SpaceX plans historic IPO, set to shake Wall Street

Elon Musk's SpaceX is preparing to list its shares on the Nasdaq in what investors are calling the most anticipated initial public offering in years.

Founded by Musk in 2002, the Texas-based company designs and launches rockets, spacecraft, and reusable launch vehicles. Since 2006, SpaceX has partnered with NASA to transport cargo and crew to the International Space Station, as well as launching rockets and satellites for private clients. Beyond aerospace, it provides internet via Starlink and runs the AI platform xAI.

An IPO is the first time a private company sells shares to the public. SpaceX is expected to list under the ticker “SPCX” on the Nasdaq, alongside giants like Nvidia, Apple, and Microsoft. Although no official date has been set, media reports suggest the IPO could happen as early as June. After listing, the public can trade SpaceX shares on the exchange, and shareholders will have voting rights at annual general meetings.

This is expected to be the largest IPO ever, potentially making Musk the first trillionaire. According to reports, the company aims to raise over $80 billion at a valuation of $1.75–$2 trillion. Twenty-three financial institutions, including Goldman Sachs, Morgan Stanley, Citigroup, JP Morgan, and BofA Securities, are underwriting the offering.

Gary Ng, senior APAC economist at Natixis, commented: “SpaceX's IPO is a landmark deal for the nascent space economy. If the company successfully develops reusable rockets, it could lower costs and open up entirely new supply chains. The question is whether the technological breakthroughs can be sustained and commercialized. For investors in Asia or the U.S., this is a hot topic that could draw liquidity away from other investment channels.”

If successful, SpaceX could raise more than three times the $25.6 billion record set by Saudi Aramco in 2019. Previous large IPOs include Uber ($8.1 billion in 2019), Alibaba ($15 billion in 2014), and Facebook ($12 billion in 2012). AI giants like Anthropic and OpenAI are also expected to raise billions when they go public later this year.

One differentiator is Musk's control. After the IPO, Musk will retain 85% voting power through a dual-class share structure, where some shares carry 10 votes instead of one. By comparison, Meta's Mark Zuckerberg holds about 61% voting power, and Berkshire Hathaway's Warren Buffett holds about 35%.

Filings with the U.S. Securities and Exchange Commission show SpaceX had revenue of $18.6 billion in 2025, up from $14 billion the prior year, but a net loss of $4.9 billion. In the first quarter of this year, it reported revenue of $4.7 billion and a net loss of $4.3 billion. Analysts attribute part of the loss to SpaceX's acquisition of xAI in 2025. The company's prospectus acknowledges that “acquisitions, divestitures, or other strategic transactions may not achieve the expected benefits.”

Musk has long talked about building a self-sustaining city on Mars. The prospectus also outlines SpaceX's ambition to understand “the true nature of the universe” and extend “the light of consciousness to the stars.”