SpaceX is moving toward a Nasdaq listing faster than expected, with people familiar with the process pointing to a June 12, 2026 debut under the ticker SPCX. The revised schedule would make the prospectus public around May 21, begin the roadshow on June 4 and price the deal on June 11. If those dates hold, the offering would rank among the most consequential equity listings in years and could become the largest IPO ever attempted in the U.S.

The scale is striking. SpaceX is targeting a valuation of roughly $1.75 trillion to $2 trillion and could raise about $75 billion, far above the size of Saudi Aramco’s 2019 listing. That ambition reflects strong demand for one of the few private companies with clear dominance in both launch services and satellite internet. It also sets up a sharp test of how much investors are willing to pay for growth tied to capital-intensive businesses.

The company heads into the offering with momentum. Revenue in 2025 was reported at about $18.7 billion, up 43% from 2024, while other estimates place annual sales closer to $15 billion to $16 billion with profit near $8 billion. Starlink remains the core driver, generating $11.4 billion in 2025, while launch operations and government contracts continue to deepen the business mix. A $5.9 billion Pentagon award for 28 national security missions through 2029 underscored SpaceX’s lead in a market once dominated by state-backed rivals.

That operating strength helps explain investor interest, but valuation remains the central question. At the low end of the proposed range, SpaceX would trade at roughly 56 times sales based on 2025 revenue, a level well beyond most large technology peers. Its last private valuation, reached in a December 2025 insider share sale, was about $800 billion. A near doubling in six months would require investors to look past conventional metrics and underwrite years of exceptional expansion.

The structure of the deal adds another unusual element. SpaceX is said to be reserving 30% of shares for retail investors, far above the 5% to 10% allocation common in large IPOs. That approach fits Elon Musk’s history of courting individual investors, but it could also make early trading more volatile. A broad syndicate including Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley is expected to lead the offering, a sign of both the deal’s complexity and its size.

There are also new moving parts inside the story. SpaceX’s acquisition of xAI earlier this year has added to the group’s strategic reach, but also complicated the earnings picture. Reports suggest the combined entity posted a net loss of nearly $5 billion as AI spending ramped up, even as the core space and connectivity businesses remained profitable. For public investors, that creates a familiar tension: whether to value SpaceX on what it already dominates or on what it still hopes to build.

The roadshow will be the first real measure of where that balance lands. Investors will want evidence that Starlink can keep expanding, that Starship development can progress without excessive delays, and that newer AI-linked projects do not overwhelm returns. A successful debut could reopen a sluggish IPO market and reset valuation expectations across the space sector. If demand falls short, it may serve as a reminder that even category leaders face limits when pricing moves too far ahead of fundamentals.