SpaceX is preparing the IPO of the century.
The aerospace company founded by Elon Musk aims to raise 75 billion dollars with its stock market listing scheduled for June 12, in what could become the largest initial public offering (IPO) ever made.
The operation would bring the company’s valuation to 1.77 trillion dollars, consolidating its weight in financial markets and bringing the founder (already the richest man in the world) even closer to the milestone of a personal fortune exceeding one trillion dollars.
According to sources cited by Reuters, SpaceX’s IPO is attracting over 250 billion dollars of interest from investors, about 3.5-4 times the expected size of the offering. The presentation of SpaceX’s roadshow and the documentation for the IPO highlight the unique nature of SpaceX’s rocket launch business, which, according to the company, has accounted for most of the mass launched into orbit in the last three years, and the strength of the Starlink internet business, the international news agency notes.
The stock market debut is therefore approaching, but beyond Wall Street’s enthusiasm, concerns also emerge. Democratic Senator Elizabeth Warren sent a letter to the Securities and Exchange Commission (SEC) – the U.S. equivalent of Consob – shared with CNBC, asking to “postpone SpaceX’s IPO,” citing concerns about the valuation and corporate governance of the rocket manufacturer.
All the details.
FEATURES OF THE LISTING
The company formally known as Space Exploration Technologies Corp indicated in the filed documents that it will sell 555.6 million shares at a price of 135 dollars each. SpaceX has set the price, rather than offering a variable price range based on demand, as is customary in IPOs. The operation would allow raising up to 75 billion dollars.
It is also said that the company aims for a 30% share allocated to retail investors, a much higher percentage than the typical IPO, which ranges between 5% and 10% for retail investors, notes CNBC.
With an estimated market capitalization of 1.75 trillion dollars, SpaceX would rank among the most valuable companies in the world. Currently, only six companies in the S&P 500 index have a higher valuation. The historical record for an IPO so far belongs to the Saudi oil company Saudi Aramco, which in 2019 raised 25.6 billion dollars with an initial valuation of about 1.7 trillion dollars.
THE NUMBERS OF SPACEX
This is for a company that generated 18.7 billion dollars in revenue last year in 2025 and recorded an operating loss of 4.2 billion dollars. Overall, the group remains in the red. Revenue, however, grew by about one-third compared to the previous year, while Starlink continues to represent the most profitable segment of the entire business.
MR. MUSK, THE WORLD’S FIRST TRILLIONAIRE?
The IPO is expected to make Elon Musk the world’s first trillionaire, but also over 4,400 current and former SpaceX employees will become millionaires thanks to shares that are part of their compensation, reports the New York Times.
According to Forbes, the entrepreneur’s net worth amounts to about 825 billion dollars, while his stake in SpaceX is worth about 542 billion dollars. Forbes itself noted in April that the company’s listing “would almost certainly ensure that his net worth exceeds 1,000 billion dollars.” In addition to SpaceX, Musk also leads the electric automotive company Tesla and the social platform X (formerly Twitter).
Moreover, Musk will not sell any shares as part of the offering and will retain 82.4% of SpaceX’s voting rights.
HOW THE GROUP WILL BE ORGANIZED
After the listing, SpaceX’s broad structure will be divided into three main areas: the space launch business, the Starlink division dedicated to satellite connectivity, and the artificial intelligence company xAI, which also includes X.
IMPACT ON FINANCIAL MARKETS
Given the expected size of the company after the listing, SpaceX could quickly assume a significant weight within the S&P 500 index. This would mean that a wide range of investors, including pension fund holders and index funds, would be indirectly exposed to the stock’s performance.
WHY A DEMOCRATIC SENATOR IS URGING THE SEC TO INTERVENE
Precisely in light of all this, Democratic Senator Elizabeth Warren of Massachusetts has asked the SEC to postpone SpaceX’s imminent initial public offering.
In the 12-page letter, Warren highlighted the potential for “inaccurate or misleading accounting or valuation” related to the acquisition of xAI, a company owned by Elon Musk, by SpaceX, conflicts of interest linked to Musk’s “unprecedented” power as majority shareholder, and that the accelerated listing of the company in major stock indices would pose “significant risks” to investors.
“Investors who carefully choose their investments at least have the opportunity to avoid investing in companies that engage in risky or improper practices,” Warren wrote. “But SpaceX’s IPO creates a new concern: that major stock indices are manipulated in a way that forces millions of investors in passive index funds – a generally low-cost investment option that can be attractive to retail investors – to invest in SpaceX and be exposed to its significant risks, without any choice.”
