SpaceX began its IPO roadshow on June 4, 2026, with pricing scheduled for June 11 and trading on Nasdaq under the ticker SPCX on June 12. The target valuation is $1.75 trillion, and the target raise is $75 billion — a figure that would shatter every IPO record in history.
From founding in 2002 to a $1.75 trillion listing in 24 years, SpaceX would debut as one of the ten most valuable companies on Earth.
The billion raise dwarfs every prior record
Saudi Aramco’s 2019 IPO raised $29.4 billion — the largest ever. SpaceX is targeting more than 2.5 times that.
| IPO | Year | Amount raised |
|---|---|---|
| SpaceX (target) | 2026 | $75B |
| Saudi Aramco | 2019 | $29.4B |
| Alibaba | 2014 | $25B |
Goldman Sachs is lead bookrunner, alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan — the full roster of banks that price the market’s largest deals.
The S-1 financials: .67B revenue, .94B loss
The public S-1 discloses $18.67 billion in consolidated 2025 revenue (post-xAI merger), a $4.94 billion net loss for 2025, a $4.28 billion loss in Q1 2026 alone, and $6.58 billion in adjusted EBITDA. The gap between EBITDA and net loss reflects the capital intensity of building rockets and satellite constellations.
The xAI merger reshapes the entity
The 2025 revenue figure is consolidated to include xAI following the merger, folding Grok and SpaceX’s AI portfolio into the public company. Investors buying SPCX are buying a launch business, a satellite-internet business, and a frontier-AI lab in one ticker.
Starlink is the revenue engine inside
Starlink’s 7,000-plus satellites generate the recurring subscription revenue that underwrites the valuation. The launch business builds the moat; Starlink monetizes it. The combination is what lets SpaceX argue for a multiple no pure-play aerospace company could.
Up to 30% to retail investors
Up to 30% of shares may be allocated to retail investors — unusually high for a deal this size. Prediction markets project a day-one closing market cap above $1.8 trillion. Heavy retail allocation plus scarcity is the recipe for a volatile open.
What it means for the AI infrastructure trade
A $1.75 trillion AI-adjacent listing arriving the same season as Anthropic’s confidential S-1 reprices the entire sector. Public-market comparables for AI infrastructure have been scarce; SPCX gives index funds and analysts a megacap reference point overnight.
For anyone tracking NVIDIA, Anthropic, or the broader AI-infrastructure complex, June 12 is the date to watch — it sets the public benchmark the rest of the sector will be measured against.
