SpaceX is preparing what could become the largest IPO in history, targeting a $75 billion raise at a valuation of roughly $1.75 trillion. The company plans to offer 555.6 million shares at $135 each, with a June 2026 listing.

SpaceX isn’t doing this in a vacuum. OpenAI and Anthropic are also eyeing massive public offerings around the same window. Combined, the three companies could collectively seek around $240 billion from investors.

What SpaceX actually looks like under the hood

SpaceX’s S-1 filing, expected in May 2026, reveals a company that’s been busy remaking itself. In February 2026, SpaceX completed an all-stock merger with xAI, Elon Musk’s artificial intelligence venture. That deal combined SpaceX’s rocket and satellite operations, valued at around $800 billion, with xAI’s Grok AI platform, valued at approximately $230 billion.

The financial picture is a mixed bag. SpaceX reported consolidated revenues of $18.67 billion for 2025, with a net loss of $4.94 billion. The losses stem largely from massive R&D spending on the Starship program and AI infrastructure buildout, including ambitious plans for orbital data centers.

Pre-IPO demand for SpaceX shares has already surpassed $250 billion, more than three times the company’s $75 billion target raise.

The liquidity question nobody wants to answer

When $240 billion in new equity hits the market in a compressed timeframe, the money has to come from somewhere. Capital that might otherwise flow into Bitcoin, Ethereum, or other digital assets could get redirected toward these high-profile tech IPOs.

SpaceX’s S-1 filing disclosed Bitcoin holdings of 18,712 BTC. SpaceX is simultaneously competing with crypto for investor capital while holding crypto as a corporate asset. If the mega-IPO wave does drain liquidity from digital asset markets, it could theoretically pressure the value of SpaceX’s own Bitcoin holdings, which in turn affects the company’s balance sheet heading into its public debut.

Why this matters beyond the IPO hype

SpaceX’s $1.75 trillion target valuation, paired with its $4.94 billion net loss, reflects a market being asked to price in decades of AI and space infrastructure dominance.

Investors watching this space should focus on two things. First, whether pre-IPO demand actually converts into stable post-listing ownership, or if early allocations get flipped quickly, creating volatility. Second, whether the combined $240 billion in capital demands from SpaceX, OpenAI, and Anthropic triggers visible selling pressure in adjacent markets, including crypto, as institutions free up capital for new positions.

SpaceX’s 18,712 BTC on its balance sheet also sets a precedent worth tracking. If the company maintains or grows that position post-IPO, it could encourage other newly public tech firms to adopt similar treasury strategies. If SpaceX liquidates those holdings to shore up its balance sheet amid continued operating losses, the signal cuts the other way entirely.