Elon Musk's rocket company SpaceX is targeting a $1.77 trillion valuation in a blockbuster IPO, paving the way for the biggest market debut in stock exchange history.
In a filing with the U.S. Securities and Exchange Commission on March 12, SpaceX said it would sell 555.6 million shares at $135 each, raising about $75 billion.
At that valuation, SpaceX would become the world's seventh-largest company by market capitalization, surpassing electric-vehicle maker Tesla and social media giant Meta, trailing only Taiwan's chipmaker TSMC. The figure also dwarfs the 2019 IPO of energy giant Saudi Aramco, which raised $26 billion at a $1.7 trillion valuation.
Musk, who holds roughly 42% of SpaceX shares, is set to become the world's first trillionaire when the stock lists on the Nasdaq in New York on June 12. Despite the IPO, Musk will retain effective control with over 82% of voting rights through a dual-class share structure, where some shares carry 10 votes instead of one.
SpaceX's decision to set a specific IPO price ahead of the offering breaks convention. Typically, companies preparing for an IPO publish a price range to adjust based on investor demand.
“The real surprise is that SpaceX locked in a price before the roadshow with investors even began. In my view, this reflects Musk's control over deal terms and confidence that orders will be filled,” said market analyst Fabien Yip at IG Group.
Founded by Musk in 2002, SpaceX is known for designing and launching rockets, spacecraft, and reusable launch vehicles for NASA and private companies. It also provides internet service via the Starlink network and artificial intelligence through xAI.
Musk has set ambitions for SpaceX to build a “self-sustaining” city on Mars and “extend the light of consciousness to the stars.”
The IPO is a test of investor faith in Musk's vision as the company remains unprofitable. SpaceX reported a net loss of $4.9 billion in 2025 on revenue of $18.7 billion, followed by a $4.3 billion loss in the first quarter of this year.
Professor Emeritus Jay R. Ritter of the University of Florida, an IPO expert, said SpaceX's IPO differs from Saudi Aramco's because the state-owned oil giant had a history of massive revenue and profits. “SpaceX, on the other hand, has annual revenue under $20 billion and no profit. One company is valued based on proven earnings, the other on potential,” Ritter said. “With SpaceX, there is a risk that cash flow will be used to send hundreds of thousands of people to Mars, leading to losses.”
Still, market sentiment remains strong. According to IG Group's Yip, investment products tied to the IPO are pricing SpaceX's first-day market capitalization at $2.2 trillion. “It's comparable to Tesla, which launched in 2010 while losing money and only broke out when it turned a profit in Q1 2013. SpaceX investors are also betting on future growth, with a broader potential market than Tesla: rockets, satellite internet, AI,” Yip said.
