SpaceX Sets Terms for the Largest IPO Ever: ~$1.75T Valuation, Up to $75B, Trading June 12 as SPCX

SpaceX has set the calendar for what would be the largest initial public offering in history. According to CNBC and the company's prospectus, the investor roadshow opens June 4, the shares price on June 11, and the stock begins trading June 12 on the Nasdaq under the ticker SPCX. The offering targets a valuation of roughly $1.75 trillion and a raise of up to $75 billion — a haul that would more than double Saudi Aramco's 2019 record, when the oil giant raised about $35.4 billion. Space Exploration Technologies Corp. filed its S-1 with the Securities and Exchange Commission on May 20.

The engine under the valuation is Starlink. The satellite-broadband unit is the only consistently profitable division in the prospectus, and it now serves on the order of 9 to 10 million subscribers, generating billions in quarterly revenue and the majority of the company's top line. SpaceX is steering investors toward 2025 revenue in the $15-16 billion range, but the same filing shows the company is still deeply unprofitable on a consolidated basis — it lost billions in 2025 as it pours cash into Starship — which puts the implied multiple well north of 100 times trailing revenue.

Control will stay firmly with Elon Musk. The IPO uses a dual-class structure: Class A shares sold to the public carry limited votes, while Class B shares held by insiders carry super-voting rights, leaving Musk with voting control even though he is not selling personal stock into the offering. For public investors, that means buying into a trillion-dollar company whose strategic direction remains, by design, a one-person decision.

For the AI world, the prospectus is more than a space document — it is where the industry learned the scale of SpaceX's compute business. The filing disclosed that Anthropic is paying SpaceX about $1.25 billion a month — roughly $45 billion over the full term — to rent its Colossus GPU clusters, and it folds in the xAI/Grok operations that SpaceX absorbed earlier this year. That makes the SPCX listing a backdoor bet on AI infrastructure as much as on rockets, though the Anthropic contract can be cancelled by either side on 90 days' notice, a risk the bankers will have to explain on the roadshow.

The risks are not small: Starship is still proving out, the revenue multiple is extreme, and governance is concentrated in a single founder who is simultaneously running several other companies. But demand for a piece of SpaceX has been building for a decade, and a successful debut at $1.75 trillion would instantly reorder the league table of public companies — and, on paper, push Musk's net worth to levels no individual has reached before. Pricing day is June 11; the market gets its verdict on June 12.