Elon Musk’s SpaceX is preparing for what could become the largest stock market debut in history, with the company seeking a valuation of roughly $1.77 trillion and aiming to raise about $75 billion through its long awaited initial public offering.
If the numbers hold, the listing will not just break records.
It would place SpaceX among the most valuable companies on the planet almost overnight, ahead of many of the world’s biggest corporations and only behind a handful of technology giants. The offering would also surpass the previous IPO record set by Saudi Aramco in 2019, which raised about $26 billion.
SpaceX disclosed in regulatory filings that it plans to sell roughly 555.6 million shares at $135 each, raising approximately $75 billion before trading is expected to begin on June 12 on the Nasdaq.
The sheer scale of the offering has captured Wall Street’s attention.
Investors, analysts, and financial institutions have spent months speculating about when Musk would finally take SpaceX public. Unlike most companies preparing for an IPO, SpaceX has already set a firm share price rather than offering a pricing range, a move many observers see as a reflection of Musk’s confidence and influence over the process.
The IPO is not simply a test of SpaceX’s business. It is also a test of how much investors are willing to pay for Elon Musk’s long term vision of space exploration, artificial intelligence, and a future that stretches far beyond Earth.
Founded in 2002, SpaceX transformed the aerospace industry by developing reusable rockets and becoming one of NASA’s most important private sector partners. Over the years, the company expanded beyond launches through its Starlink satellite internet business and more recently through the integration of Musk’s artificial intelligence ambitions.
Those businesses are central to the company’s growth story.
Starlink has become the world’s largest satellite internet network, serving customers across dozens of countries and generating a significant share of SpaceX’s revenue. The company has also highlighted AI as a major future opportunity, with filings describing a potential multi trillion dollar market for artificial intelligence technologies.
Yet for all the excitement surrounding the IPO, there are also serious questions.
SpaceX remains unprofitable.
The company reported billions of dollars in losses despite generating nearly $19 billion in revenue during 2025. Regulatory filings show losses continued into 2026, raising concerns among some analysts that the proposed valuation is based more on future expectations than current financial performance.
That debate is becoming one of the defining conversations around the offering.
Supporters argue that SpaceX has created businesses with enormous long term potential, from satellite communications and launch services to artificial intelligence and deep space exploration. Critics counter that a valuation approaching $1.8 trillion is difficult to justify for a company that is still losing money.
Even after going public, Musk’s control over the company is expected to remain firmly intact.
Thanks to a dual class share structure, the billionaire entrepreneur will retain more than 80% of the voting power, ensuring he remains the dominant decision maker at the company he founded more than two decades ago.
If the IPO succeeds, it could have consequences far beyond SpaceX itself.
A successful debut would inject new energy into the U.S. IPO market, which has struggled to attract major technology listings in recent years. It could also push Musk’s paper wealth to unprecedented levels, potentially making him the world’s first trillionaire.
For investors, however, the question remains straightforward.
Are they buying a company based on what it earns today, or on a belief that Musk’s vision of satellites, artificial intelligence, reusable rockets, and eventually Mars will become one of the most profitable business stories ever created?
The answer will begin to emerge when SpaceX finally starts trading next week.
