SpaceX IPO: Can Elon Musk's Rocket Empire Rewrite Wall Street History? 8 Things To Know About The Mega IPO

SpaceX IPO: Tech billionaire Elon Musk's SpaceX is set to go public, with the rocket company touted as one of the biggest IPOs in recent years. Amid excitement around SpaceX's potential listing, roadshow details, and fundraising plans, here's everything you need to know about the company valued at $1.75 trillion.

SpaceX IPO Road Show

SpaceX will list on Nasdaq under the ticker SPCX, aiming to raise $75 billion, more than three times Alibaba's $21.8 billion U.S. record set in 2014. The roadshow will begin on June 8, 2026, according to a CNBC report. Twenty-one investment banks have been engaged, signalling the sheer scale of institutional appetite. With its $1.75 trillion valuation, SpaceX would outrank Meta, Exxon Mobil and Walmart combined on the very first day of trading, making it not just the biggest IPO ever filed, but one of the most consequential corporate events in financial history.

Where SpaceX Actually Makes Its Money

The strongest leg is Starlink, its satellite internet business, which generated $11.4 billion in revenue in 2025. Starlink represents 61% of the company's total income and is growing at 50% year-on-year. Rocket launch service contributed $4.1 billion, while the AI division contributed through its merger with XAI the year before. Starlink's profit margin hovers around 63%, dwarfing the 20% industry average, which is precisely why analysts consider it the crown jewel of the entire offering.

The Starlink Hype

Started as a beta service with just 10,000 users in 2021, Starlink now connects over 10 million active customers across 160 countries, from remote Himalayan village to vessels sailing the Pacific. If Starlink were spun off as its own publicly traded company tomorrow, it would command a standalone valuation of $300billion to $500 billion, based on estimates by Morgan Stanley analyst Adam Jonas.

How SpaceX Disrupted The Launch Industry

Before SpaceX, launching a satellite meant building a rocket, using it once, and discarding it, like buying a brand-new car for a single trip. The Falcon 9 changed that entirely. Its reusable design slashed the cost of reaching orbit by over 95% compared to NASA's retired space shuttle. In 2025, alone, SpaceX completed 165 orbit launches and delivered 80% of all mass lifted to orbit globally since 2023. Its next-generation rocket, Starship, aims to cut costs by a further 90% beyond even the Falcon 9, a number that, if achieved, would make competitors effectively obsolete.

SpaceX xAI Merger

In February 2026, SpaceX merged with Elon Musk's artificial intelligence company xAI, creator of the Grok language model, forming a combined entity valued at $1.25 trillion at the time of the deal. For SpaceX, this was not merely an acquisition. It was a strategic pivot toward becoming a space-based technology platform. xAI invested $20 billion in computing infrastructure in 2025, and the merged company now plans to deploy orbital data centres by 2028, effectively positioning SpaceX as a cloud computing business operating from space. The long-term target is 100 gigawatts of computing infrastructure, a number that rivals the ambitions of Amazon Web Services and Microsoft Azure.

Why Starship Matters To Investors?

If Falcon 9 is the workhorse, Starship is the vision that justifies the entire valuation. Taller than a 35-storey building and capable of carrying payloads far beyond anything currently operational, Starship V3 completed its maiden flight before the IPO, a milestone that dramatically strengthened investor confidence. A significant portion of the $75 billion raised will fund its production scale up. Without Starship, Mars is science fiction. With it, Mars becomes an engineering project with a budget, a timeline, and a publicly accountable balance sheet.

How The Valuation Stacks Up Historically

SpaceX would become the first company in history to go public with a valuation of over $1 trillion. To contextualise the scale: Saudi Aramco's $29.4 billion raise in 2020 is currently the world's largest IPO SpaceX's target raise is more than double that. The revised internal targets now point at valuation above $2 trillion, a figure that surpasses the entire GDP of several sovereign nations, according to a Bloomberg report. No company has ever attempted anything close to this on a public exchange.
What Does It Mean For The Broader Market?

SpaceX's listing is not simply a corporate milestone; it is a signal flare for the global investment landscape. The IPO market endured a prolonged drought between 2022 and 2024 under elevated interest rates, but sentiment began to recover in 2025. SpaceX's debut is widely expected to unlock appetite for other high-profile listings, with OpenAI and Anthropic both reportedly exploring public offerings in 2026. If SpaceX successfully raises $75 billion, it would single-handedly surpass the total capital raised across the entire U.S. IPO market in recent years, redefining what a public offering can look like.