Elon Musk’s SpaceX on Wednesday filed paperwork to go public next month, aiming for an out-of-this-world valuation projected around $1.5 trillion – the biggest IPO in history.
The filing for the initial public offering included mind-boggling projections for how SpaceX — which owns artificial intelligence company xAI, satellite-internet business Starlink and social media platform X — will make money.
SpaceX sees future revenue opportunities of $28.5 trillion — including $26.5 trillion from AI projects, $1.6 trillion from Starlink broadband, $740 billion in Starlink mobile and $370 billion from “space-enabled solutions.”
“We believe we have identified the largest actionable total addressable market (‘TAM’) in human history,” the securities filing, known as an S-1 form, states, using the financial term for potential revenue streams.
Musk, who has long nurtured ambitions of colonizing Mars, voiced lofty goals in the filing, which stated SpaceX will trade under the ticker SPCX.
“Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars,” he said in the prospectus summary.
“You want to wake up in the morning and think the future is going to be great – and that’s what being a space-faring civilization is all about,” he added. “It’s about believing in the future and thinking that the future will be better than the past. And I can’t think of anything more exciting than going out there and being among the stars.”
With an expected IPO date of June 12 on Nasdaq, SpaceX is yet to reveal exactly how much money it’s aiming to raise and what valuation it expects. With investor feedback determining the sums in the coming weeks, observers are predicting a roughly $80 billion fundraising round and a historic valuation around $1.5 trillion.
The massive public listing would eclipse Saudi Aramco, which raised a record-setting $26 billion when it went public in 2019.
A public listing for SpaceX – which enables existing shareholders to sell stock and everyday investors to buy shares – has tantalized the business world for years. Musk’s Texas-based company revolutionized the space industry when it figured out how to land rockets upright, which lowered the cost of launches by making rockets reusable. It has regularly launched payloads into space for NASA and flung private satellites into orbit.
Among the new details in Wednesday’s filing were total capital expenditures at SpaceX of an eye-watering $20.7 billion.
The company’s launch and satellite businesses burned through combined $8 billion in capex last year while its AI business spent $12.7 billion. SpaceX is rushing to finish building its new Starship rocket and xAI has spent mountains of cash building data centers.
According to the filing, SpaceX made $18.6 billion in revenue in 2025, up 33% from a year earlier. The company reported a net loss of $4.3 billion for the three months ended March 31.
Despite the lofty revenue projections, SpaceX’s sales metrics lag behind some of its soon-to-be public market brethren. Its sales came to $18.7 billion last year, when it lost $4.9 billion. According to an analysis by the Wall Street Journal, the top 15 US companies are valued at roughly seven times their sales. SpaceX, if ultimately valued at $1.5 trillion, would be valued at 80 times its sales.
After the IPO, Musk will be the chief executive, head of technology and chairman of the board while holding 12.3% of Class A shares and 93.6% of Class B shares while retaining majority voting power, according to financial services firm Wedbush Securities.
Wedbush analyst Dan Ives predicted Musk will eventually combine and SpaceX with automaker Tesla, which he also runs.
“Musk wants to own and control more of the AI ecosystem and step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution,” Ives wrote in a note.
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