SpaceX, Musk prepares the largest IPO in history: valuation at 1,750 billion

SpaceX, Elon Musk’s giant company, which ranges from artificial intelligence to rockets, has unveiled its plans for the largest IPO in history, a stock market debut that could reshape Wall Street. From the document, according to the WSJ, it transpires that SpaceX is on track to raise $80 billion or more through the sale of shares as early as next month, which according to the Financial Times would raise its market valuation to $1,750 billion. At this level, SpaceX’s IPO would surpass the record initial public offering of Saudi Aramco, which raised $26 billion when it went public in 2019.

The details of the listing on Nasdaq

Goldman Sachs has won the coveted “lead-left” position of SpaceX’s IPO, leading the offering, a blow to its rival Morgan Stanley. SpaceX will be listed on Nasdaq and its shares will trade under the ticker SPCX, a special category of shares that currently gives Musk control of 85% of the voting rights. The listing of SpaceX will therefore consolidate Musk’s control over two of the most valuable American companies, SpaceX and Tesla, an unprecedented position in the modern era.

The group’s accounts: the Starlink boom and the costs of AI

Furthermore, the information disclosed makes it clear that Starlink, SpaceX’s satellite internet service, has quickly become the group’s main driver of profit and growth, having generated $11.4 billion in revenue in 2025 (+50%) and $4.4 billion in operating profit (+120%). By contrast, SpaceX’s AI division posted an operating loss of $6.4 billion last year on revenue of $3.2 billion. Nonetheless, SpaceX has attributed much of its potential to artificial intelligence, saying it is targeting the largest potential market “in the history of mankind,” with a total opportunity of $28.5 trillion.

The risks of conflict of interest and market prospects

The report highlighted that Musk’s control of SpaceX and his leadership in other groups such as Tesla made the rocket company vulnerable to “conflicts of interest” over business opportunities, related-party transactions and the allocation of his time and attention. SpaceX’s filing will also kick off what US bankers hope will be a record-breaking year, with OpenAI expected to file its IPO paperwork as soon as this week and Anthropic planning to list its shares on the stock exchange. The trio is expected to raise tens of billions of dollars at a time of relentless investor interest in stocks of AI-related companies.