SpaceX IPO: What to Know About the Largest Listing in History

The SpaceX IPO is set to take place on 12 June, with the rocket company making its market debut on the Nasdaq under ticker SPCX. SpaceX plans to sell 555.6 million shares at $135 apiece, which would raise approximately $75 billion and make it the largest IPO in history.  

In this article, we examine SpaceX in detail, how it makes money, the valuation and how investors can gain exposure to SPCX.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

What Is SpaceX

Space Exploration Technologies Corporation, SpaceX, was founded by Elon Musk in 2002 to decrease the cost of space launches and with the mission of ultimately “making humanity multiplanetary”. 

Amongst the company's subsequent achievements in the space industry is the successful development of the Falcon 9, the world’s first orbital class reusable rocket. Since its first launch in 2010, SpaceX has launched almost 650 missions with Falcon 9 rockets and has successfully landed its boosters 600 times. 

In 2019, SpaceX began diversifying its business, launching satellites for its Starlink satellite internet constellation. Starlink now provides internet services in around 160 countries and territories and also generates the bulk of SpaceX’s income.

SpaceX xAI Merger

Diversifying its business even further, in February 2026, SpaceX completed a merger with xAI.  

Now a subsidiary of SpaceX, xAI houses two notable products: Grok, a generative AI chatbot, and the social media network X. It has also constructed Colossus, which is one of the world’s largest AI training supercomputers. 

Consequently, any investors thinking about buying SpaceX shares would not only be gaining exposure to a rocket and satellite internet company, but also to AI software and social media. 

SpaceX IPO: Key Details 

The expected offer price of $135 above is the figure at which shares are expected to be allocated in the IPO.  

It’s important to note that this figure will not necessarily be the same price at which SpaceX shares will start trading after it goes public. Once the stock is listed, the market will determine its price,which may be significantly higher or lower depending on demand. 

If the listing goes as planned and SpaceX raises $75 billion, it would be the largest IPO in market history, dwarfing the previous record IPO which was set by Saudi Aramco in 2019. 

Many of the figures in the table above are taken from SpaceX’s amended S-1 filing, filed on 3 June 2026, which is a registration form for companies planning to undertake an IPO in the US. All figures are subject to change until the listing is confirmed. 

How Does SpaceX Make Money?

SpaceX’s IPO filing also gave us a first look inside the company’s financials. 

SpaceX’s financial results for the quarter ended 31 March 2026 and the year ended 31 December 2025 are summarised in the table below, together with the relevant lookback periods. Although xAI was only acquired in February 2026, its historical results are reportedly included in the data.

Source: SpaceX - S-1 Registration Statement 

SpaceX generates revenue across three segments: 

• Space: Launch and rocket services 
• Connectivity: Starlink satellite internet and mobile 
• AI: AI Compute Infrastructure, Grok and X 

In the following sections, we’ll take a closer look at the financial data for each of the reporting segments. 

Space 

Space is the company’s original business, building rockets and providing launch services.  

As well as providing launch capabilities for its Starlink business, Space also provides launch services to other customers, most notably the US government, for which it is the primary launch provider.

Source: SpaceX S-1 Registration Statement

Connectivity

Connectivity is SpaceX’s largest segment in terms of revenue; it’s also the only segment which is currently profitable and it appears to be growing quickly. At the end of the first quarter of 2026, Starlink had 10.3 million subscribers, more than double the 5.0 million from a year earlier.

Source: SpaceX S-1 Registration Statement 

AI 

AI houses Grok, the social media platform X and AI infrastructure, including the Colossus supercomputer. 

It’s the smallest of the three segments in terms of revenue and is also where the deepest losses and highest capital expenditures lie. However, it also appears to be the segment where SpaceX envisages the greatest growth opportunities. 

Indeed, in its S-1 filing, SpaceX estimates that its business has a Total Addressable Market (TAM) of $28.5 trillion. The vast majority of that figure, $26.5 trillion, is attributed to AI. By contrast, SpaceX estimates a TAM of just $370 billion for “space-enabled solutions”.

Source: SpaceX S-1 Registration Statement 

Understanding the SpaceX Valuation 

If SpaceX’s offer price goes ahead at $135 per share, it means the company will list with a market value of approximately $1.77 trillion, which will place it in the top ten largest companies in the world. 

That’s an unprecedented figure for a newly listed company.  

It’s also a significant valuation for a company which is not yet profitable. Based on the offer price and its 2025 revenue, SpaceX will list at a value of around 95 times sales.  

For context, the world's three largest companies trade at far lower multiples: Nvidia at around 20x, Alphabet at 11x and Apple at 10x trailing 12-month sales. 

Whether or not this means SpaceX is overvalued is somewhat subjective. Remember, stocks are priced based on expectations of future earnings. So, whether SpaceX’s high price tag is justified depends on investors’ views of how much the business will grow in the coming years. 

Many analysts have already weighed in on the issue, with some coming to the conclusion that SpaceX is overvalued. Investment research company Morningstar recently released a report that said it values SpaceX at $780 billion, less than half its expected IPO price. 

SpaceX Share Structure Explained 

SpaceX has a dual class share structure, comprising Class A and Class B shares. 

The shares that are being issued for the IPO are Class A shares, and this is what will be available on the public market once trading begins. Each share carries one vote.

The majority of Class B shares are owned by Elon Musk, with the remainder being held by other company insiders. Each Class B share carries ten votes. 

Consequently, once SpaceX lists, Musk will control 82.4% of the voting power, despite owning less than half of the outstanding shares.  

This essentially gives Musk control over all shareholder votes, as no resolution can pass without his support. Consequently, in reality, public shareholders won’t have any influence over how SpaceX is run. 

However, it’s worth noting that this type of structure is not completely unusual for US companies, particularly founder-led companies. Alphabet and Meta are both examples of tech companies which use similar dual class structures to hand control to their founders. 

How to Invest in SpaceX

In an unusual move for an IPO of this size, SpaceX has reportedly earmarked as much as 30% of its initial public offering for retail investors.  

Investors from the US, UK and certain other countries can submit applications for the IPO via selected brokers who have been chosen to distribute IPO shares to retail customers. 

However, due to reportedly high demand, it’s possible that investors will receive fewer shares than they applied for, or even none at all.  

It’s also important to be aware of the risks; newly listed stocks can experience significant volatility in the early days and weeks of trading as the market settles on a price.

Investors who don't apply for IPO shares, or those who are not successful in doing so, will be able to buy SpaceX shares on the public market once it begins trading on 12 June.

However, before making a decision on whether or not to buy shares, it’s important to weigh the risks involved.

Key Considerations for Investors

• Valuation: SpaceX is expected to hit the market at a premium valuation which assumes years of rapid growth. If it falls short of expectations, share price could fall as the market reprices the stock. 
• Unprofitable: The company is not yet profitable, with just one of its three divisions currently generating operating profit. 
• Post-IPO Volatility: Newly listed stocks can experience significant price swings as the market settles on a valuation. 
• Lock-Up Expiry: When a company goes public, existing shareholders are often prohibited from selling shares for a set period, known as the lock-up period. Once this period ends, share price could come under pressure if insiders start to sell shares in significant volume. 
• Governance: Due to the dual class share structure, retail investors won't have any influence over how the company is run. 

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