TL;DR

Bloomberg reported today that SpaceX plans to file its IPO prospectus with the SEC as early as this week. The company is targeting a $1.75 trillion valuation and could raise over $75 billion — smashing Saudi Aramco’s $29.4 billion record from 2019. This comes less than two months after SpaceX absorbed Elon Musk’s AI company xAI in the largest merger in history. If the June 2026 listing holds, retail investors will finally get a shot at buying into Starlink’s cash machine.

What Happened

Bloomberg’s report, published this morning and citing a person with direct knowledge of the plans, confirmed that SpaceX will lodge a confidential IPO filing with the Securities and Exchange Commission. Confidential filings let companies sort out regulatory requirements before making financials public. After that disclosure, there’s a mandatory 15-day waiting period before the roadshow can begin.

The target listing date: mid-June 2026.

Morgan Stanley and Goldman Sachs are handling institutional placement. Bank of America and Citigroup are running the retail channels. The retail allocation could exceed 20% of the total share pool — an unusually large slice for an IPO of this size.

Why $1.75 Trillion?

That number sounds absurd until you look at what SpaceX actually is now.

Starlink generated roughly $10.4 billion in revenue in 2025 — about 70% of SpaceX’s total $15-16 billion top line. The company posted $8 billion in profit. By 2026, total revenue is tracking toward $22-24 billion, with EBITDA projected to hit $11 billion.

The subscriber numbers tell the growth story: 10,000 beta users in 2021, 1 million in 2022, 4.6 million in 2024, and over 9 million as of early 2026. SpaceX operates nearly 9,500 active satellites in low Earth orbit — roughly two-thirds of all active LEO satellites.

Starlink isn’t just home internet anymore. Maritime customers pay around $34,000 per year in average revenue per user. Aviation contracts run about $300,000 ARPU. Maritime vessel installs are projected to hit 130,000 by 2026, and aviation revenue is expected to climb nearly 10x this year thanks to deals with major airlines.

Free cash flow was about $2 billion in 2025. Analysts project $5 billion by the end of 2026 as margins push toward 25%.

Launch Services Still Matter

The launch business contributed around $4.4 billion in 2025. SpaceX holds a $5.9 billion Pentagon contract for 28 national security missions through 2029. Most people miss this detail: SpaceX launches its own Starlink satellites for as much as 80% of its missions, according to Reuters. The launch business and the satellite business feed each other. Every Falcon 9 flight that deploys Starlink satellites is both a cost center and a revenue driver — the company is its own biggest customer.

The xAI Factor

In February 2026, SpaceX acquired xAI in an all-stock deal. SpaceX was valued at $1 trillion, xAI at $250 billion, creating a combined $1.25 trillion entity. Musk framed the deal as necessary for building “orbital data centers” — the idea that terrestrial power grids can’t keep up with AI compute demand.

That pitch sounds compelling on a slide deck. (Musk is also building a $25 billion chip fab called Terafab to supply these orbital data centers with custom silicon.) The reality is messier. xAI is burning approximately $1 billion per month, according to Bloomberg. Nine of the eleven original xAI co-founders have left since the merger. The combined company now houses Starlink broadband, Grok AI, SpaceX rockets, and the social platform X — a conglomerate that’s hard for analysts to model cleanly.

The Governance Problem

Every prospective investor needs to understand this section before putting money in.

Musk holds about 42-43% of SpaceX equity but controls roughly 78-79% of voting power through dual-class shares. He doesn’t need majority ownership to make every decision unilaterally. The IPO structure will almost certainly preserve this arrangement — multiple share classes with super-voting rights, similar to what he has at Tesla.

SpaceX plans to float just 3-4% of its equity. That’s the thinnest large-cap float in modern history. PitchBook expects this thin float to amplify volatility: where Tesla sees 10-15% swings on governance and political catalysts, SpaceX could see 20-30% moves on equivalent news.

Musk’s attention is spread across Tesla, SpaceX, xAI, Neuralink, The Boring Company, and his ongoing government role. The S-1 will need to address succession planning. Gwynne Shotwell, President and COO since the early days (she was SpaceX’s 11th employee in 2002), runs daily operations. CFO Bret Johnsen, who’s been in the role since 2011, is leading IPO prep.

How Retail Investors Can Get In

Right now, you can’t buy SpaceX shares through a normal brokerage. Pre-IPO access requires special purpose vehicles that charge upfront fees, annual maintenance, and 10% carry on profits.

