SpaceX has taken the first formal step toward what could be the largest initial public offering on record, filing a confidential draft registration statement with the U.S. Securities and Exchange Commission on April 1 ahead of a planned June 2026 Nasdaq listing. The company is targeting a $75 billion raise at a $1.75 trillion valuation, a scale that would place it among the world’s most valuable listed businesses from day one.
The filing starts a review process that will lead to a public prospectus in the coming weeks, giving investors their first detailed look at SpaceX’s finances, governance and the impact of its recent xAI merger. For public markets, the deal would be a landmark not just for its size, but for what it says about the growing commercial weight of space, broadband and defense infrastructure.
SpaceX enters the process with strong momentum, driven overwhelmingly by Starlink. The satellite internet business generated about $11.4 billion of revenue in 2025, accounting for the majority of company sales and nearly all of its profit, according to figures cited ahead of the offering. Total 2025 revenue was about $15 billion to $16 billion, with EBITDA near $8 billion, underscoring how quickly Starlink has shifted SpaceX from a launch-focused company to a broadband-led one.
That change matters for valuation. Investors are no longer looking only at rocket launches, even though Falcon 9 and Falcon Heavy still dominate global launch activity and remain central to SpaceX’s technological edge. The bigger driver is recurring service revenue from Starlink, whose subscriber base reportedly climbed to 9 million by the end of 2025 and is expected to keep expanding this year. The company is also asking investors to assign value to newer businesses, including direct-to-cell services, defense contracts and Starship, which remains early commercially but carries significant long-term optionality.
The xAI acquisition adds another layer. SpaceX completed the all-stock deal in February, folding in an artificial intelligence business that is expected to feature prominently in the IPO narrative despite limited current earnings. Management is likely to argue that combining data, connectivity and launch capabilities creates strategic advantages, though investors will want clarity on how those synergies translate into revenue and cash flow.
Governance is likely to draw almost as much scrutiny as growth. The proposed structure would leave Elon Musk with roughly 42% of the equity but close to 79% of the voting power through super-voting shares, effectively preserving his control after the listing. Supporters will see that as protection for a long-term strategy that may not fit neatly into quarterly market expectations. Critics will view it as a familiar trade-off: limited accountability for minority shareholders in exchange for access to a highly sought-after company.
The valuation is the other central debate. At $1.75 trillion, SpaceX would be priced at levels that demand years of rapid growth and smooth execution. That may be easier to justify if Starlink continues scaling at its current pace and if Starship begins to move from development into regular commercial use. It becomes harder if subscriber growth slows, regulatory pressures rise or newer bets take longer than expected to mature.
Still, the listing would mark a turning point for the sector. SpaceX has spent nearly two decades reshaping launch economics and building a global satellite network while private. As a public company, it would face a different test: proving that space infrastructure can deliver returns at a scale public investors expect. The June debut, if it goes ahead on these terms, will be an early measure of how much the market is willing to pay for that future.