SpaceX IPO Could Break Records as Musk Targets $75 Billion Raise

Elon Musk’s SpaceX has taken a giant leap toward Wall Street, filing plans for what could become the largest initial public offering in history. The company aims to raise up to $75 billion and command a staggering valuation of roughly $1.75 trillion when it debuts on the Nasdaq as early as June 12 under the ticker SPCX.

If successful, the listing would dwarf any IPO on record, vaulting past Saudi Aramco ($29.4 billion raised) and Alibaba ($25 billion).

The S-1 prospectus, filed publicly on May 20, marked the first time SpaceX has disclosed detailed financials in its 24-year history. The numbers paint a picture of a company fueled by its Starlink satellite internet business — which generated $11.4 billion in revenue in 2025, up nearly 50% year-on-year and accounting for about 61% of total company revenue.

Overall, SpaceX reported $18.7 billion in revenue for 2025, along with an operating loss of $2.6 billion as it poured money into next-generation rocket development and artificial intelligence. The AI segment, which includes xAI and the X platform, recorded $3.2 billion in revenue but posted a steep operating loss of $6.4 billion.

To help offset those losses, SpaceX disclosed a lucrative deal to rent spare computing capacity at its Colossus data centers to rival AI firm Anthropic for $1.25 billion per month through May 2029 — totaling nearly $45 billion over three years.

The filing also laid out an ambitious roadmap, including plans to build data centers in space as early as 2028, with solar energy in orbit described as “the only truly scalable solution” to AI’s soaring power demands.

Musk will retain ironclad control after the IPO through a dual-class share structure. Class A shares sold to the public carry one vote each, while insider Class B shares carry ten votes apiece. Musk holds about 93.6% of Class B shares, giving him roughly 85% voting power. The company will also claim “controlled company” status, exempting it from Nasdaq rules requiring a majority independent board.

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