SpaceX is gearing up for what could become the largest initial public offering ever recorded, targeting a $75 billion raise that would value the company at roughly $1.75 trillion to $1.77 trillion.

The company filed its S-1 registration with the SEC in May 2026, planning to sell 555.6 million shares at a fixed price of $135 each. Goldman Sachs and JPMorgan are leading the effort, and the IPO roadshow kicked off around June 4, with pricing targeted for approximately June 11 and potential trading on Nasdaq under the ticker SPCX beginning June 12.

Investor demand is through the roof

Demand has reportedly exceeded $250 billion, making the offering several times oversubscribed. That’s more than four times the amount SpaceX is actually looking to raise.

The previous king of IPOs was Saudi Aramco’s 2019 listing, which raised about $25.6 billion. SpaceX is aiming to nearly triple that figure.

Just six months ago, in December 2025, insider share sales valued the company at approximately $800 billion. That means the IPO valuation represents a more-than-doubling in roughly half a year.

The valuation debate: justified ambition or peak froth?

Analysts project SpaceX’s 2025 revenue at $18.67 billion, with a net loss of $4.9 billion. At a $1.75 trillion valuation, that’s a price-to-revenue multiple north of 90x on a company that’s still burning cash at a significant clip.

Morningstar has assessed SpaceX’s value at roughly $780 billion, which is less than half the IPO’s target valuation.

The crypto angle is real

SpaceX reportedly holds around 8,285 BTC on its balance sheet, making it one of the more notable corporate Bitcoin holders. The company has also accepted Dogecoin as payment for certain missions.

Crypto exchanges are reportedly preparing tokenized products linked to the SpaceX IPO. Tokenized equity has been a recurring promise in crypto for years, but a vehicle tied to the most hyped IPO in history could be the catalyst that moves it from concept to reality.

SpaceX’s Bitcoin holdings mean that the company’s public market performance would create an indirect, visible link between equity valuations and crypto exposure on a corporate balance sheet. Every quarterly filing would effectively become a data point in the ongoing debate about whether public companies should hold Bitcoin as a treasury asset.

The gap between Morningstar’s $780 billion assessment and the IPO’s target valuation is essentially a measure of how much optimism investors are willing to pay for, against $18.67 billion in revenue and a $4.9 billion net loss.