• Early filings and record-breaking ambitions
• Building the growth story: rockets, Starlink, and AI
• Opening the door to retail investors
• Musk and supporters underline the track record
• Skepticism and unanswered questions

SpaceX Pitches Historic IPO With Valuation Near $1.8 Trillion SpaceX is racing toward what could be the largest stock market debut in history, asking investors to back a $1.7 trillion–plus vision that fuses rockets, global internet service, and orbital artificial intelligence.

§Early filings and record-breaking ambitions

On June 3, new IPO filings revealed that SpaceX aims to raise about $75 billion by offering 555.6 million shares at $135 each, implying a valuation around $1.75 trillion. Separate reporting the same day described the company’s pitch as targeting as much as $86 billion in fresh capital at a $1.78 trillion valuation, which would make it the biggest Wall Street debut ever.

Technology outlets highlighted that, at that price, SpaceX would be valued at roughly $1.77 trillion, potentially placing it among the top ten U.S. companies by market capitalization and above Tesla’s market value.

§Building the growth story: rockets, Starlink, and AI

In Axios’ account of SpaceX’s roadshow materials, the company stresses that it began as a launch provider but now “makes most of its money from the Starlink connectivity service,” while making a “big bet” on artificial intelligence and orbital data centers. The investor video fronted by longtime CFO Bret Johnsen walks through a narrative centered on reusability, with “rocket reuse” credited for sharply cutting launch costs and increasing cadence, and frames Starlink as a network that can “deliver in many areas and in many cases where terrestrials just can’t.”

Johnsen cites 10.3 million Starlink users and triple-digit year-over-year growth, and argues that acquiring Musk’s AI company xAI means SpaceX now owns “the full value chain,” including future orbital data centers.

§Opening the door to retail investors

As the pitch evolved, attention shifted to who would be allowed in. The Financial Times reported that up to a quarter of the roughly $75 billion float could be reserved for individual investors, an unusually large allocation for a mega-IPO. A later report said SpaceX is “seeking to raise up to $86bn” while emphasizing the same historic $1.78 trillion valuation target.

On social media, a widely shared note from Fidelity said the broker would make the IPO available to “any customer with a retail brokerage account with $2,000 or more,” down from thresholds as high as $500,000, because “SpaceX has decided to reserve a much higher percentage of the offering (up to 30%).”

§Musk and supporters underline the track record

Musk and his supporters have used X to reinforce the growth story. One post he amplified argued that SpaceX has “literally destroyed the cost to orbit,” cutting launch prices from about $18,500 per kilogram to low Earth orbit to roughly $2,700 on Falcon 9 and closer to $1,000 on Falcon Heavy. Another booster noted that the company has launched in seven years “almost as many satellites as every government and private company in the world did since the 50s.”

SpaceX’s own IPO-linked messaging ties these achievements back to its founding mission: “SpaceX was founded to make life multiplanetary. We’ve been able to expand that mission with our Starlink constellation and AI solution,” the company said in a video promoted by Musk as “SpaceX IPO info.”

§Skepticism and unanswered questions

Despite the optimism, the roadshow materials acknowledge financial strain. SpaceX’s S-1 filing showed a $4.9 billion loss in 2025 on $18.7 billion in revenue, underscoring that even record launch cadence and Starlink growth have not yet delivered sustained profitability. Analysts have also questioned the practicality of orbital AI data centers, noting that the concept has “received skepticism” from scientists and industry observers.

Moreover, SpaceX’s own estimates of a $26.5 trillion total addressable market for AI — close to the size of the entire U.S. economy — are described by Axios as “impossible to verify,” highlighting a gap between Musk’s expansive vision and what can be independently substantiated.

As the June 12 listing date approaches, investors are weighing that tension: unparalleled technological gains and financial scale on one side, and a still-unproven business model and extraordinary valuation on the other.

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