The biggest IPO in history is here: A comprehensive overview of SpaceX's IPO details

Tao Zhu, Golden Finance

Summary: On June 3, 2026, insiders revealed that SpaceX plans to set the offer price at $135 per share in its public offering. SpaceX plans to issue 555.6 million shares in its IPO, which could raise $75 billion. This article compiles the SpaceX IPO details you can’t afford to miss.

I. Key timeline for the SpaceX IPO

• May 20: SpaceX officially files for a public offering.

• June 4: Kicks off the corporate roadshow.

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

• June 12: Expected to officially commence trading on the exchange.

II. How much is SpaceX valued at?

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

III. Who are the underwriters for the SpaceX IPO?

The SpaceX IPO underwriting syndicate consists of more than 20 investment banks, with the top five Wall Street firms jointly leading.

Lead underwriter:

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

Lead managers:

Morgan Stanley will lead the IPO, and its E*Trade will handle retail trading needs.

Co-lead managers**:**

JPMorgan, Bank of America, Citigroup

Others:

The syndicate also includes institutions such as Royal Bank of Canada (RBC), Mizuho Bank (Mizuho), Macquarie, Barclays, and others.

IV. After the SpaceX IPO, what role will Elon Musk play?

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

Musk is highly likely to continue with a dual-class share structure—or a similar design—to maintain voting control. This framework is highly similar to Tesla’s arrangement when it went public. A dual-class structure means the shares Musk holds carry several times the voting power of ordinary shares. Even if Musk’s ownership percentage declines due to dilution after the IPO, his leading influence over the company’s strategic direction would not be shaken.

The IPO is expected to adopt a fully primary offering model, meaning all proceeds will go to the company, and existing SpaceX shareholders will be unable to sell any shares in the IPO. The IPO proceeds will be used for purposes including expanding AI computing resources and SpaceX’s satellite network.

V. Why is SpaceX going public now?

Musk has long been clearly opposed to going public, arguing that the capital markets’ focus on short-term profits conflicts with SpaceX’s long-term macro mission. However, a shift occurred at the end of 2025, driven by multiple factors.

SpaceX CFO Bret Johnsen said that the funds raised through the IPO will be used to increase the launch frequency of the Starship rocket, deploy AI data centers in space, and advance unmanned and crewed Mars mission plans. Analysts point to deeper structural reasons: the private equity market currently has about $2 to $3 trillion in idle capital. By comparison, the global stock market size is as high as $100 to $150 trillion. In effect, SpaceX has already reached the upper limit that the private market can support. To finance the industrial-scale blueprint for decades, the private fund structure can no longer carry the load.

Going public also provides a liquidity exit channel for early investors. Current shareholders include Alphabet, Fidelity, and multiple top-tier venture capital firms—these players have long waited for a liquidity event to materialize. In addition, with respect to Musk’s personal wealth, after the IPO he can use his holdings for more flexible share-collateralized borrowing, similar to how he previously leveraged his Tesla stock holdings, allowing him to cash out funds for other endeavors without selling shares.

VI. What controversies does SpaceX have?

1. A crisis of governance trust

On May 29, the Danish pension fund AkademikerPension decided to put SpaceX on its “exclusion list,” citing concerns about the company’s governance.

The fund said that its “primary reason” for avoiding SpaceX is related to ESG (Environmental, Social and Governance) factors—“especially that the company has performed extremely poorly in governance matters.” That said, it added: if, after evaluating, they believe SpaceX represents a highly attractive investment opportunity, then from the perspective of investment returns, they would not be able to justify this decision. However, as long-term investors, their view is that the company’s valuation is also already seriously too high.

2. Musk’s tweets are inconsistent with information in the prospectus

Musk posted on the social platform X about a partnership with the AI startup Anthropic, revealing details about leasing the Colossus 1 data center’s computing capacity that differ from what the prospectus discloses. However, the prospectus shows that Anthropic will pay SpaceX “$1.25 billion per month until May 2029,” and that both parties can terminate the agreement with 90 days’ notice in advance. Musk’s tweet says the lease is only “180 days, after which both parties can terminate at any time,” raising major questions about actual revenue and the contract duration.

3. Valuation doubts

BIT Official’s weekly report says: Mars exploration is the most eye-catching narrative. But the market is pricing in much more than just a Mars vision. After acquiring xAI in February, SpaceX’s long-term growth story has further expanded into AI, global connectivity networks, and infrastructure. This means SpaceX’s valuation logic is being repriced. It might be one of the most attractive IPO stories ever, but the market has already assigned a very high price to this story, and investors need to judge whether the future upside is still sufficient to support the current valuation.

Analyst Farrar pointed out: the financial performance of Starlink’s core business alone is not enough to justify a $1.5 trillion valuation. For investors to accept this price, they would have to resort to highly speculative future scenarios—such as Mars colonization and space data centers—together with a belief premium attributed to Musk himself. This is essentially the same logic as Tesla’s long-term overvaluation being maintained by future stories rather than profits in the present.

Renowned accounting analyst Jack Ciesielski noted: the target itself is a “moonshot” plan. The key to success lies in whether SpaceX can achieve a scale advantage in rocket manufacturing that goes far beyond competitors, forming a truly durable monopoly moat.

