SpaceX files $75B IPO at $1.765T valuation

SpaceX filed on June 3 to offer 555.5 million shares at $135 each, aiming to raise $75 billion and to list at a $1.765 trillion valuation. If completed at that price, the offering would exceed Saudi Aramco’s $25.6 billion IPO in 2019.

The company’s Form S-1 shows a $4.95 billion net loss for the year, which the filing attributes in part to heavy spending on artificial intelligence projects. Starlink, SpaceX’s satellite internet unit, reported revenue growth of 50% year over year and is the only segment presented as profitable.

Valuation estimates diverge. Morningstar values SpaceX at about $780 billion and warned that xAI poses a “material threat of value destruction.” At the other end, ARK Invest founder Cathie Wood projects a $2.5 trillion enterprise value by 2030.

Founder Elon Musk would retain more than 80% of voting power under the proposed structure. The filing shows Musk would keep control of corporate direction, leaving public shareholders without comparable voting influence.

The S-1 lists 18,712 Bitcoin held by SpaceX, roughly $1.29 billion at current prices, which would move onto a public balance sheet. The filing references joint projects with other Musk-controlled companies, including work on a planned Terafab semiconductor plant; some analysts expect possible corporate consolidation as early as 2027.

Market participants say underwriters and institutional demand will shape the market impact. A range of large expected tech and AI listings this year could affect liquidity across sectors, including crypto. The filing cites the 2021 listing of a major cryptocurrency exchange as a precedent: Bitcoin reached about $64,800 on that listing day and fell roughly 50% within six weeks.

The filing outlines continued investment in connectivity, AI and hardware alongside the company’s current earnings profile. It shows revenue concentrated in Starlink while other businesses are reporting losses and have uncertain near-term returns.