SpaceX Eyes Historic $1.75T IPO – The Listing That Could Reshape Markets
Elon Musk's SpaceX is moving closer to what could become the most consequential public offering in capital markets history.
Key Takeaways
- SpaceX is targeting a $1.75T valuation in what could be history’s largest IPO, with a potential listing as early as June 2026.
- The xAI merger transforms the offering beyond aerospace — bundling Starlink and AI infrastructure into a single investment, backed by $15-16B in reported revenue.
- The listing is already reshaping 2026’s IPO calendar, with OpenAI and Anthropic adjusting timelines to avoid competing for institutional capital.
According to reports, the aerospace and satellite giant is preparing a confidential draft registration with the SEC as early as March 2026, with a potential public listing on the horizon by June of the same year.
The targeted valuation surpasses $1.75 trillion — a figure that would position the company ahead of virtually every name in the S&P 500, sitting in the same tier as Nvidia, Apple, and Microsoft. The proposed fundraising target of up to $50 billion would eclipse Saudi Aramco’s 2019 record of $29.4 billion, rewriting the benchmark for what a public debut can look like.
The Structure Behind the Deal
Four of Wall Street’s most influential institutions — Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley — have reportedly secured senior roles in the offering. The company is also said to be exploring a dual-class share structure, a mechanism designed to preserve meaningful voting control for Elon Musk and existing insiders even as public capital flows in. This structure has become increasingly common among founder-led tech firms navigating the tension between growth capital and governance.
The xAI Factor
The IPO narrative doesn’t exist in isolation. In February 2026, SpaceX finalized an all-stock acquisition of xAI, Musk’s artificial intelligence venture. The combined entity — spanning aerospace,
Starlink’s satellite internet infrastructure, and AI development — carried an initial valuation of $1.25 trillion at the time of the merger. That convergence of sectors gives the forthcoming public offering a fundamentally different profile than a traditional space company listing. Investors wouldn’t simply be buying into rocket launches; they’d be gaining exposure to orbital AI compute infrastructure, a concept SpaceX has signaled through its plans to build solar-powered data centers operating beyond Earth’s atmosphere.
On the financial side, internal figures point to $15–$16 billion in revenue generated last year, with profit margins reaching approximately $8 billion — numbers that lend credibility to the valuation thesis even before public market scrutiny.
Broader Market Implications
The downstream effects are already being felt across the IPO landscape. High-profile names including OpenAI and Anthropic, both reportedly eyeing their own listings, are said to be recalibrating timelines to avoid competing directly with SpaceX for institutional capital. Some are targeting windows at least six weeks ahead of the anticipated SpaceX debut — a telling signal of just how much gravity this offering carries.
If the listing proceeds on schedule, 2026 may be remembered less as a year of individual IPOs and more as the moment public markets were fundamentally repriced around a new class of vertically integrated, deep-tech conglomerates.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
