Local time June 3rd, SpaceX documents filed with the SEC reveal the company plans to offer shares priced at $135 each, totaling roughly 555.6 million shares, aiming to raise $750 billion. That figure would be more than double the record 2019 financing of $294 billion set by Saudi Aramco.
Crunching the numbers based on those publicly traded shares, SpaceX market cap will approach $1.77 trillion. This valuation would make SpaceXone of the most valuable public companies globally, even surpassing current giants like Tesla and Meta.
In particular, SpaceX’s latest IPO prospectus shows company founder, currently 54-year-old Elon Musk ( Elon Musk) controls approximately 82.4% of SpaceX’s voting rights through Class A and Class B shares. His paper stake exceeds $866.5 billion, but is subject to a one-year lock-up period.
SpaceX specifically mentions in the prospectus: “We believe Mr. Musk’s substantial equity stake economically drives him to help the company achieve development.” The document also notes that after the 366-day lock-up ends, “Mr. Musk will no longer have any obligation to hold shares, meaning he can choose to sell all or most of his equity, or reduce his holdings at any time thereafter.”
SpaceX‘s IPO is expected to officially hit the Nasdaq stage next week. If everything goes smoothly, it’ll mark Musk’s second major win on the public markets since steering Tesla through its debut way back in 2010. Rumors circulating earlier suggested a June 11th pricing date with trading kicking off on June 12th.
And it’s not just about SpaceX. Musk’s existing slice of Tesla alone is valued at over $355 billion. Add in his massive pool of unexercised stock options (which top $100 billion), and his total liquid wealth climbs even higher.
Looking back over the past dozen years, Musk’s personal fortune has been on a steady upward trajectory. Tesla stock skyrocketed starting in 2013. He famously dethroned Amazon founder Jeff Bezos to claim the title of World’s Richest Person in 2021. Since then, his ranking has bounced around a bit, riding the highs and lows of TSLA’s price swings.
Right now, according to Bloomberg’s billionaire tracker, Musk sits comfortably at around $839 billion. That’s a huge gap compared to whoever’s currently in second place—Google co-founder Larry Page, who’s sitting on roughly $250 billion.
Behind the scenes, SpaceX is negotiating hard with Wall Street banks to keep the month’s IPO underwriting fees below 0.75%, a pretty rare deal since mega-IPOs usually run north of 1%. As the lead joint bookrunners, Goldman Sachs and Morgan Stanley are lined up to pocket a bigger slice than the other 21 banks involved.
The whole IPO journey kicked off back on May 20th, SpaceX formally dropped its S-1 registration statement with the SEC. They’re planning to list their A class common stock across both the main Nasdaq exchange and Nasdaq Texas, rolling out a sleek new ticker symbol: “SPCX”.
According to the paperwork, SpaceX wrapped up its merger with xAI Holdings Corp. ( xAI) on February 2nd this year. Post-merger, SpaceX operations are neatly carved into three main pillars: Aerospace, Satellite Internet, and Artificial Intelligence.
SpaceX flashes some serious red flags in the prospectus, including AI division bleeding money right now with heavy R&D costs and no quick path to profitability; space-based data centers face steep technical, regulatory, and radiation hurdles; and the whole Starship-to-Mars dream carries massive uncertainty that could delay performance share vesting indefinitely. Yeah, these factors could seriously dent their bottom line.
The company’s core financial data shows, 2026 Q1 company consolidated revenue reached $4.694 billion, operating loss $1.943 billion, adjusted EBITDA is $1.127 billion; 2025 full year consolidated revenue $18.674 billion, operating loss $2.589 billion, adjusted EBITDA is $6.584 billion. As comparison, 2025 same period Meta full year revenue broke through $2000 billion, Tesla revenue near $950 billion.
By sector, satellite internet is its consolidated income main force. Mainly driven by Starlink ( Starlink) satellite internet business sector, in the three months ended March 31st, 2026 realized revenue $3.257 billion, operating profit $1.188 billion, adjusted EBITDA is $2.087 billion. 2025 full year, this business sector realized revenue $11.387 billion, operating profit $4.423 billion, adjusted EBITDA is $7.168 billion, YoY growth respectively 49.8%, 120.4% and 86.2%.
Aerospace business sector in the three months ended March 31st, 2026 realized revenue $619 million, operating loss $662 million, adjusted EBITDA loss $351 million. 2025 full year, aerospace business sector realized revenue $4.086 billion, operating loss $657 million, adjusted EBITDA is $653 million.
SpaceX‘s AI business sector currently loss is large. 2026 Q1, this business realized revenue $818 million, operating loss $2.469 billion, adjusted EBITDA loss $609 million. SpaceX states, this AI sector in 2025 full year loss hit $6.355 billion.
Capital expenditure aspect, 2026 Q1, SpaceX total capital expenditure $10.107 billion, among them aerospace sector $1.052 billion, satellite internet sector $1.332 billion, AI sector $7.723 billion; 2025 full year total capital expenditure $20.737 billion, three sectors respectively $3.832 billion, $4.178 billion, $12.727 billion, capital expenditure mainly used for core technology R&D, facility upgrade and business expansion.