Indirect exposure is possible through funds like Destiny Tech100 (DXYZ), ARK Venture Fund (ARKVX), or Baron Partners Fund (BPTRX). Alphabet (GOOGL) is also a SpaceX investor.

Once the IPO prices, that 20%+ retail allocation through BofA and Citi channels will be the first clean entry point for individual investors. Space-adjacent stocks are already reacting: Rocket Lab, Planet Labs, and AST SpaceMobile were up 3-4% in premarket trading today.

What This Means for the Tech IPO Market

SpaceX isn’t filing in a vacuum. OpenAI is reportedly targeting a $750-830 billion valuation for its own eventual listing — and it just killed Sora to clean up its balance sheet ahead of that IPO. Anthropic may pursue around $10 billion in funding at a $350 billion valuation. Both companies are watching SpaceX’s reception closely.

If SpaceX prices successfully at $1.75 trillion, it validates the idea that AI-infrastructure hybrid companies can command valuations previously reserved for Big Tech. If it stumbles — maybe investors balk at the xAI burn rate, the governance structure, or a 60x revenue multiple — it could cool the entire AI IPO pipeline.

The broader market context matters too. The S&P 500 has been choppy all week. Space stocks rising on the news suggests appetite is there, but pricing a $75 billion raise requires sustained institutional confidence.

There’s also the conglomerate discount question. SpaceX is now a rocket company, an ISP, an AI lab, and a social media platform. Historically, markets punish conglomerates because they’re hard to value and harder to manage. Musk is betting that the overlap between space infrastructure and AI compute is real enough to override that pattern. Investors will have to decide whether they agree.

Key Dates to Watch

  • This week (late March 2026): Confidential SEC filing expected
  • Mid-April 2026: Earliest possible public disclosure of financials (15-day minimum after filing)
  • Late April / May 2026: Marketing roadshow with institutional investors
  • Mid-June 2026: Target listing date
  • Post-listing: Watch for the lock-up expiration date, when insiders and early employees can sell shares — typically 90-180 days after IPO

FAQ

When will SpaceX stock be available to buy?

SpaceX is expected to list publicly around mid-June 2026. After the confidential SEC filing (expected this week), there’s a mandatory 15-day waiting period before the marketing roadshow. Retail investors should watch for allocation details through Bank of America and Citigroup.

What is SpaceX’s revenue?

SpaceX generated approximately $15-16 billion in revenue in 2025, with $8 billion in profit. The company is tracking toward $22-24 billion in 2026 revenue. Starlink accounts for about 70% of total revenue.

Is the SpaceX IPO a good investment?

That depends on your risk tolerance. The bull case: Starlink’s subscriber growth is explosive, margins are improving, and the launch business has deep government contracts. The bear case: a 60x revenue multiple is steep, xAI is burning $1 billion per month, and Musk’s dual-class voting structure gives retail shareholders minimal governance influence.

How does the xAI merger affect SpaceX?

The February 2026 merger added AI capabilities and the Grok platform to SpaceX, but also introduced $1 billion per month in burn and significant leadership turnover. The deal was structured as an all-stock acquisition with xAI becoming a wholly owned subsidiary.

What’s the minimum investment for SpaceX IPO shares?

Final pricing hasn’t been announced. At a $1.75 trillion valuation with 3-4% float, share prices will depend on the number of shares offered. Retail investors will be able to purchase through standard brokerage accounts once shares are listed on a public exchange.

Bottom Line

This filing reshapes the tech IPO market. SpaceX will probably become the most valuable company to ever go public, and it’s doing it as a weird hybrid of ISP, rocket manufacturer, AI lab, and social media platform. The Starlink numbers are genuinely impressive — $10 billion in revenue, 9 million subscribers, and margins heading toward 25%. That business alone could justify a massive valuation.

The xAI merger muddies things. So does Musk’s 79% voting control on 43% equity. So does a 3-4% float that will make the stock move like a meme coin on any given Tuesday.

If you’re considering buying at IPO, you’re betting on Starlink’s growth trajectory and Musk’s ability to keep all these plates spinning. Given that SpaceX has a track record of delivering on ambitious timelines (eventually), that bet isn’t crazy. But go in with your eyes open about what you’re actually buying: a conglomerate run by one person who cannot be outvoted, removed, or redirected by any combination of other shareholders.