The biggest IPO in history is here—how far away is Musk’s net worth from reaching a trillion dollars?

Tao Zhu, Golden Finance

Summary: On June 3, 2026, sources revealed that SpaceX plans to set the share price at $135 in its public offering. SpaceX intends to issue 555.6 million shares in the IPO, aiming to raise $75 billion. This article compiles essential details about the SpaceX IPO you must know.

I. Key Timeline for SpaceX IPO

• May 20: SpaceX officially releases its prospectus.

• June 4: Launches the corporate roadshow.

• June 11: Expected to confirm the final offering price per share.

• June 12: Expected to officially list and trade.

II. What is SpaceX’s valuation?

SpaceX plans to sell less than 5% of its shares, with a total valuation estimated between $60 billion and $80 billion, targeting a valuation of $1.75 trillion to $1.8 trillion. If the $75 billion fundraising goal is achieved, it will surpass Saudi Aramco’s 2019 IPO record of $29.4 billion, becoming the largest IPO in history.

III. Who are the underwriters for SpaceX’s IPO?

SpaceX’s IPO syndicate includes over 20 investment banks, led by five major Wall Street firms.

Lead Underwriter:

Goldman Sachs will serve as the lead underwriter for this IPO.

Bookrunner:

Morgan Stanley is the lead underwriter, with E*Trade responsible for retail investor transactions.

Co-Lead Underwriters:

JPMorgan Chase, Bank of America, Citigroup

Others:

The syndicate also includes RBC, Mizuho, Macquarie, Barclays, and other institutions.

IV. What role will Elon Musk play after the SpaceX IPO?

SpaceX states that after the IPO, Musk will serve as CEO, CTO, and Chairman of the Board.

Musk is likely to continue with dual-class share structures or similar arrangements to maintain voting control, similar to Tesla’s IPO setup. Dual-class structures mean Musk’s shares carry multiple votes per share, ensuring his influence over company strategy remains strong even if his ownership percentage is diluted post-IPO.

The IPO is expected to adopt a fully primary issuance model, meaning all proceeds go to the company, and existing shareholders will not be able to sell any shares in the IPO. Funds raised will be used for expanding AI computing resources, SpaceX’s satellite network, and other projects.

V. Why is SpaceX going public now?

Musk has long opposed going public, citing conflicts between the short-term profit focus of capital markets and SpaceX’s long-term mission. However, by late 2025, circumstances shifted, driven by multiple factors.

SpaceX CFO Bret Johnsen said that funds from the IPO would be used to increase Starship launch frequency, deploy AI data centers in space, and advance unmanned manned Mars missions. Analysts point to deeper structural reasons: the private equity market currently holds about $2-3 trillion in idle capital, while global stock markets total $100-150 trillion. SpaceX has essentially reached the limit of what the private market can support for its massive industrial-scale plans. To finance decades of development, private funds alone are insufficient.

The IPO also provides liquidity for early investors, including Alphabet, Fidelity, and top venture capital firms, who have long awaited liquidity events. For Musk personally, going public allows more flexible use of his holdings as collateral for loans, similar to his past Tesla stock-based financing, enabling cash extraction without selling shares.

VI. What controversies surround SpaceX?

1. Governance trust crisis

On May 29, Danish pension fund AkademikerPension announced it would exclude SpaceX from its “blacklist” due to concerns over governance.

The fund cited ESG (Environmental, Social, Governance) factors as the “primary reason” for avoiding SpaceX, citing “extremely poor governance performance.” However, it noted that if SpaceX presents an attractive investment opportunity, they might reconsider from a return perspective. As long-term investors, they believe the company’s valuation is already excessively high.

2. Elon Musk’s tweets vs. prospectus info

Musk posted on social platform X about a partnership with AI startup Anthropic, revealing details about leasing the Colossus 1 data center that differ from the prospectus. The prospectus states Anthropic will pay SpaceX “$1.25 billion per month until May 2029,” with a 90-day early termination option; Musk’s tweet claims the lease is only “180 days, after which either party can terminate at any time,” raising major questions about actual revenue and contract duration.

3. Valuation doubts

BIT Official’s weekly report states: Mars exploration is the most prominent narrative. But the market is pricing in much more than just Mars. Since acquiring xAI in February, SpaceX’s long-term growth story has expanded into AI, global connectivity, and infrastructure. This means the valuation logic is being re-priced. It may be one of the most attractive IPO stories ever, but the market has already assigned a high price, and investors must judge whether future growth can sustain this valuation.

Analyst Farrar notes: The core financial performance of Starlink alone does not justify a $1.5 trillion valuation. To accept this price, investors must rely on highly speculative future scenarios like Mars colonization and space data centers, along with a premium on Musk’s personal brand—similar to Tesla’s long-term valuation driven by future stories rather than current profits.

