SpaceX has taken a major step toward a stock market debut that could reshape both the company and Elon Musk’s personal fortune.
In its IPO filing, the rocket maker said it is aiming for a valuation of about $1.75 trillion, a figure that would make it the largest market listing in history if achieved. A successful share sale at that level would put Musk on track to become the first trillionaire in history.
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SpaceX’s IPO prospectus (S-1 filing) is now officially public!
You can read the full document here: https://t.co/zlYx39Hco9 pic.twitter.com/FB2x0kXXLT
— Sawyer Merritt (@SawyerMerritt) May 20, 2026
A rather lavish number to pin on a rocket maker
The filing also underlined how much of SpaceX’s pitch rests on Musk’s long-term vision rather than near-term profits.
Reuters reported that much of the company’s outlook depends on technologies and markets that do not yet exist, including Mars missions and AI data centres in space. The prospectus also ties Musk’s compensation to extremely ambitious targets such as a permanent human colony on Mars and space-based computing at a scale equivalent to 100 terawatts.
SpaceX is targeting a share listing as early as June 12, with a roadshow launch planned for June 4 and the share sale expected as early as June 11.
Losses remain sizeable despite Starlink gains
The document also gives investors a clearer picture of the company’s finances. SpaceX booked a total operating loss of $1.94 billion in the first quarter of 2026 on revenue of $4.69 billion, while Starlink was the only profitable division, generating an operating profit of $1.19 billion.
The company’s AI division accounted for $2.47 billion in losses on $818 million in revenue, and the filing said Musk’s xAI purchase drove most of SpaceX’s spending in the quarter. The company’s spending on xAI accounted for 76% of its $10.1 billion in capital spending in the period.
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In 2008, SpaceX nearly went bankrupt.
Today, it’s preparing for what could be the biggest IPO in history.
Here’s more on how Elon Musk built SpaceX into one of the world’s most valuable companies. pic.twitter.com/ViIx6PvaWT
— Jon Erlichman (@JonErlichman) May 20, 2026
Musk wants to keep a very firm hand on the tiller
Even with those losses, the company’s size and Musk’s control remain central to the market story. SpaceX has grown into the world’s largest space business since its founding in 2002, thanks to thousands of Starlink satellites and reusable rockets that have changed the economics of space travel.
The filing said Musk would retain 85.1% of the company’s combined voting power, while public shareholders would have little say under a dual-class structure.
As finance professor Reena Aggarwal told Reuters, there is “somewhat of a halo effect around Musk and his unconventional vision,” a line that captures the faith many investors are likely to place in the founder rather than the balance sheet alone. The prospectus also includes the warning, “We do not want humans to have the same fate as dinosaurs,” reflecting the company’s apocalyptic framing of its long-term mission.
