SpaceX has filed for what would be the largest initial public offering in history, targeting a raise of up to $75 billion at a $1.75 trillion valuation. The stock will trade on the Nasdaq under the ticker SPCX, with a fixed price of $135 per share for 555.6 million shares, a roadshow starting June 4, pricing on June 11 and a market debut on June 12. The deal would eclipse Saudi Aramco's $29 billion record set in 2019.
Proceeds are earmarked for AI computing infrastructure and Starlink expansion, including an audacious push into space-based AI data centers. SpaceX claims orbital compute is a challenge "only we can solve at scale," though experts warn launch costs, heat management and radiation make it far from proven. A reported deal has Anthropic paying $1.25 billion per month for SpaceX-linked data center capacity through May 2029.
The financials are mixed: 2025 revenue reached $18.67 billion, but the company posted a $4.9 billion net loss, with Starlink the only profitable division. A 30% retail allocation and a dual-class structure preserving founder control mark an unconventional playbook for the milestone listing.