How SpaceX could rewrite IPO history
Elon Musk's space company is eyeing a stock market listing that no company has ever attempted before.
Elon Musk's SpaceX is in the news again. But this time, it is not about a new launch. SpaceX is exploring an Initial Public Offering that could value the company at $1.75 trillion. The company is expected to raise about $75 billion by selling a portion of its shares to public investors.
According to a Reuters report, SpaceX aims to list its shares as early as June 12, with a roadshow launch targeted for June 4. Share sale is expected as early as June 11.
The biggest IPO so far is Saudi Aramco, which raised $29.4 billion in 2019. Alibaba raised $25 billion in 2014. SoftBank raised $23.5 billion in 2018. A $75 billion IPO would be more than double the size of Saudi Aramco’s record-breaking offering.
If SpaceX goes public at a valuation of $1.75 trillion, it would rank among the largest companies in the world according to market capitalisation, ahead of Tesla ($1.57 trillion) and Meta Platforms ($1.54 trillion). Only seven companies — NVIDIA, Google, Apple, Microsoft, Amazon, Taiwan Semiconductor Manufacturing, and Broadcom — would be worth more.
Numbers behind the rocket ship
SpaceX's revenue jumped from $10.3 billion in 2023 to $14 billion in 2024, and then to $18.6 billion in 2025, an increase of nearly 80 per cent in just two years. Its balance sheet has expanded rapidly as well. Total assets rose from $57.1 billion in 2024 to $92.1 billion in 2025, before reaching $102.1 billion in 2026.
On the operations side, SpaceX has completed around 650 launches in total, and its Starlink satellite internet service now has over 10.3 million subscribers worldwide as of March 2026.