SpaceX filed for an initial public offering on Wednesday, June 3, offering 555.5 million shares at $135 each. The company is looking to raise $75 billion and hit a valuation of $1.765 trillion — a number that would make it the biggest IPO ever, surpassing Saudi Aramco's $25.6 billion listing in 2019.
A record-breaking filing
The scale is staggering. SpaceX recorded a net loss of $4.95 billion last year, weighed down by heavy AI spending. But Starlink, its satellite internet business, grew revenue 50% year-over-year and is now the only profitable part of the company. Morningstar values SpaceX at $780 billion — roughly half the IPO target — and warns that xAI poses a material threat of value destruction. ARK Invest's Cathie Wood is more bullish, projecting a $2.5 trillion enterprise value by 2030.
The crypto connection
SpaceX holds 18,712 Bitcoin — worth about $1.29 billion — on its treasury. That gives public shareholders indirect exposure to crypto, a rare perk for a mega-cap IPO. But history offers a caution: when Coinbase went public in April 2021, Bitcoin hit $64,800 on listing day, then lost 50% within six weeks. Whether the same pattern repeats depends on whether spot ETF inflows hold up through the IPO roadshow window.
Liquidity concerns and market impact
Analysts warn that a wave of megacap listings — SpaceX, OpenAI, Anthropic — could pull in over $240 billion by year-end, draining liquidity from tech, AI, and crypto markets and potentially marking a cyclical peak. There's also talk of a possible merger between SpaceX and Tesla as early as 2027, with joint development of a giant semiconductor plant called Terafab.
Elon Musk's trillion-dollar stake
If the IPO hits its target valuation, Elon Musk becomes humanity's first trillionaire. He currently retains over 80% of voting rights, giving him tight control over the company's direction. The offering opens for trading later this month, and the market — from crypto to space stocks — will be watching closely.
