Elon Musk's SpaceX is preparing to make its stock-market debut on the Nasdaq this week under the ticker SPCX, in an offering that would rank as the largest initial public offering in history. The company is targeting a valuation of about $1.75 trillion and a raise of up to $75 billion, which would eclipse Saudi Aramco's 2019 listing as the biggest IPO ever recorded.
The flotation caps a frantic stretch for the largest names in space and artificial intelligence, coming days after OpenAI confidentially filed for an IPO and roughly a week after Anthropic filed at a $965 billion valuation. SpaceX would dwarf both, reflecting investor appetite for the dominant launch provider and the satellite-internet business built on top of it.
Most of SpaceX's value is tied to Starlink, the satellite broadband network that now serves more than 12 million subscribers across some 160 countries and accounts for a majority of company revenue. SpaceX reported 2025 revenue of $18.7 billion, up 33% from the prior year, though it also posted a net loss of $4.9 billion as it pours cash into Starlink's expansion and its Starship rocket programme.
Not everyone is convinced the price is justified. Morningstar analysts estimated SpaceX's fair value at about $780 billion using a discounted cash-flow model, roughly 48% below its most recent private valuation, and said investors would likely be able to buy the stock more cheaply after the debut. "We think the company has been significantly overvalued," the firm wrote.
Musk is also said to be reshaping how the shares are distributed, weighing an allocation of as much as 30% of the offering to retail investors, far above the 5% to 10% typically reserved for individuals. That would hand small shareholders an unusually large slice of one of the most closely watched listings in years.
A successful debut would deliver an enormous paper windfall to Musk, who holds a controlling stake, and would give public investors their first direct entry into a company that has reshaped the launch industry and the economics of getting to orbit. SpaceX flies the bulk of the world's commercial and government payloads and has been central to the U.S. military's space ambitions.
The listing arrives against a choppy market backdrop, with technology and chip shares whipsawing on questions about AI valuations and lingering geopolitical risk from the conflict between Israel and Iran. How SpaceX trades in its first sessions will be read closely as a barometer of demand for the wave of mega-cap technology offerings now lining up behind it.