SpaceX is about to file its public prospectus — the first time the world will see the financials behind a company targeting a $1.75 trillion valuation, a $75 billion raise, and the largest initial public offering ever recorded. Pricing is set for June 11, with trading beginning the following day on the Nasdaq under the ticker SPCX.
At $1.75 trillion, the offering would raise approximately $75 billion — more than twice Saudi Aramco‘s $29 billion 2019 listing, the current record. SpaceX filed a confidential S-1 with the SEC on April 1; a faster-than-expected regulatory review pulled the calendar forward from a planned late June debut.
A $2.4 trillion implied valuation is already circulating, derived from crypto futures contracts on pre-IPO SpaceX tokens — not the company’s official IPO process.
The valuation is the headline, but the business underneath it has changed significantly since most people last paid attention. In February 2026, Musk completed a $250 billion all-stock merger with xAI — his AI company that also owns X — with the combined entity rebranding as SpaceXAI.
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In May, SpaceX signed a compute deal with Anthropic, monetizing its Colossus AI infrastructure externally for the first time. Morningstar projects revenue will grow from $15.8 billion in 2025 to $19.9 billion in 2026, with Starlink accounting for the majority.
At $1.75 trillion and $20 billion in projected 2026 revenue, SpaceX’s implied price-to-sales ratio exceeds 80 — far above the 30x ceiling that has historically signaled bubble territory, and roughly 13 times Saudi Aramco’s P/S ratio at IPO. Polymarket traders price a 39% chance SpaceX closes its first trading day above $2 trillion, which would push that ratio further still. Facebook lost 38% of its value in the six months following its IPO.
Related: Elon Musk Cements Control of SpaceX with Super-Voting Shares Ahead of $1.75 Trillion IPO
Also in May, Nasdaq implemented a Fast Entry rule allowing newly listed companies to join the Nasdaq 100 within 15 trading days, provided their market cap ranks among the top 40. SpaceX set early Nasdaq 100 inclusion as a non-negotiable condition for its exchange choice — membership automatically unlocks demand from passive index-tracking funds, providing institutional buying pressure from day one.
SpaceX CFO James McNeil committed to a 30% retail allocation — three times the typical norm. Investors without IPO access can buy pre-IPO shares on secondary markets, including Forge Global, where the current implied price is $646.78, or through ETFs, including the ERShares Private-Public Crossover ETF and the Destiny Tech100 ETF.
SpaceX currently launches roughly 85% of all spacecraft into orbit in a global space economy projected to reach $1 trillion by 2034.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