4. Severe losses in the AI business

Analyst Robert Cyran said: Musk’s SpaceX is preparing to enter the public market with a valuation of $1.75 trillion, yet its prospectus is mired in the “black hole” of AI hype, and a significant portion of the problems come from xAI. xAI has extremely large capital expenditure requirements. In the first three months of this year, it burned $7.7 billion, an increase of more than three times compared with the same period last year, accounting for more than three-quarters of SpaceX’s total investments. In addition, the $2.5 billion operating loss in the first quarter alone could drag the entire company into losses. Furthermore, SpaceX and Anthropic reached an agreement under which Anthropic is renting the idle computing capacity of Musk’s Colossus data center at a price of approximately $1.3 billion per month. Considering that xAI’s revenue over the past 12 months is only slightly above $3 billion, the main activity of this division appears to be renting out idle servers. The real issue is that SpaceX’s core AI business has not made clear progress—Grok lags behind competitors in various benchmarks, and first-quarter revenue grew year over year by less than 13%. Meanwhile, Anthropic expects its quarterly growth rate to be five times that of the former. In a sense, SpaceX is indeed a “rocket ship.” But from a financial perspective, it still struggles to reach “escape velocity.”

VII. What are SpaceX’s main sources of revenue?

SpaceX’s primary sources of revenue at present are Starlink (Starlink) satellite internet services. This business has become the company’s core pillar, contributing more than 70% of total revenue. The second is rocket launch services and government contracts.

1. Starlink

It accounts for 70% to 80% of company revenue. With a massive constellation of low Earth orbit satellites, Starlink provides broadband subscription services to millions of individual users and enterprise customers worldwide, achieving large-scale profitability and positive operating cash flow.

2. Commercial rocket launches

Leveraging the reusability technology of Falcon 9 and Falcon Heavy rockets, SpaceX holds a leading position in the global commercial space launch market, obtaining steady commercial revenue through high-frequency launch missions.

3. Government and institutional contracts

Includes cargo and crew transport missions for the International Space Station for NASA, as well as military payload launches for the U.S. Department of Defense. Although these contracts are significant, they account for a relatively small share of current overall revenue (about 5%).

VIII. What impacts will the SpaceX IPO bring?

1. Space ETFs are experiencing a “surge”

As SpaceX’s much-anticipated IPO is about to land, space-related ETFs are seeing a “surge” in growth. According to Morningstar Direct data, in just the past month alone, space-related ETFs attracted $1.3 billion in new capital inflows, pushing the total assets under management for this emerging sector up to $3.3 billion. However, a strategist from Strategas reminds investors that within the broad tech landscape, the “space economy” remains a niche sub-sector. He warns that “blindly chasing SpaceX, space concepts, and the next big trend” could lead to problems.

2. Boosting investment sentiment in the commercial space sector

Huatai Securities believes that as a global leader in commercial space + AI, SpaceX’s listing plan may boost investment enthusiasm and confidence in China’s space industry. It is expected to create a resonance in the capital markets of both China and the U.S., and the firm recommends focusing on investment opportunities in China’s commercial space sector.

3. Negative effects on other space stocks

Annex Wealth Management’s Chief Economist Brian Jacobsen said: “This is either a bellwether or a warning sign.” Enthusiasm surrounding SpaceX may draw investors’ interest, but because its CEO is a celebrity, the company may be too unique and could end up harming other space stocks by pulling all attention toward itself rather than boosting them.

In fact, it’s not only space stocks. If SpaceX attracts a large amount of capital that prioritizes subscribing to its shares, other IPO applicants may also face risks of lower valuations or even forced delays.

IX. How many BTC does SpaceX hold?

According to SpaceX’s S-1 filing submitted to the U.S. SEC: As of March 31, 2026, SpaceX held 18,712 bitcoins, with a fair value of approximately $1.29 billion. Based on current prices, the value has already approached $1.45 billion. The size of its holdings exceeds Tesla’s previously disclosed reserve of 11,509 bitcoins.

The prospectus shows that the cost basis of the bitcoins held by SpaceX is approximately $660 million, with an average holding cost of about $35,324 per bitcoin. SpaceX stores its digital assets via third-party custodians. The market believes this disclosure indicates that SpaceX has included bitcoin as part of a long-term corporate treasury strategy rather than as a short-term speculative investment.

X. How much could Elon Musk’s net worth reach?

If calculated according to the currently circulating SpaceX IPO plan, Musk is likely to become the first person in history whose net worth reaches $1 trillion (net worth).

According to Forbes estimates, Musk currently holds 43% of the shares of the combined company worth about $542 billion.

The Wall Street Journal’s figures differ slightly from Forbes. It estimates the value of Musk’s SpaceX shares at $538 billion. In addition, Musk holds substantial other assets: Tesla at $167 billion; stock options at $150 billion; Neuralink (the neural technology and brain-machine interface company founded by Musk in 2016) at $50 billion; and Boring Company (the U.S. infrastructure and tunnel construction company founded by Musk at the end of 2016) at $50 billion. As a result, Musk’s total net worth is approximately $970 billion. If the stock price rises further, Musk’s net worth reaching $1 trillion is just around the corner.

Summary

Musk has successively changed multiple industries, including electric vehicles, rocket launches, satellite internet, and artificial intelligence. The SpaceX IPO may become the most important capital markets moment of his business career. If the listing is completed as expected, Musk not only has the opportunity to become the first trillionaire in human history, but also will further extend his influence into the era of the space economy.