Renowned accountant Jack Ciesielski points out: This target itself is like a “moonshot.” Success hinges on SpaceX achieving a scale advantage in rocket manufacturing that surpasses competitors, creating a true monopoly moat.

4. AI business losses are severe

Analyst Robert Cyran states: Musk’s SpaceX aims for a $1.75 trillion valuation, but its prospectus is mired in the “black hole” of AI hype, much of which stems from xAI. xAI has huge capital expenditure needs, burning $7.7 billion in the first three months alone—more than three times the previous year’s same period—and accounts for over three-quarters of all SpaceX investments. Its $2.5 billion quarterly operating loss could drag the entire company into loss. Additionally, SpaceX has an agreement with Anthropic, which rents idle compute power at about $1.3 billion per month. Given that xAI’s revenue over the past 12 months is just over $3 billion, this division’s main activity appears to be leasing servers. The real issue is that SpaceX’s core AI business has made little progress; Grok lags behind competitors in benchmarks, with Q1 revenue up less than 13%. Meanwhile, Anthropic expects quarterly growth at five times that rate. In a sense, SpaceX is a “rocket ship,” but financially, it still struggles to reach “escape velocity.”

VII. What are SpaceX’s main revenue sources?

1. Starlink

Accounts for 70%–80% of revenue. With a vast constellation of low Earth orbit satellites, Starlink provides broadband services worldwide to millions of individual and enterprise users, achieving large-scale profitability and positive cash flow.

2. Commercial rocket launches

Leveraging reusable Falcon 9 and Falcon Heavy rockets, SpaceX dominates the global commercial launch market, securing steady revenue through frequent launches.

3. Government and institutional contracts

Including cargo and crew missions to the International Space Station for NASA, and military payload launches for the U.S. Department of Defense. While significant, these contracts constitute a relatively small portion of overall revenue (around 5%).

VIII. What impact will the SpaceX IPO have?

1. Space ETF is experiencing a “boom”

As SpaceX’s highly anticipated IPO approaches, space-related ETFs are experiencing explosive growth. Morningstar Direct data shows that in the past month, space ETFs attracted $1.3 billion in new inflows, pushing total assets under management in this emerging sector to $3.3 billion. However, Strategas ETF strategist warns that the “space economy” remains a niche within the broader tech landscape. He cautions that “blindly chasing SpaceX, space concepts, and the next hot trend” could lead to problems.

2. Boosting investment sentiment in commercial space

Huatai Securities believes that SpaceX, as a leading global commercial space and AI company, could boost investment enthusiasm and confidence in China’s space industry, potentially resonating with U.S. and Chinese markets, and recommends paying attention to investment opportunities in China’s commercial space sector.

3. Negative impact on other space stocks

Annex Wealth Management chief economist Brian Jacobsen said: “It’s either a bellwether or a warning sign.” Enthusiasm around SpaceX may attract investor interest, but because its CEO is a celebrity, the company might be too unique, potentially drawing attention away from other space stocks and harming their prospects.

In fact, if SpaceX attracts large amounts of capital through primary share subscriptions, other IPO applications could face valuation reductions or delays.

IX. How many BTC does SpaceX hold?

According to SpaceX’s S-1 filing with the SEC: As of March 31, 2026, SpaceX held 18,712 Bitcoin, with a fair value of about $1.29 billion, which at current prices is nearly $1.45 billion. This exceeds Tesla’s previous disclosed reserve of 11,509 BTC. The prospectus shows SpaceX’s Bitcoin cost basis was about $660 million, with an average cost of approximately $35,324 per BTC, stored with a third-party custodian. Market analysts interpret this disclosure as indicating SpaceX has incorporated Bitcoin into its long-term corporate treasury strategy rather than as a short-term speculative investment.

X. What will Elon Musk’s net worth be?

Based on the currently circulating SpaceX IPO plan, Musk could become the first person in history with a net worth of $1 trillion.

Forbes estimates Musk currently owns about 43% of the combined company, worth approximately $542 billion.

The Wall Street Journal’s figures differ slightly, valuing Musk’s SpaceX holdings at $538 billion. Additionally, Musk holds substantial other assets: Tesla worth $167 billion; stock options valued at $150 billion; Neuralink (founded in 2016, specializing in neural tech and brain-machine interfaces) at $5 billion; The Boring Company (founded in late 2016, focusing on infrastructure and tunnel construction) at $5 billion. In total, Musk’s net worth is around $970 billion. If stock prices continue to rise, reaching $1 trillion net worth is just around the corner.

Summary

Musk has transformed multiple industries, including electric vehicles, rocket launches, satellite internet, and AI. The SpaceX IPO may become his most significant capital market milestone. If completed as expected, Musk could become the world’s first trillionaire and further extend his influence into the space economy era.