SpaceX Files for IPO with Record $1.75 Trillion Valuation Target

SpaceX on Wednesday filed paperwork for an initial public offering, disclosing financial details of the company that has revolutionized rocket technology and aims to colonize Mars and build artificial intelligence data centers in space.

The IPO could value SpaceX at a record $1.75 trillion, likely making founder Elon Musk the world’s first trillionaire and validating years of defiance against conventional wisdom through development of reusable rockets.

The listing could set the stage for a series of major IPOs in coming months, including potential offerings from technology companies OpenAI and Anthropic. The sale would immediately establish SpaceX as one of the world’s most valuable publicly traded companies and the second in Musk’s business empire to exceed $1 trillion in market value, after Tesla.

Since its founding in 2002, SpaceX has grown into the world’s largest space business by launching thousands of Starlink internet satellites. Most of its $18.67 billion in revenue last year came from its network of about 10,000 satellites that provide broadband internet to consumers, governments and enterprise customers.

SpaceX’s pioneering use of reusable rockets has transformed space economics, forcing competitors such as Jeff Bezos’ Blue Origin to catch up as the race to commercialize space intensifies. Private companies compete to lower launch costs, deploy satellite networks and secure government contracts.

While much of SpaceX’s future growth depends on AI-related businesses, its nascent xAI unit remains unprofitable, according to the filing.

The regulatory disclosure comes during a critical week for the rocket maker, which is preparing to launch a test flight of its next-generation Starship rocket.

Musk’s plans for lunar and Mars missions and expansion of the Starlink satellite internet business rely on the new rocket. The test launch, originally scheduled for Tuesday, is now expected later this week.

The board has granted Musk control over the company but ties much of his compensation to ambitious targets: establishing a permanent human colony on Mars and building space data centers with computing capacity equivalent to 100 terawatts, or 100,000 one-gigawatt nuclear reactors.

The share sale is expected as early as June 11, with a listing aimed for the following day.

Musk’s celebrity status as CEO may matter more to some investors than SpaceX’s underlying business fundamentals, analysts and academics said, because no comparable companies exist against which to benchmark its valuation.

The company said it targets a potential total market of $28.5 trillion across its businesses, with the majority of that possible revenue tied to AI.

The figures, disclosed for the first time in its S-1 regulatory filing, show how SpaceX depends on its Starlink-driven revenue base but believes its long-term prospects center on AI and related infrastructure operations that currently operate at a loss.

The $1.75 trillion valuation target, if achieved, would eclipse Saudi Aramco’s 2019 offering, which set a record for the world’s biggest IPO when it debuted on Riyadh’s exchange at $1.7 trillion. SpaceX planned to raise more than $75 billion in the offering, Reuters previously reported.

The scale of the offering highlights the increasingly interconnected structure of Musk’s business empire, often called the “Muskonomy,” which includes electric vehicle leader Tesla, along with his AI and brain-chip implant ventures.

SpaceX merged with Musk’s xAI in a deal valuing the rocket company at $1 trillion and the developer of the Grok chatbot at $250 billion.

Concerns about Musk’s ability to manage multiple companies with combined market values exceeding trillions could weigh on investor sentiment, analysts said.

SpaceX plans to set aside a significant portion of shares for retail investors.

The company is expected to list on the Nasdaq under the ticker symbol SPCX.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JP Morgan are the bookrunners.