The largest IPO in history is imminent! Reports suggest that SpaceX is planning to submit its public listing application as early as this week, with a fundraising goal exceeding $75 billion.

According to sources familiar with the matter, SpaceX plans to submit its first public offering (IPO) prospectus to regulatory agencies later this week or next week. This secret submission will officially finalize the IPO plan of this commercial space giant under the ownership of Elon Musk, with a goal to list the company in June. The sources said that advisors involved in the preparation work anticipate SpaceX to raise over $75 billion in the IPO, higher than the previously reported $50 billion. The company's latest valuation is $1.25 trillion (lower than the previously reported $1.75 trillion). The actual fundraising size and valuation will be finalized in the weeks leading up to the IPO. Once completed, SpaceX's IPO fundraising size will surpass the record of $29.4 billion set by Saudi Aramco in 2019, becoming the largest IPO in history. This IPO will test investors' enthusiasm for what is expected to be the largest IPO in US history. Currently, the roles of IPO investment banks have been mostly finalized. Morgan Stanley and Goldman Sachs are responsible for distributing shares to institutional investors, while Bank of America and Citigroup lead the sale of shares to individual investors, with Bank of America focusing on US retail investors and Citigroup coordinating with international banks to reach overseas individual investors. JPMorgan is serving as the overall advisor for this IPO. In addition, multiple international banks such as Barclays and Deutsche Bank have also joined the underwriting team to help expand global investor resources. In addition to the lineup of investment banks, SpaceX's choice of listing venue has also clearly leaned towards Nasdaq, with the core condition being to "be included in the Nasdaq 100 index as soon as possible after listing." The Nasdaq 100 index includes top tech giants such as Apple and Nvidia, and once successfully included, it will attract a large amount of passive fund allocation, providing stable support for stock prices. This also demonstrates SpaceX's confidence in its own valuation. SpaceX's fundraising needs for the IPO are rooted in its extensive commercial expansion plans. According to reports, the company stated in an internal memorandum in December last year that the IPO funds would be specifically used for the continued development of the Starship rocket, the construction of space AI data centers, and the advancement of the lunar base project. Three pillars support the trillion-dollar valuation SpaceX has built a complete commercial ecosystem of "reusable rockets + global satellite internet + deep space exploration", with these three core businesses providing solid valuation support. Firstly, the Starlink business is the "cornerstone" of SpaceX's trillion-dollar valuation and is its main source of cash flow. As the world's largest low-orbit satellite internet constellation, as of early 2026, Starlink has launched over 6,000 satellites into orbit, with over 120 million paying users globally, covering over 180 countries and regions. The business scenarios range from personal home broadband to aviation, maritime, and emergency communication B2B fields. Financial data shows that Starlink's revenue surpassed $45 billion in 2025, with a net profit of over $80 billion and positive operating cash flow, occupying over 85% of the global low-orbit satellite internet market share, forming an almost monopolistic situation. Secondly, government contracts and commercial launches provide a solid foundation for performance. As a core partner of NASA and the US Department of Defense, SpaceX holds huge long-term orders - NASA's Artemis moon landing program awarded it a over $10 billion contract for manned lunar landers, while the US Department of Defense is not only Starlink's largest corporate customer but also provides continuous funding support for Starship development. By 2025, its total government contract value exceeded $12 billion. Meanwhile, SpaceX's market share in the global commercial space launch market exceeds 80%, and the Falcon 9's reusable technology reduces launch costs to 1/5 of the industry average, establishing an unshakeable cost barrier, leading to steady profits in the commercial launch business. Finally, the synergy between Starship and space AI opens up long-term possibilities. Starship, as the most powerful reusable heavy-duty launch rocket in human history, once normalized launches, will completely reshape the cost structure of space entry, laying the foundation for space tourism, asteroid mining, and Mars colonization. Recently, SpaceX's acquisition of xAI, a subsidiary of Musk, combines rocket, Starlink, and AI technology to plan to build a "space-based data center", utilizing the advantages of space-based CECEP Solar Energy to reduce AI computing costs, upgrading its valuation from an aeronautical company to a "full space economic chain platform." Multiple hidden risks test market confidence Despite SpaceX's irreplaceable technology and market position, this IPO has been controversial since the preparation stage, with three major risks becoming the focus of market attention, determining whether investors are willing to pay for a trillion-dollar valuation. The completion of xAI's acquisition by SpaceX before the IPO is the most controversial variable in this listing. xAI, as a newcomer in the large model track, is in a high-intensity research and development investment period, with monthly operating losses exceeding $300 million, and net losses exceeding $4 billion in 2025, with no short-term profit in sight. There are widespread concerns in the market that, after this acquisition, xAI's huge cash burn will be included in SpaceX's financial statements, diluting Starlink's profit-making ability and even leading to a situation where the listed company pays for Musk's personal entrepreneurial projects, damaging public shareholders' interests, which is also one of the biggest uncertainties of this IPO. Critics argue that if SpaceX is seen as a loosely structured conglomerate, its valuation may be lower than the company's expectations. Musk himself has qualified this business combination as a "vertically integrated innovation engine," believing that the synergy between rockets, space internet, AI, and social media, especially helps to advance the commercial opportunity for space data centers. Before the completion of the xAI acquisition, Musk's stake in SpaceX was less than half. After the xAI transaction is completed, it is not clear what percentage of SpaceX Musk will own. According to reports, SpaceX is considering a dual-class stock structure, allowing insiders - possibly including Musk - to maintain almost absolute control over critical strategic and governance decisions of the company after the IPO. For investors who see potential in SpaceX and Musk's track record, this arrangement may not be a hindrance. However, once the company encounters problems, this structure will significantly limit the influence of external shareholders. Combined with Tesla's past turmoil, this "one-man show" structure has made many long-term institutional investors adopt a wait-and-see attitude, fearing the additional risk brought by the uncertainty of personal decisions. SpaceX's ultra-high valuation also raises doubts among some. In 2025, SpaceX's valuation in the private market was only $1 trillion. In less than a year, the planned IPO valuation has increased by 75%, with a market-to-sales ratio exceeding 25 times the 2025 revenue, far above the average level of mature tech giants. Market analysis believes that this valuation has prematurely priced in the growth expectations for the next five years, and once Starlink's user growth falls short, Starship development progresses are delayed, or faces pressure from factors such as stricter global low-orbit satellite regulation and competitors catching up, the valuation could face a substantial correction. In conclusion, for the global capital market, SpaceX's IPO is not a simple corporate financing event. Against the backdrop of the recent cooling of the US stock market IPOs and the delay of listings by multiple companies, this mega-scale IPO is expected to reactivate market activity, driving more cutting-edge technology companies to enter the capital market and usher in a new wave of tech IPOs. For the commercial space industry, the listing of SpaceX will be an important milestone in the industry's development. It breaks the traditional pattern of "government-led aerospace industry", proving the commercial viability of commercial spaceflight, and will also drive the upgrading of the rocket manufacturing, satellite internet, space AI, and other related industrial chains, turning the concept of "space economy" into reality.