SpaceX's $75 Billion IPO: The Most Audacious Public Offering in History Launches Musk Toward Trillionaire Status

Elon Musk's aerospace and artificial intelligence empire is about to go public in the most spectacular fashion ever seen on Wall Street. SpaceX, formally known as Space Exploration Technologies Corp., is set to begin trading on the Nasdaq on June 12, 2026 under the ticker symbol SPCX at a fixed price of $135 per share — an offering that would raise $75 billion and value the company at approximately $1.77 trillion. That valuation would make SpaceX the largest IPO in stock market history by a wide margin, more than doubling the previous record of $29.4 billion set by Saudi Aramco in 2019. Musk, already the world's richest person, stands to control 82.4% of the voting power of SpaceX following the offering, and his personal stake could catapult him to become the world's first trillionaire. Breaking from Wall Street tradition, SpaceX chose to set a single fixed price of $135 per share rather than the usual practice of setting a price range ahead of the IPO marketing process. Dan Ives, managing director and senior equity analyst at Wedbush Securities, described the move as unusual but emblematic of Musk's confidence. "This would be very unconventional, but the market will see this as a sign of confidence on the SpaceX IPO," Ives told Fortune. Analysts at Wedbush also noted that the listing represents the first major test for public markets following years of muted IPO activity, with SpaceX potentially paving the way for AI giants Anthropic and OpenAI to follow. The company plans to sell 555.6 million shares, generating $75 billion in proceeds that will go directly to SpaceX — an all-primary offering in which existing shareholders, including Musk himself, will be required to hold their shares for 366 days post-IPO. Underwriters also hold an option to purchase an additional 83.33 million shares at the offering price, adding a potential $11.2 billion to the raise. SpaceX's financial profile is anything but straightforward. The company reported $18.7 billion in revenue for 2025, a 33% increase year-over-year, yet recorded a net loss of $4.9 billion — a dramatic reversal from its $791 million profit in 2024. In the first quarter of 2026 alone, revenues reached $4.7 billion, driven largely by Starlink, the company's satellite-based internet service, which now serves more than 10.3 million subscribers across 160 countries and accounts for roughly 69% of SpaceX's total revenue. However, the company burned through $10.1 billion in capital expenditures in Q1 2026, of which a staggering $7.7 billion went to its AI division, while just $930 million was allocated to Starship development. The IPO documents reveal far more than rockets. SpaceX has been deeply embedded in the artificial intelligence race since merging with xAI, Musk's AI venture, in February 2026 in a deal that valued the combined entity at $1.25 trillion. The prospectus describes ambitions not just for space exploration, but for building data centers in orbit. Tesla, which owns 18.99 million SpaceX shares valued at $2.56 billion at the IPO price, has also benefited from extensive resource and personnel sharing with SpaceX. Not everyone shares the enthusiasm around the valuation. Morningstar's independent estimate pegs SpaceX's fair value at $780 billion — less than half the offering price — based on the company's core launch and satellite businesses. Some analysts warn that the $1.77 trillion figure represents a roughly 94.7x multiple on annual revenues, a valuation that even in today's AI-frenzied markets raises serious questions about long-term return potential. Retail investors are being given an unusually large slice of the pie: Musk is reportedly considering allocating up to 30% of IPO shares to individual buyers — at least three times the typical 5–10% in standard public offerings. The roadshow included a dedicated event on June 11 for approximately 1,500 retail investors, signaling a deliberate intent to distribute ownership broadly and build a grassroots shareholder base. The IPO's ripple effects extend well beyond Musk's personal balance sheet. Thousands of SpaceX employees are poised to become millionaires, and the successful listing could unlock a wave of closely watched mega-IPOs from OpenAI, Anthropic, and others. As SpaceX's vision stretches from Starlink satellites to permanent colonies on Mars with "at least one million inhabitants," the real question for investors is simple: is the ambition worth the price?