail following but one that concentrates volatility risk among less sophisticated holders. None of these specifics should be read as final until the company prices the deal.

Starlink is the profit engine

The case for the valuation rests heavily on Starlink, the satellite broadband unit. According to financials disclosed in the prospectus and reviewed by Morningstar, SpaceX reported 2025 consolidated revenue of about $18.7 billion, up roughly a third year over year, with an operating loss near $2.6 billion and adjusted EBITDA of about $6.6 billion.

Inside that, Starlink did the heavy lifting. The unit generated roughly $11.4 billion in revenue in 2025, about 61% of the company total, with segment EBITDA near $7 billion at margins above 60%, per the Mostly Metrics breakdown. Subscribers reportedly more than doubled during the year and reached about 10.3 million across 164 countries by the end of the first quarter of 2026. The catch is that average revenue per user has been falling as the base shifts toward cheaper consumer plans, a trend investors will watch closely once the company reports as a public entity. In effect, a profitable connectivity business is funding the rest of the enterprise, including launch development and Musk’s broader ambitions. That same dynamic of profitable cores subsidizing moonshots is one reason the US IPO market reopened in 2026 with such appetite for scale.

Why the timing fits the 2026 listing wave

A SpaceX debut would land in the busiest stretch for large technology listings since 2020 and 2021. The wave was kicked off in May when AI chipmaker Cerebras raised about $5.5 billion and saw its stock pop sharply, the largest US tech IPO since Snowflake, as TechCrunch reported. We covered the mechanics of that deal in our look at the Cerebras AI chip IPO.

SpaceX is one of a cluster of marquee names that bankers expect to test public markets this year. Yahoo Finance grouped it with the most anticipated IPOs of 2026, alongside the AI labs whose own paperwork we tracked in our piece on the Anthropic and OpenAI IPO filings. The combined fundraising demand across these deals is large enough to raise questions about how much fresh capital public markets can absorb at once without crowding out smaller issuers. A clean SpaceX debut would be read as confirmation that institutional appetite for mega-cap technology risk has fully returned. A wobble would do the opposite.

The founder-control problem

The biggest governance flag sits in the share structure. According to coverage from Fortune, SpaceX intends to go public with a dual-class setup in which Class B shares carry ten votes each, leaving Musk with roughly 85% of voting power after the offering. The company is expected to qualify as a controlled company under Nasdaq rules, which would exempt it from some board independence requirements.

For buyers, that means economic exposure without meaningful control. Public shareholders would be backing a single founder’s judgment on capital allocation across launch, satellites and adjacent bets, with limited ability to push back. Capital intensity compounds the issue. SpaceX still posts operating losses at the consolidated level even with Starlink’s cash flow, so the equity story depends on continued execution on Starship and on Starlink margins holding as ARPU softens. Concentrated control is not unusual in technology listings, but the combination of size, founder dominance and heavy reinvestment makes this a higher-variance bet than the headline valuation suggests.

How it compares with other 2026 hopefuls

Set against the rest of the pipeline, SpaceX is the outlier on scale rather than on structure. Founder-controlled, mission-driven companies are a recurring theme this cycle, a pattern visible from the AI labs to the diversified deep-tech vehicles drawing private capital into longevity, space and nuclear. What separates SpaceX is that a record-setting price tag leaves little room for execution error. The reported valuation already capitalizes years of future Starlink growth and assumes Starship reaches commercial scale, which means the margin of safety for new public investors is thin even if the business performs.

FAQ

Has SpaceX officially confirmed its IPO?

Not in full. Multiple major outlets have reported a confidential SEC filing and an S-1, citing people familiar with the matter, and the company has reportedly applied to list as SPCX. Final pricing and timing have not been formally confirmed by SpaceX, and advisers cited in those reports have said the deal could still be delayed.

Would this really be the largest IPO ever?

If SpaceX raises near the top of its reported range of up to $75 billion, yes. That would surpass Saudi Aramco’s roughly $29 billion offering in 2019, the current record by proceeds, and would also make SpaceX the most valuable company to debut.

Why is Starlink so central to the valuation?

Starlink reportedly contributed about 61% of 2025 revenue and the bulk of company EBITDA, effectively funding SpaceX’s loss-making launch and development work. Because so much of the value rests on Starlink growth and future Starship economics, the deal is sensitive to any slowdown in subscriber additions or pricing.

Sources

1. SpaceX IPO targets June 2026 after SEC filing, Capital.com
2. SpaceX S-1 breakdown: Starlink revenue, launch margins, Mostly Metrics
3. 6 charts on SpaceX’s pre-IPO financials, Morningstar
4. SpaceX IPO and dual-class shares: what it means for minority holders, Fortune
5. Cerebras raises $5.5B, kicking off 2026’s IPO season, TechCrunch
6. SpaceX, OpenAI and Anthropic: the most anticipated IPOs in 2026, Yahoo Finance