SpaceX is preparing to go public in what would be the largest initial public offering ever conducted. The company plans to raise up to $75 billion by selling 555.6 million shares at $135 each, implying a valuation of roughly $1.8 trillion. To put that number in perspective: the US current-account deficit totaled $1.12 trillion in 2025. One day of trading could, in theory, cover about 8% of that gap.

The biggest IPO ever, by a wide margin

The filing is expected in May 2026, with a roadshow kicking off around June 8 and a potential market debut on Nasdaq under the ticker SPCX around June 12. If it hits its $75 billion target, SpaceX would blow past Saudi Aramco’s 2019 IPO, which previously held the record for the largest public offering in history.

Starlink, SpaceX’s satellite internet division, is the financial engine justifying this valuation. The service generated $11.39 billion in revenue during 2025.

SpaceX posted a net loss of $4.3 billion in Q1 2026 alone, and the company’s accumulated deficit sits at $41.3 billion as of March 2026.

To smooth the path toward its public debut, SpaceX secured a $20 billion bridge loan in March 2026. Roughly $17.5 billion of that went toward refinancing debt tied not to SpaceX itself, but to Elon Musk’s other ventures, specifically X (formerly Twitter) and xAI.

What does this have to do with the current-account deficit?

The current-account deficit measures the difference between what the US earns from the rest of the world (exports, investment income, transfers) and what it pays out. In 2025, that deficit was $1.12 trillion, which actually represented a 5.8% decline from the previous year.

A $75 billion IPO does not literally “refinance” the deficit in the way a government might refinance sovereign debt. But it functions as a massive capital-account inflow. Global institutional investors, sovereign wealth funds, and foreign pension managers buying SPCX shares are effectively recycling dollars back into US financial markets.

What this means for investors

At $1.8 trillion, SpaceX would enter the public markets as one of the most valuable companies on Earth. Unlike peers such as Apple, Microsoft, and Nvidia, SpaceX is currently losing billions per quarter.

The $20 billion bridge loan and the $41.3 billion accumulated deficit mean SpaceX is not arriving on public markets with a clean balance sheet.

The fact that $17.5 billion in refinanced debt ties back to X and xAI means SpaceX’s financial health is partially entangled with the fortunes of a social media platform and an AI startup. Investors buying SPCX are, in a roundabout way, underwriting Musk’s entire portfolio of bets.