SpaceX has filed to raise $75 billion in an initial public offering that would value the company at approximately $1.77 trillion, making it the largest IPO in history by a wide margin and potentially vaulting Elon Musk into the ranks of the world’s first trillionaire. In a Securities and Exchange Commission filing on Wednesday, the company set a fixed price of $135 per share for 555.6 million shares, bypassing the traditional price range approach in a move that reflects both the white hot AI driven IPO market and Musk’s appetite for mega scale deals. Trading is expected to begin next Friday, with Goldman Sachs leading an underwriting syndicate of 23 banks.
The offering cements SpaceX’s transformation from a rocket company into a sprawling aerospace AI conglomerate. Founded in 2002 with a focus on building reusable rockets and delivering payloads to orbit, the company expanded into telecommunications in 2021 with Starlink, its satellite based internet service now serving 10.3 million subscribers across 164 countries. In February 2026, Musk merged SpaceX with xAI, his artificial intelligence company that includes the social media platform X (formerly Twitter), in an all stock deal that valued the combined entity at $1.25 trillion. The xAI acquisition brought the Grok chatbot and massive AI infrastructure ambitions under the SpaceX umbrella, with the company now planning to launch data centers into space and deliver 100 terawatts of computing power annually. Starlink has emerged as the dominant revenue engine, accounting for roughly two thirds of total sales and generating $1.2 billion in operating income in the most recent quarter, while the legacy rocket business posted a $662 million operating loss and the AI segment burned through $2.5 billion in the same period.
For Musk, the IPO is a personal wealth event of historic proportions. He currently owns roughly half of SpaceX, and the filing reveals that his stake would be worth approximately $841 billion at the $135 share price, roughly equivalent to the combined net worth of Google founders Larry Page and Sergey Brin and Oracle’s Larry Ellison. Adding his Tesla stake, valued at just under $300 billion, Musk’s total net worth could reach $1.1 trillion, surpassing the next four richest people on the Forbes list combined. The filing also discloses that Musk will retain 82.4% of voting power through a dual class share structure, ensuring ironclad control even after taking public what is now the dominant private sector space company. His compensation plan ties 15 tranches of 66.7 million shares each to valuation milestones rising in $500 billion increments up to $7.5 trillion, contingent on establishing a permanent Martian colony of at least one million inhabitants.
The IPO arrives as Wall Street’s AI fixation reaches fever pitch. SpaceX is not alone in preparing to go public, Anthropic has already announced plans, and OpenAI is expected to follow. Together, these offerings could mint thousands of millionaires despite the fact that none of the companies has demonstrated a clear path to profitability. SpaceX itself has accumulated $41.3 billion in deficits, with $20.7 billion spent in 2025 alone, nearly double the previous year, of which $12.7 billion went to AI infrastructure. Yet the prospectus projects a $28.5 trillion total addressable market, calling it “the largest actionable total addressable market in human history.” Whether investors accept that vision at a valuation nearly triple Saudi Aramco’s 2019 record will test the limits of Musk’s showmanship and the market’s willingness to bet on a future where rockets, satellites, and space based AI data centers converge into a single trillion dollar enterprise.
