SpaceX has filed confidential IPO paperwork with the Securities and Exchange Commission, according to multiple reports. The company is targeting a June 2026 listing, with the IPO expected to raise between $50 billion and $75 billion. The valuation is estimated between $1.75 trillion and $2 trillion, though research firm Pitchbook pegs it at $1.5 trillion. This discrepancy affects investor expectations and market capitalization projections, with a $500 billion difference substantial for potential investors. The IPO could be the largest in history, surpassing Saudi Aramco's $29.4 billion listing in 2019, according to investment bank Renaissance Capital. However, some reports state Aramco raised $25.6 billion, a $3.8 billion discrepancy that changes the threshold for the record.
SpaceX merged with Musk's AI company xAI, forming x.AI Holdings, according to SpaceX. The company has also secured an option to acquire Cursor for $60 billion or pay $10 billion for a partnership, SpaceX said. This move integrates AI capabilities into SpaceX's operations, potentially enhancing its Starlink network and other technologies.
Up to 30% of SpaceX shares could be reserved for retail investors, according to sources. Retail investors are increasingly backing the space economy through trusts like Scottish Mortgage Investment Trust, according to Hargreaves Lansdown data. Scottish Mortgage holds over 20% of its assets in SpaceX, according to three major media sources. Baillie Gifford, the investment manager, expects a return of about £3.5 billion from its SpaceX investment, according to City AM analysis.
Wall Street banks are exploring staggered lock-up releases to avoid a post-IPO slump, according to Semafor and people close to the matter. Lead banks for the IPO include Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Bank of America, according to four major media sources. These banks are structuring the offering to manage volatility and ensure a stable aftermarket.
IPO funds could help SpaceX scale space operations, build data centers, and expand Starlink, according to Wedbush Securities analyst Dan Ives. SpaceX's Starlink has over 2.5 million users globally, Elon Musk said. Going public could position SpaceX for more defense contracts, including the 'Golden Dome' project, Ives added. The capital raise would support the company's ambitious plans for satellite internet and space exploration.
SpaceX sent four NASA astronauts on an 8-month mission to the International Space Station last month, according to two research sources. NASA has also tapped SpaceX to develop a human landing system for the Artemis program, according to two research sources. These contracts underscore SpaceX's central role in U.S. space policy and its reliance on government partnerships.
Shares of other space companies rose on news of SpaceX's IPO filing, according to 13 major media sources. The broader space economy is gaining investor attention, with retail and institutional investors seeking exposure. The IPO's scale and timing will likely influence market sentiment toward space stocks.
Tesla faced headwinds due to Musk's involvement with DOGE, according to two research sources. Tesla's 2025 revenue was nearly $95 billion, compared to $97.7 billion in 2024, according to S&P Capital I. Musk's other ventures, including xAI and the newly formed x.AI Holdings, continue to attract scrutiny as they intersect with SpaceX's public offering.