SpaceX has confidentially filed for an IPO that could value the company at up to $1.75 trillion and raise as much as $75 billion, putting Elon Musk on a path to becoming the world’s first trillionaire.
That would not just set an IPO record. It would reset the ceiling for personal wealth and mark a defining moment for public markets.
The company submitted a draft registration to the Securities and Exchange Commission (SEC) ahead of a potential June listing. Final pricing and share structure will be set closer to launch, with the company expected to release more detailed financials shortly before its roadshow.
"With the company reportedly looking to raise up to $75 billion, it would be more than three times the size of the biggest U.S. IPO to date. China’s Alibaba raised $22 billion in 2014, putting it ahead of Visa, which raised close to $18 billion in 2008."
Saudi Aramco’s 2019 debut raised $25.6 billion, the current global record for an IPO. SpaceX is targeting a raise that would surpass that by a wide margin.
SpaceX was most recently valued at roughly $1.25 trillion, and reports indicate that number could climb significantly as the IPO approaches, with projections placing it closer to $1.75 trillion, depending on market conditions. That valuation range puts Musk’s ownership stake front and center.
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Musk reportedly owns about 40 percent of SpaceX before dilution, one of the largest founder stakes tied to a company of this scale. At valuations approaching $1.6 trillion, his holdings would push his personal net worth past $1 trillion, according to current estimates.
Starlink has become the company’s primary profit driver, generating the majority of SpaceX’s earnings while expanding its global satellite network. The service continues to grow, with thousands of satellites already in orbit and additional launches planned.
"The injection of funding could help SpaceX further scale its space operations, build more data centers — which Musk wants to put into space — and expand Starlink technology to new satellite constellations."
SpaceX is considering a dual-class share system that would give Musk greater voting power after the listing. The structure allows the company to raise capital while retaining control.
“It’s not like five other companies like this will go public in the next five years. Anyone who wants more exposure to Elon Musk — this is their opportunity to get in.”
Market volatility tied to global conflicts could affect pricing and timing.
SpaceX has secured more than $24 billion in federal contracts and holds a dominant position in commercial launches and satellite internet. The company has also significantly increased its launch cadence while continuing to develop next-generation systems and launch capabilities.
At roughly a $1.6 trillion valuation, Musk’s stake alone would cross the $1 trillion mark based on current ownership estimates. If the pricing holds, he becomes the first trillionaire, and the gap to everyone else remains massive.
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