According to sources familiar with the matter, SpaceX, the aerospace and satellite company founded by Elon Musk, is considering setting its initial public offering (IPO) fundraising scale at approximately $75 billion—a figure far exceeding previous market expectations. If ultimately realized, this transaction would not only significantly surpass the earlier estimate of around $50 billion but also dramatically break the global IPO record, overtaking the $29 billion raised by Saudi Aramco in 2019, which currently stands as the highest in history.
In terms of timeline, SpaceX currently plans to proceed with the listing in June this year, though the specific schedule remains subject to adjustment. The company could submit its IPO application confidentially as early as this month, but the final plan still carries uncertainties. The valuation for this IPO is also drawing considerable attention. Sources indicated that SpaceX’s valuation in the listing could exceed $1.75 trillion. Previously, following the company’s acquisition of Musk’s artificial intelligence startup xAI, the combined entity was valued at approximately $1.25 trillion. Should the valuation reach $1.75 trillion, SpaceX’s market capitalization would rank among the world’s largest corporations, trailing only a few tech giants such as Nvidia (NVDA), Apple (AAPL), Google’s parent company Alphabet, Microsoft (MSFT), and Amazon (AMZN), while surpassing Meta (META) and Tesla (TSLA).
Analysts point out that if SpaceX successfully completes an IPO of this magnitude, it would not only mark a milestone event in the capital markets but also further solidify its leading position in the commercial aerospace and satellite internet sectors. The company has transformed from a relatively underdog player in the aerospace industry into a dominant force today, securing billions of dollars in government contracts and becoming a cornerstone of the U.S. space program. Beyond its rocket launch business, its satellite internet broadband service, Starlink, has become a major source of cash flow for the company.
In February of this year, SpaceX acquired xAI in an all-stock transaction, bringing the artificial intelligence conversational assistant Grok under its umbrella and further enriching its business portfolio. Behind these moves lies SpaceX’s immense need for capital. Although the Starlink project generates substantial cash flow, the company still requires additional funds to achieve its ambitious goals. A staff memo from last December indicated that the proceeds from the IPO would be used for the continued development of the Starship rocket, space-based artificial intelligence data centers, and the construction of a lunar base.
SpaceX’s decision to go public also suggests that its capital needs may have grown significantly. It is understood that xAI consumes approximately $1 billion in cash per month to cover the costs of computing infrastructure for training artificial intelligence models. As a publicly traded company, SpaceX could leverage broader market access to raise funds more quickly, enabling it to compete in the high-stakes AI spending race against rivals.
The sheer scale of this offering is unprecedented on Wall Street, drawing intense interest from bankers vying for participation. Currently, five major banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—have been confirmed as lead underwriters, though their specific roles remain unclear. To secure investor acceptance of SpaceX’s massive valuation, Musk’s high-profile popularity and track record will serve as a crucial endorsement—a factor that may act as the most compelling advertisement for many investors who have previously profited from Tesla stock.
