One of the most highly anticipated stock debuts could happen in the coming weeks or months (estimates suggest a June IPO). Reports indicate SpaceX is filing its initial public offering (IPO) prospectus as early as this week, and it is projected to raise more than $75 billion. It's likely to be the largest IPO in history. If you're interested in what a publicly traded SpaceX will look like for retail investors, here are some things you need to know.
The SpaceX valuation is out of this world
SpaceX could IPO with a valuation of around $1.5 trillion. Some reports indicate that the number could reach as much as $1.75 trillion. That would easily make it the largest offering ever. It's estimated SpaceX generated $16 billion in revenue in 2025, suggesting the valuation could be more than 100 times revenue.
Another consideration for potential investors is that CEO Elon Musk may pursue avenues to retain voting control and limit public shareholders' ability to influence the company and its initiatives. While these are still just rumors, investors should keep this in mind if dual stock classes are issued. Dual stock classes mean some shares hold (much) more voting power than others.
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The company doesn't just build rockets
SpaceX is the parent company of Musk's artificial intelligence (AI) subsidiary, xAI. Altogether, SpaceX owns Starlink, Grok AI and its products, the social media platform X, and the SpaceX rockets. One major criticism of Musk is that he runs a wide range of businesses, including Tesla. Concerns that he is spread too thin continue to follow the serial entrepreneur.
If Musk's time management is up for debate, SpaceX's operational efficiency in launching rockets is not. In 2025, SpaceX launched more than 3,000 satellites. The company achieved a quarterly record for low-Earth-orbit launches, up 70% year over year.
Another compelling reason for going public is Musk's high-risk plan to use the funds to develop space-based data centers. The ultimate goal is to launch 100 terawatts of AI computing capacity per year. In theory, these space data centers will take a lot of pressure off Earth-based grids, but they remain hypothetical and full of uncertainties.
All eyes are on the public launch of SpaceX
This is one of those rare IPOs that will have everyone transfixed. Already, the excitement around the IPO is impacting investor interest in rivals such as Rocket Lab and AST SpaceMobile. It is estimated that SpaceX could allocate up to 30% of the shares to retail investors. This is far greater than the 5% to 10% typically offered to the public.
SpaceX's business is legitimate and already generating substantial revenue, but a valuation exceeding $1 trillion doesn't make much sense at this point. Pure enthusiasm and hype are driving this valuation. The valuation is really only justifiable if Starlink continues to grow rapidly and if the space-based data centers move from the theoretical to the practical. This is years away, though. Even the most risk-tolerant investors should adopt a long-term approach with SpaceX's stock.
