SpaceX Stock Is Coming — And It Could Be the Biggest IPO in History, Here’s What You Need to Know

SpaceX discreetly sent a confidential draft registration statement to the U.S. Securities and Exchange Commission early on April 1, 2026, a date that initially caused some observers to pause. The filing marks the official start of the public offering of Elon Musk’s rocket company, which is currently valued between $1.5 and $1.75 trillion and aims to raise up to $75 billion in a single transaction. This is something that most people in the finance industry have been looking forward to for years but have doubted would actually happen. To put that figure in perspective, the previous record for the biggest U.S. public offering was set by Alibaba’s $22 billion IPO in 2014. SpaceX would raise more than three times that amount if it priced at the top of the current discussions. In this field, superlatives are sometimes worn out, but this one might be well-deserved.

In a renovated warehouse in El Segundo, California, Musk founded SpaceX in 2002 with the declared goal of lowering the cost of launching objects into orbit and, eventually, landing people on Mars. Rocket failures were common during the first few years; the Falcon 1 exploded three times before reaching orbit on its fourth attempt in 2008. That same year, NASA called and gave the business its first federal contract to transport cargo to the International Space Station. SpaceX completed 165 orbital flights in 2025 alone, seventeen years later. It now serves as NASA’s largest launch partner, launches American astronauts into space, and runs Starlink, a constellation of about 9,500 spacecraft that provides internet service to over 9 million users in 70 countries. The business that was on the verge of bankruptcy in 2008 is now the world’s most valuable private company.

Completed in February 2026, the merger with Musk’s artificial intelligence business, xAI, increased the internal valuation to about $1.25 trillion and gave the IPO narrative a new angle. According to Bloomberg’s coverage of the confidential filing, the combined company may aim for a valuation of more than $1.75 trillion, which, given revenue estimates of $15 to $16 billion for 2025, suggests a revenue multiple of between 94 and 113 times. To put things in perspective, that is the pricing of a business that has already succeeded rather than one that is still conducting trials. The deal has the institutional support to reach institutional investors worldwide because Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, and Citigroup are reportedly among the lead underwriters. However, this does not automatically support the valuation.

In her commentary on the filing, Reena Aggarwal, a professor of finance at Georgetown who specializes in IPOs, offered a pragmatic point: even a fantastic company with solid fundamentals and investor interest can still result in a disappointing IPO if the market turns negative at the wrong time. Due in part to the ongoing U.S.-Iran conflict and rising oil prices, the Nasdaq recently recorded its steepest weekly decline in nearly a year. According to reports, SpaceX plans to list in June, assuming that by then the geopolitical landscape will have somewhat stabilized. That’s a legitimate hope, but markets don’t usually follow anyone’s preferred timetable.

Serious institutional investors are genuinely grappling with the valuation question, which is divided into several separate parts. With 9 million customers paying monthly fees for satellite broadband, plans for a constellation of 42,000 satellites, and a Total Addressable Market that includes commercial enterprise clients, government contracts through the Starshield military program, and rural broadband in dozens of underserved countries, Starlink is the most obvious value driver. That company is expanding, has proven unit economics, and has a competitive moat based on orbital physics; once you have a constellation this size, it becomes structurally costly for rivals to imitate. The launch company, which produces Falcon 9, Falcon Heavy, and Starship, makes money on its own through commercial payloads, NASA contracts, and a total of $24.4 billion in federal contracts since 2008. According to Morningstar’s PitchBook analysis, these two companies together could plausibly support a valuation in the $1.1 to $1.5 trillion range.

The xAI layer is where the uncertainty resides. The AI infrastructure angle, which includes the notion that SpaceX will eventually launch AI data centers into orbit or that the combined company will produce significant AI revenue, is still in its infancy, unproven, and being presented in a way that, depending on your mood, sounds either visionary or unprovable. Musk has discussed establishing data centers in space and constructing a self-sufficient city on Mars. These objectives are very challenging to accomplish on any short-term schedule, according to numerous engineers and specialists. In a first-year IPO pricing, institutional investors usually pay for companies with proven revenue and credible growth trajectories rather than for dreams. This implies that a listing closer to $1.2 to $1.5 trillion is the more likely result and that the $1.75 trillion target may encounter some resistance.

Observing all of this, there’s a sense that SpaceX’s IPO holds a special place in financial history because it’s truly unprecedented, not because it’s perfectly priced or because all of Musk’s stated goals will come to pass. The company that established a global internet constellation from the ground up, made rocket reusability a commercial reality, and positioned itself at the center of national security launch contracts does not neatly fit into any current valuation framework. According to Aggarwal of Georgetown, this is a chance for retail investors to see Elon Musk in a way that no other public offering will be able to in the coming years. That isn’t precisely an investment thesis. However, it’s also not nothing.