Elon Musk’s SpaceX set for biggest IPO in history: What a $1.75 trillion valuation means for markets

Elon Musk-led SpaceX has publicly filed its long-awaited Initial Public Offering (IPO) documents with the US Securities and Exchange Commission (SEC), setting the stage for a blockbuster Nasdaq listing under the ticker symbol “SPCX”.

According to the prospectus, the company is targeting a valuation of nearly $1.75 trillion. Now, this is a figure that would make it one of the most valuable publicly traded companies in the world from day one. 

Furthermore, the filing also reveals an aggressive timeline. Investor roadshows are expected to begin on June 4, final share pricing may happen around June 11, and trading could start as early as June 12, 2026. 

Wall Street heavyweights including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase are leading the underwriting process.

The 15-day Nasdaq trigger Wall Street is watching

One of the biggest talking points surrounding the IPO is a technical market factor that could create enormous buying pressure immediately after listing.

Because of its expected size and valuation, SpaceX is likely to qualify for Nasdaq’s fast-entry inclusion rules. 

Now, what this means is that the company may be added to the Nasdaq-100 index within just 15 days of listing instead of waiting several quarters like most newly listed companies.

Why does this matter? Passive investment vehicles such as exchange-traded funds (ETFs), retirement funds and mutual funds that track the Nasdaq-100 would be forced to buy SpaceX shares automatically once inclusion takes place.

That could create billions of dollars of institutional demand in a very short period, regardless of whether investors believe the stock is cheap or expensive.

SpaceX IPO: The key numbers investors are watching

The filing showed that SpaceX generated $18.64 billion in revenue during 2025, a 33% increase from the previous year. 

However, the company also reported a net loss of $4.94 billion during the same period as spending on artificial intelligence, satellite infrastructure and expansion surged sharply.

Capital expenditure nearly doubled to more than $20 billion last year, with a major chunk directed toward artificial intelligence infrastructure and Starlink expansion.

Starlink is funding the business – But AI is becoming the bigger factor to watch

Starlink has now become the company’s largest revenue engine. The satellite internet business contributed nearly 69% of quarterly revenue and currently serves more than 10 million subscribers globally.

The prospectus also showed that the connectivity business remains the only consistently profitable segment within the company. Meanwhile, the space launch division and artificial intelligence business are still generating heavy losses.

However, the larger strategic shift is happening in artificial intelligence. Following the merger with xAI earlier this year, SpaceX is increasingly positioning itself as an artificial intelligence infrastructure company alongside its space business.

The filing revealed plans for orbital data centres, advanced computing infrastructure and AI chip manufacturing partnerships tied to the wider Musk business ecosystem.

One of the biggest factors to watch in the prospectus is a reported compute infrastructure agreement worth nearly $1.25 billion per month with Anthropic running through 2029.

The Musk control factor: Public investors get limited power

While the IPO opens SpaceX ownership to public investors, control of the company will firmly remain with Elon Musk.

The filing confirmed that Musk controls 85.1% of total voting power through a dual-class share structure. Public investors will buy Class A shares carrying one vote each, while Musk’s Class B shares hold ten votes per share.

The prospectus also disclosed that Musk continues to receive a symbolic annual salary of just $54,080, while most of his compensation is linked to future stock awards tied to valuation milestones and long-term business targets.

Will this IPO could reshape tech markets

SpaceX debut may have implications far beyond the company itself.

Market participants believe the IPO could reopen the floodgates for delayed mega technology listings after years of muted activity in the public markets. Companies such as OpenAI and Anthropic are already being discussed as possible future candidates for large public offerings.

The listing is also expected to influence valuations across listed space and artificial intelligence companies globally. Investors are closely watching how the market values SpaceX’s mix of satellite internet, launch systems and artificial intelligence infrastructure.

Disclaimer: This article constitutes general market analysis and news reporting regarding a foreign public offering filing. It does not constitute a direct investment recommendation, offer, or solicitation to buy, sell, or hold any security. Investing in overseas initial public offerings (IPOs) and foreign-denominated equities involves distinct regulatory considerations, currency fluctuations, and jurisdictional variances. Readers should consult a qualified financial professional or a SEBI-registered investment advisor to understand personal legal and financial implications before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.