SpaceX IPO Reaches Record $75 Billion, Musk's Ambitious Listing Breaks Ground in the Financial Market

SpaceX Aims for Historic $75 Billion IPO, Setting Stage for Mega-Listings

SpaceX, the rocket, satellite, and artificial intelligence company founded by Elon Musk, is seeking to raise $75 billion in an initial public offering (IPO) that would be the largest of all time. The Starbase, Texas-based company plans to market approximately 555.6 million shares for $135 each, according to its filing with the US Securities and Exchange Commission (SEC) on Wednesday.

If successful, the IPO would surpass Saudi Aramco's record $29.4 billion listing in 2019 and open the door to debuts for OpenAI and Anthropic PBC, which are expected to target double-digit billion-dollar IPOs of their own. The firms' plans to list as early as this year would capitalize on investors' seemingly insatiable appetite for AI-themed investments.

According to the filing, SpaceX's market value would be almost $1.77 trillion based on the outstanding shares. Accounting for employee stock options and restricted stock units, the company's fully diluted value would be at least $1.8 trillion, making it larger than all but six of the companies in the S&P 500 Index and even larger than Musk's own Tesla Inc.

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Key IPO Details

The share sale is set for June 11, with SpaceX expected to begin trading the following day on the Nasdaq and Nasdaq Texas under the symbol SPCX.

SpaceX's lofty goals, which include building out its direct-to-cell wireless business, ramping up AI semiconductor production with Tesla, and establishing bases on the Moon and a colony on Mars, may be at odds with its recent history. The company reported a net loss of $4.94 billion last year on $18.7 billion in revenue, compared to net income of $791 million on $14 billion of revenue in 2024.

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To offset the AI business' heavy cash needs, SpaceX has signed a contract with Anthropic to provide AI compute for $1.25 billion per month. Both firms can terminate the agreement on 90 days' notice.

Critics of the IPO have expressed concerns over Musk's near-unlimited control over the company, which would allow him to elect 51% of the board and decide on removing himself from leadership positions. The company's governance policies have been criticized as "a serious attempt to decimate protections for shareholders in novel and reckless ways."

Musk's net worth would settle at roughly $988 billion at the offering price, just shy of making him the first trillionaire. With shares expected to be listed on June 12, he could hit the mark late next week.

Valor Equity Partners will remain the second-largest disclosed stakeholder in economic terms, with 6.7% of the Class A shares. Approximately 7.8 billion shares, including all of Musk's holdings, are subject to lockups extending beyond the usual six months after the IPO.

The company plans to use the proceeds from the IPO for purposes including funding the expansion of its AI, rocket launch, and satellite infrastructure. SpaceX is required to use proceeds of certain debt financings and this IPO to repay within six months at least some of a $20 billion bridge loan, which was used to take out high-interest junk debt for Musk's social media and AI companies.

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are leading the deal, with 18 other banks participating.