SpaceX has formally initiated the process for what is expected to be the largest initial public offering in history, according to confidential regulatory filings and reports emerging on April 21, 2026. The aerospace and satellite communications giant is targeting a valuation of approximately $1.75 trillion, a figure that would position it among the ten most valuable public companies globally upon its debut. The company is reportedly seeking to raise up to $75 billion in the offering, which is slated for a June 2026 listing on the Nasdaq.
The filings, which were first submitted confidentially to the U.S. Securities and Exchange Commission in early April, provide the first comprehensive look at the company’s complex corporate governance and financial health following its February 2026 merger with xAI. According to the prospectus, SpaceX will employ a dual-class share structure designed to ensure that founder Elon Musk and a select group of insiders maintain absolute control over the company’s strategic direction. Under this arrangement, Class B shares held by insiders will carry 10 votes each, while Class A shares sold to the public will carry a single vote. This structure allows Musk, who owns approximately 42 percent of the company’s equity, to command roughly 79 percent of the total voting power.
Financial disclosures within the filing reveal that the combined SpaceX and xAI entity generated $18.67 billion in revenue during the 2025 fiscal year. Despite the significant top-line growth, the company reported a net loss of $4.94 billion for the period, largely attributed to aggressive capital expenditures in AI infrastructure and the continued expansion of the Starlink satellite constellation. Starlink remains the primary revenue driver, contributing $11.4 billion to the total 2025 revenue and surpassing 10 million active global subscribers by early 2026. The company ended the year with a robust cash position of $24.8 billion and total assets valued at $92 billion.
The $1.75 trillion target valuation represents a significant premium over the company’s previous internal valuation of $1.1 trillion. Analysts and reports from Reuters and The Information indicate that the valuation is heavily predicated on the integration of xAI’s artificial intelligence capabilities into SpaceX’s orbital infrastructure, including the proposed Orbital AI Data Centers initiative. The offering is being led by a high-profile underwriting syndicate including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. If the $75 billion raise is realized, it will nearly triple the previous IPO record of $29.4 billion set by Saudi Aramco in 2019. The public version of the S-1 registration statement is expected to be released at least 15 days prior to the start of the investor roadshow, which is currently scheduled for the second week of June.