SpaceX has laid out the details of what is set to be the largest public listing in history. The company is targeting a $1.75 trillion valuation and seeking to raise $75 billion, with a prospectus expected in late May and a roadshow launching the week of June 8 across 21 banks. Morgan Stanley, Bank of America, Citigroup, JP Morgan, and Goldman Sachs are leading as active bookrunners.
The valuation represents a significant re-rating, up from the $1.25 trillion combined figure when SpaceX merged with xAI in February, and more than double the $800 billion tender offer valuation from December 2025.
What is actually being listed
The entity going public is not just a launch company. It encompasses space infrastructure, Starlink broadband, xAI, and X, a conglomerate built around Musk's interlocking technology bets. Starlink alone crossed 10 million subscribers in 2025 and generated $10 billion in revenue. Total SpaceX revenue is projected at $20 billion in 2026, with $14 billion in EBITDA.
At $1.75 trillion, SpaceX would debut as one of the most valuable public companies on earth, sitting alongside Apple, Nvidia, and Microsoft at the top of the global market cap table.
The retail angle is deliberate
SpaceX is allocating roughly 30% of shares to retail investors, against the industry standard of 5–10%. CFO Bret Johnsen framed it as recognition of Musk's retail following, calling it "a critical part of this and a bigger part than any IPO in history." A dedicated investor event for 1,500 retail participants is planned for June 11, with access extended across the UK, EU, Australia, Canada, Japan, and Korea.
This is not just optics. A large, distributed retail base creates a loyal long-term shareholder structure and reduces the leverage that institutional investors typically hold over pricing in the book-building process.
Why the timing is intentional
Both OpenAI and Anthropic are targeting late 2026 listings. SpaceX is moving first, and the sequencing appears calculated. Institutional investors operate with finite allocation budgets for new issues, and Musk is positioning SpaceX to absorb a significant share of that capital before the broader AI IPO wave arrives. At $75 billion, this raise is large enough to be a market liquidity event in its own right, not just a company listing. What it does to risk appetite and available capital for everything that follows will be worth watching closely.
