SpaceX Files S-1 for Historic IPO Targeting $1.75 Trillion Valuation and $75 Billion Capital Raise

SpaceX filed its S-1 prospectus with the Securities and Exchange Commission on May 20, 2026, moving closer to what analysts say could be the largest initial public offering in history.

The company is targeting a valuation between $1.75 trillion and $2 trillion and plans to raise up to $75 billion in the offering, which would double the previous record for capital raised in a single IPO. The stock is expected to trade under the ticker "SPCX."

SpaceX reported $18.7 billion in total revenue in 2025, up 33 percent from $14.1 billion in 2024. Starlink, the company's satellite internet service, generated $11.4 billion of that revenue and $4.4 billion in operating income, making it the financial engine of the business.

The company posted a net loss of $4.94 billion in 2025 and a $4.28 billion net loss in the first quarter of 2026, largely due to heavy investment in its xAI division and Starship development. Before the xAI merger in February 2026, SpaceX had been profitable.

Starlink now serves more than 10.3 million subscribers in 164 countries. Average revenue per user has been declining, falling 23 percent year-over-year to $66 per month in the first quarter of 2026, as the service expands into lower-priced markets.

SpaceX has committed to allocating 30 percent of IPO shares to retail investors, three times the typical norm for large offerings.

The institutional roadshow is scheduled to begin the week of June 8, with pricing expected around June 18 to 30.

Elon Musk controls 42 percent of SpaceX's equity and 85 percent of its voting power. Analysts have flagged this concentration as a key risk for prospective investors.