SpaceX Filing Sets Up Record Stock Offering at Up to a $2 Trillion Value

SpaceX has asked to sell shares to the public in what Wall Street expects to be the largest initial public offering ever, with the company aiming for a valuation of roughly $2 trillion, according to NBC News and Al Jazeera. The company filed its prospectus with the Securities and Exchange Commission on May 20, and the shares would trade on the Nasdaq under the ticker SPCX, both outlets reported.

Al Jazeera reported that media reports put the amount to be raised at upwards of $80 billion, at a valuation between $1.75 trillion and $2 trillion; the filing itself does not specify the raise, NBC News noted. Al Jazeera said the raise could be more than three times the $25.6 billion Saudi Aramco raised in 2019, the largest offering to date. Reports point to a share sale as early as June 11, Al Jazeera said, though the company has not confirmed a date. Twenty-three banks are underwriting the deal, led by Goldman Sachs and Morgan Stanley, NBC News reported, and SpaceX expects ordinary investors to be able to buy in through brokers including Schwab, Fidelity and Robinhood.

The numbers in the filing show a fast-growing but unprofitable business. Revenue was $18.6 billion in 2025, up 33 percent from 2024, and the Starlink satellite internet service had 10.3 million subscribers, up from 5 million a year earlier, NBC News reported. SpaceX lost $4.9 billion last year and $4.3 billion in the first quarter of 2026 on $4.7 billion in revenue, according to Al Jazeera. Analysts link part of the losses to the acquisition of Elon Musk’s artificial intelligence company xAI, the developer of the Grok chatbot, Al Jazeera reported. Al Jazeera reported that the filing targets a potential total market of $28.5 trillion across its businesses.

Control is a central feature. A dual-share structure in which some shares carry 10 votes would leave Mr. Musk with about 85 percent of voting rights after the offering, Al Jazeera reported, compared with about 61 percent for Mark Zuckerberg at Meta. Mr. Musk would serve as chief executive, chairman and chief technology officer, NBC News said. His compensation is tied to goals including a permanent Mars colony and space-based data centers, Al Jazeera reported.

The prospectus lists risks, including that “acquisitions, divestitures, or other strategic transactions we pursue may not achieve the anticipated benefits,” according to Al Jazeera. NBC News reported that it also cites numerous investigations and inquiries into Grok over nonconsensual sexualized deepfakes, which could bring liability or sanctions.

Gary Ng, an analyst at Natixis, called the deal a landmark for the emerging space economy and said the key question is whether the technology breakthrough can be sustained and the products and services commercialized, Al Jazeera reported. NBC News said Mr. Musk’s net worth was $667 billion as of Tuesday, per Bloomberg, and that the offering could make him the world’s first trillionaire. SpaceX has partnered with NASA since 2006 to deliver cargo and crew to the International Space Station, Al Jazeera noted.