SpaceX Seeks Record IPO with US$75 Billion Raise

SpaceX is preparing a potential initial public offering (IPO) that could raise as much as US$75 billion and value the company at approximately US$1.7 trillion, according to Bloomberg and the Financial Times. The deal would surpass the US$29.4 billion raised by Saudi Aramco in 2019, setting a new global benchmark for equity offerings. At the proposed valuation, SpaceX would rank among the largest publicly listed companies in the United States.

The company could file for the IPO in the near term, with a potential listing as early as June. Less than 5% of shares are expected to be floated, enabling capital raising while minimizing dilution. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to lead the transaction, although final underwriting roles have yet to be confirmed. Advisors are also considering alternatives to the traditional lock-up structure, including phased share sales for early investors.

The planned listing follows SpaceX’s February all-stock acquisition of xAI, integrating the Grok artificial intelligence platform and the X social network into its broader ecosystem. According to Bloomberg, xAI requires approximately US$1 billion per month to fund infrastructure and expansion, increasing pressure on the company to secure additional capital. 

Proceeds are likely to be directed toward capital-intensive initiatives, including the development of a lunar base, expansion of space-based AI capabilities, and continued work on the Starship program. Starlink remains the company’s primary revenue engine and is expected to underpin operating cash flow.

As part of the listing process, SpaceX is evaluating governance structures that would allow Elon Musk and early investors to retain control. Musk’s stake has fallen below 50% following successive private funding rounds involving major institutional investors. Any revised structure is expected to preserve voting power while broadening access to public markets.

A listing at the projected scale could also reshape global wealth rankings. Musk’s net worth, already estimated above US$820 billion, could surpass US$1 trillion depending on post-IPO performance and ownership structure.

Execution Risks and Industry Pressures

The IPO comes as SpaceX navigates ongoing technical and regulatory challenges. NASA’s Artemis II mission has been delayed due to hardware issues, underscoring persistent risks in large-scale aerospace programs. Meanwhile, SpaceX’s Starship Human Landing System remains under development, with timelines subject to revision.

Operationally, the company continues to scale its launch capabilities. In 2025, it conducted multiple Starship test flights and achieved reuse of a Super Heavy booster, while Falcon 9 surpassed 140 missions. However, reliability challenges in upper-stage systems remain a key constraint. Competition is also intensifying, with Blue Origin and Rocket Lab advancing reusable launch technologies.

Financially, SpaceX reported revenue of about US$15.5 billion in 2025, with Starlink accounting for roughly 70%. Revenue is projected to rise to between US$22 billion and US$24 billion in 2026, driven primarily by connectivity services.