The upcoming initial public offering of Space Exploration Technologies Corporation, better known as SpaceX, is shaping up to be the largest IPO in the US history.

The company will trade under the ticker symbol SPCX on Nasdaq, but it is not expected to be included in the Dow Jones stock market immediately, due to strict selection rules that delay entry.

According to the filing, it is offering around 555,555,555 million shares at a fixed price of $135 per share.

The debut is scheduled for June 12 2026.

SpaceX aims to raise up to $75 billion, with that figure potentially rising to $86 billion if underwriters fully exercise their greenshoe option — a provision in an underwriting agreement that allows underwriters to sell up to 15 percent more shares than originally planned — which could value the company at approximately $1.77 trillion.

Here are the important developments surrounding SpaceX’s market debut.

Structure

SpaceX began the regulatory process with a confidential filing to the US Securities and Exchange Commission on April 1 2026, followed by a public S-1 filing, an IPO registration document on May 20.

Unlike most major listings, the company did not set a price range.

After an intensive investor roadshow, final pricing is expected on June 11, with trading set to begin on June 12.

The deal is structured as a fully primary offering, meaning all proceeds will go directly to SpaceX rather than existing shareholders.

Elon Musk will also be subject to a 366-day post-IPO lockup period, according to the S-1 IPO filing.

SpaceX is no longer just a rocket launch operator. It now operates across three major segments after the company announced a merger with xAI.

The first is launch services, led by the Falcon 9 fleet and the Starship programme, which together dominate US orbital launches.

And then comes the Starlink. The satellite internet business now serves more than 12 million subscribers across 160 countries and it generated about $11.39 billion in revenue in 2025, with margins above 60 percent.

The third is artificial intelligence, through xAI, which was merged into SpaceX in February 2026.

The division includes major cloud computing agreements, including a reported $1.25 billion per month deal with Anthropic and a $920 million per month compute arrangement with Google.

Reports suggest Elon Musk is considering a merger between Tesla, his electric vehicle company, and SpaceX.

Financial picture

SpaceX’s revenue rose 33 percent year-on-year in 2025 to over $18 billion.

However, heavy investment in AI infrastructure and roughly $3 billion annually in Starship research and development led to a net loss of $4.94 billion.

Losses widened in early 2026, with an operating loss of $4.27 billion in the first quarter alone.

The company’s total net financial losses now stand at $41.3 billion.

Analysts expect 2026 revenues to range between $22 billion and $24 billion.

Valuation

At $1.77 trillion, SpaceX would trade at nearly 95 times its 2025 revenue and about 73 times projected 2026 sales.

While these figures are high compared to traditional tech companies, they are more in line with other high-growth space industry firms.

Aramco, Saudi Arabia's state-owned oil company, officially holds the record for the largest completed IPO in history, with a valuation of $1.7 trillion at its market debut in 2019 and proceeds of $25.6 billion.

SpaceX's debut is more than double that capital injection by targeting up to $75 billion.

On that basis, SpaceX enters the market at a lower multiple than its closest listed competitor, despite controlling the vast majority of US commercial launch capacity.

Independent valuation experts peg SpaceX’s actual fair value significantly lower.

The rating agency Morningstar appraised the company at $780 billion.

Governance

The company will operate under a controlled structure.

Through a dual-class share system, Elon Musk retains between 82 and 85 percent of voting power while holding around 42 percent of equity.

It allows the company to bypass certain Nasdaq governance requirements, including full independence on its board.

The filing also includes a performance-based grant that could award Musk up to one billion additional shares if major milestones are achieved, including the long-term goal of establishing a million-person settlement on Mars.

Post-IPO outlook

The size of the float is expected to have major implications for global index funds.

While inclusion in the S&P 500 is not immediately possible due to profitability and seasoning rules, the Nasdaq 100 could add SpaceX within as little as 15 trading days if market capitalisation holds.

Such inclusion could trigger as much as $20 billion in automatic passive inflows from index-tracking funds.

Early institutional demand is already reported to be roughly twice the available supply, though still below the extreme oversubscription levels seen in some historic IPO rallies.