SpaceX publicly filed its S-1 registration statement with the SEC on May 20, and the ripple effects were immediate. Stocks across the space and satellite sector surged as investors rushed to reposition around what could become one of the largest IPOs in history.

The filing targets a valuation between $1.5 trillion and $1.75 trillion, with projections suggesting the offering could raise between $75 billion and $80 billion. To put that in perspective, that fundraise alone would exceed the entire market capitalization of most S&P 500 companies.

The sector-wide lift

Shares of Rocket Lab, Planet Labs, Intuitive Machines, and Redwire all spiked following the filing. The planned listing would hit the Nasdaq under the ticker SPCX, with a potential debut targeted for mid-June 2026. SpaceX had filed confidentially back in April, so the public S-1 wasn’t a total surprise.

What the filing reveals

SpaceX highlighted its artificial intelligence initiatives alongside its more established businesses: rocket launches and the Starlink satellite internet constellation. The AI mention is notable because it signals that SpaceX wants to be valued not just as an aerospace company, but as a technology platform.

The filing also disclosed that the company has reported billions in losses. Elon Musk will retain majority voting control post-IPO through a super-voting share structure, the same playbook used by Mark Zuckerberg at Meta and Larry Page at Alphabet.

18,712 BTC on the balance sheet

The S-1 revealed that SpaceX holds 18,712 BTC, valued at approximately $1.29 billion to $1.45 billion at the time of the filing. That makes SpaceX one of the larger corporate Bitcoin holders on the planet, sitting alongside MicroStrategy and Tesla in the rarefied club of public companies with meaningful crypto exposure.

Binance moved quickly to capitalize on the buzz, launching perpetual futures contracts tied to SpaceX’s pre-IPO speculation. Those contracts implied a valuation sentiment exceeding $2 trillion, suggesting that at least some corners of the market believe the $1.5 to $1.75 trillion target is conservative.