SpaceX , Elon Musk 's rocket company, is anything but conventional – and its IPO couldn't be any different. Just over a week before the scheduled date for the company's shares to go public on Nasdaq, on June 12, SpaceX priced what is expected to be the largest stock trade of all time.
According to a document sent to the Securities and Exchange Commission (SEC), the company plans to sell 555,555,555 shares at US$135 each, which would result in proceeds of approximately US$75 billion.
With these figures, SpaceX would be valued at US$1.75 trillion and would rank among the top 10 companies in the United States, even ahead of Tesla , currently valued at US$1.59 trillion.
This figure is 93.6 times greater than SpaceX's reported revenue for the twelve months of 2025, which totaled US$18.7 billion.
According to the Wall Street Journal (WSJ), which spoke to sources close to the deal, SpaceX chose to set the specific share price upfront to eliminate any suspense from the process. The company believes this straightforward approach should simplify meetings with investors.
With the deal, Musk, who currently owns 50% of the company, would continue to control almost half of the shares traded on the market after the IPO. Regarding control, the document states that some of the shares have greater voting power, which would leave the billionaire with approximately 82.4% of the company's shareholding control.
“As a result, we will be a ‘controlled company’ under Nasdaq’s corporate governance rules upon completion of this offering and, consequently, we intend to rely on exemptions from certain corporate governance requirements,” the company stated in the document.
Now, the success of the IPO depends on how much investors will buy into this valuation and Musk's overly ambitious ideas, since the company has not been profitable.
In 2025, SpaceX recorded a loss of US$4.9 billion. Today, its revenue is largely composed of subscriptions to its Starlink satellite internet service, in addition to rocket launches, which have the US government as a client. Last year, the company carried out 165 launches, a record for the company to date.
On the other hand, a large part of this loss is related to the new segment that SpaceX is developing: artificial intelligence (AI) , after the acquisition of xAI this year. In the initial stages, the unit recorded an operating loss of US$6.3 billion, given the size of the investments needed to develop the technology.
This "burden" on SpaceX's accounts, however, is not expected to end anytime soon.
Even so, SpaceX estimates it can reach a market of around US$28.5 trillion, the largest ever seen in human history. US$26.5 trillion of that amount corresponds to AI services, considering infrastructure and service subscriptions. Next comes connectivity, with US$1.6 trillion, and space, with US$370 billion.
Since a funding round in 2022 that valued the company at $125 billion, SpaceX has not raised any new investment, which will be a major change in the company's structure for the coming years.
