SpaceX Just Filed for the Biggest IPO in History — And Musk Is Keeping Control

HAWTHORNE, Calif. — On May 20, 2026, SpaceX filed its S-1 registration statement with the SEC, targeting a Nasdaq listing under the ticker SPCX and raising up to $75 billion at a $1.75 trillion valuation — the largest IPO in capital markets history, eclipsing Saudi Aramco's 2019 record by more than double.

The Numbers Behind the Dream

SpaceX's 2025 revenue reached $18.7 billion, with Starlink accounting for $11.4 billion, or 61% of total. Starlink posted a $1.19 billion operating profit in Q1 2026. The company recorded a $4.9 billion net loss for 2025, driven by the capital-intensive development of Starship and next-generation satellites — the necessary cost of building something unprecedented.

Musk Keeps the Keys

The IPO filing reveals a super-voting share structure allowing Musk to maintain decisive control even after going public. This shields the company's long-term vision — making humanity multiplanetary — from short-term Wall Street pressure. Goldman Sachs leads the deal alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan. Roadshow starts June 4, pricing June 11.

The Trillionaire Milestone

Bloomberg noted this filing brings Musk meaningfully closer to becoming the world's first trillionaire. At $1.75 trillion, SpaceX alone would rank among the most valuable companies on Earth. Add Tesla, xAI, Neuralink, and the Boring Company, and the accumulated value becomes almost incomprehensible.

An AI Warning That Hints at Bigger Plans

Buried in the S-1: SpaceX warned that AI chip supply could be insufficient for its orbital compute ambitions — a window into a future where SpaceX isn't just a launch company but a computing infrastructure provider in orbit.

Why June 12 Matters

SpaceX's Nasdaq debut is set for June 12. The company that pioneered reusable rockets, resupplied the ISS, and blanketed the globe with satellite internet is preparing to open its doors to the world.