Elon Musk’s SpaceX is preparing for a record-breaking IPO, aiming to raise billions while shifting focus toward artificial intelligence.
Elon Musk-led SpaceX is gearing up for what could become the largest initial public offering (IPO) in history. The aerospace and technology giant is planning to raise approximately $75 billion from the public markets, a move that could value the company at around $1.77 trillion. If successful, this valuation would place SpaceX among the most valuable companies in the United States immediately after listing.
The ambitious IPO reflects not only the company’s strong position in the space industry but also its aggressive pivot toward artificial intelligence (AI). The scale and timing of the offering highlight growing investor enthusiasm for AI-driven companies.
According to updated regulatory filings, SpaceX intends to offer 555,555,555 shares of its Class A stock at a fixed price of $135 per share. This structure is expected to generate $75 billion before expenses. In addition, underwriters have been granted an option to purchase an extra 83.3 million shares within 30 days of the offering, potentially adding another $11.25 billion to the total proceeds.
Interestingly, SpaceX has chosen to set a single share price rather than a traditional price range. This uncommon approach signals strong confidence in investor demand and underscores Elon Musk’s bold strategy in capital markets.
At the proposed valuation, SpaceX would surpass many established giants, even exceeding the market capitalization of Tesla. This would make it one of the largest publicly traded firms in the US by value.
Despite the massive public offering, Elon Musk is expected to retain significant control over SpaceX. He currently owns roughly half of the company and will continue to hold a similar stake after the IPO.
More importantly, Musk will control approximately 82.4 percent of the company’s voting power through Class B shares. This dual-class share structure ensures that he maintains decisive influence over the company’s strategic direction, even as new investors come on board.
While SpaceX built its global reputation on reusable rockets and satellite technology, its future growth story is increasingly centered on artificial intelligence. A major turning point came in early 2026, when SpaceX merged with Musk’s AI venture, xAI, in an all-stock deal that significantly reshaped the company’s priorities.
The merger integrated advanced AI capabilities, including the Grok model and the X social media platform, into SpaceX’s broader ecosystem. This strategic move aims to combine space technology, global connectivity, and AI innovation into a single unified platform.
The company has been investing heavily in its AI division, directing nearly 60 percent of its capital expenditure in 2025—around $20 billion—toward AI development. This trend has continued into 2026, with the company spending $7.7 billion on AI initiatives in just the first quarter.
However, these investments have come at a cost. The AI division has reported significant losses, with revenue growth lagging behind other leading AI companies. In the first quarter of 2026, SpaceX generated $4.7 billion in revenue but recorded a net loss of nearly $4.3 billion, largely due to high AI-related expenses.
SpaceX envisions a future where its expertise in rockets and satellite networks supports large-scale AI infrastructure. The company is exploring the possibility of deploying orbital data centers, which could provide cost-efficient and scalable computing power.
By leveraging reusable launch systems and satellite manufacturing capabilities, SpaceX aims to reduce the cost of deploying AI infrastructure globally. This integrated approach could potentially redefine how AI systems are built and operated.
Despite its ambitious AI plans, SpaceX’s current financial backbone remains its satellite internet service, Starlink. The segment generated over half of the company’s total revenue in 2025, contributing around $11 billion.
Starlink has also emerged as the only consistently profitable division within the company. Its subscriber base expanded rapidly, more than doubling خلال 2025, reflecting strong global demand for reliable satellite-based internet services.
Overall, SpaceX reported total revenue of $18.67 billion in 2025 but posted a net loss of $4.94 billion. This marked a significant shift from 2024, when the company had achieved profitability on a standalone basis. The losses are largely attributed to the heavy cash burn associated with the AI business.
The scale of SpaceX’s planned IPO is unprecedented. The $75 billion target would far exceed previous records, including Saudi Aramco’s $29 billion listing in 2019 and Alibaba’s $22 billion US IPO.
To manage this massive offering, SpaceX has enlisted 21 major financial institutions. Leading banks such as Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are acting as senior bookrunners, highlighting the significance of the deal in global financial markets.
SpaceX’s public debut may signal the beginning of a broader wave of AI-related IPOs. Other major players in the artificial intelligence sector, including OpenAI and Anthropic, are also reportedly preparing to go public in the near future.
These developments suggest that 2026 could become a defining year for AI investments, with multiple high-profile listings reshaping the technology and financial landscape.
Conclusion
SpaceX’s planned IPO represents a pivotal moment not just for the company, but for global markets as a whole. By combining its leadership in space technology with an aggressive push into artificial intelligence, SpaceX is positioning itself at the forefront of innovation.
While the financial risks associated with its AI investments remain substantial, the company’s long-term vision continues to attract strong investor interest. If successful, this IPO could redefine market expectations and set a new benchmark for future public offerings.