SpaceX is preparing to go public in what could become the single largest initial public offering ever conducted. The company plans to list on Nasdaq under the ticker SPCX, with trading expected to begin around June 12, 2026, at an initial price of $135 per share.

The target raise is $75B. That’s not a typo. At that figure, SpaceX would land at a valuation between $1.75 trillion and $1.8 trillion, placing it in the same atmosphere as Apple and Microsoft. For context, the previous record for a US IPO belonged to Saudi Aramco’s 2019 listing at roughly $25.6B. SpaceX is aiming to nearly triple that.

From rockets to Wall Street

SpaceX filed confidentially with the SEC in April 2026, then followed up with a public prospectus in May. Goldman Sachs and Morgan Stanley are leading the underwriting.

Institutional demand has been significant. The offering is reportedly oversubscribed by more than $10B, meaning investors want in at a pace that exceeds the available shares.

The company’s revenue last year came in at $15.5B. Its net loss, however, was nearly $5B. Investors are betting that the revenue curve will eventually outrun the spending curve.

A $1.8 trillion valuation on $15.5B in revenue means the market is pricing SpaceX at roughly 116 times its annual sales.

The Musk factor and the xAI merger

A significant driver behind the valuation is SpaceX’s merger with xAI earlier in 2026. That deal folded Musk’s artificial intelligence company into the SpaceX umbrella, creating a combined entity that spans satellite internet (Starlink), interplanetary transport (Starship), and AI development.

Post-IPO, Musk is expected to retain 42% economic ownership and 85% voting power. That dual-class share structure means public shareholders get financial exposure but limited say in corporate governance.

The IPO could also make Musk the world’s first trillionaire, depending on how the stock trades in its opening sessions.

Regulatory headwinds and market implications

Senator Elizabeth Warren has raised concerns about potential market excesses surrounding the offering.

For retail investors, this is the first real opportunity to own a piece of SpaceX directly. For years, the company operated as one of the most valuable private enterprises on the planet, accessible only through secondary markets and select venture funds.

Investors should also watch the lock-up period closely. When early employees and insiders are eventually allowed to sell their shares, typically 90 to 180 days after the IPO, it can create meaningful selling pressure. With Musk holding 42% of the economic interest, any signal about his intentions to hold or trim will move the stock.