By IDEA Television NEWS DESK
Elon Musk’s SpaceX has officially filed its S-1 prospectus with the U.S. Securities and Exchange Commission, setting the stage for a stock market debut that Wall Street is already calling a once-in-a-generation event.
The company is targeting a valuation of more than $1.75 trillion — a figure that would place it above every publicly traded company on earth except Apple, Microsoft, Alphabet, Nvidia, and Amazon. If achieved, it would make SpaceX the largest IPO ever, blowing past the record set by Saudi Aramco, which raised $29 billion in 2019.
SpaceX is aiming to raise between $50 billion and $75 billion when shares go on sale, with a listing expected on the Nasdaq as early as June 12.
What’s inside the filing
The S-1 document — 277 pages in total — gives the public its first real look at SpaceX’s finances. The company reported revenue of $18.7 billion in 2025, up sharply from $14 billion the year before. Its Starlink satellite internet service, now serving 10.3 million subscribers across more than 125 countries, generated $11.4 billion in revenue last year and $3.3 billion in just the first quarter of 2026 alone.
But perhaps the most striking detail in the filing is how deeply SpaceX has shifted towards artificial intelligence. Of the $10 billion the company spent in the first three months of 2026, $7.7 billion went on AI — dwarfing the $1 billion spent on its core space operations.
That pivot is partly explained by SpaceX’s February 2026 merger with Musk’s AI startup, xAI — the company behind the Grok chatbot. The all-stock deal valued the combined entity at $1.25 trillion, folding Grok and Musk’s social media platform X into what SpaceX is now positioning as a technology conglomerate with ambitions well beyond rockets.
Musk’s path to becoming the world’s first trillionaire
Musk currently owns approximately 44% of SpaceX. With his net worth already estimated at around $823 billion, a successful listing at the target valuation could push him past $1 trillion in personal wealth — making him the first individual in history to reach that milestone.
Goldman Sachs is leading the offering, with Morgan Stanley and 21 other major banks and investment firms involved in organising the deal — a reflection of just how enormous the transaction is expected to be.
Risks on the table
Not everyone is convinced the numbers add up. At $1.75 trillion, SpaceX would be trading at roughly 90 to 94 times its annual revenue — a valuation that analysts say demands flawless execution. xAI was reportedly burning close to $1 billion a month at the time of its merger, and several of its co-founders have already departed. There are also questions about how much voting control Musk will retain after the listing, and what that means for ordinary shareholders.
Still, investor appetite is expected to be fierce. SpaceX’s dominance in reusable rockets, its rapidly growing Starlink internet business, and its contracts with NASA, the U.S. Air Force, and Space Force — totalling over $24 billion since 2008 — make it one of the most consequential companies ever to come to market.
The share sale is expected to price on June 11, with trading beginning the following day.
