SpaceX targets $75 billion IPO in largest market debut ever

SpaceX is preparing for what could be the largest stock market debut in history, with the Elon Musk-founded company expected to unveil its IPO prospectus as soon as this week ahead of a potential $75 billion listing that would value the company at $1.75 trillion. The timing coincides with SpaceX targeting a 12th test flight of its Starship rocket from its Starbase facility in Texas, a launch that analysts describe as the most important pre-IPO catalyst remaining on the company's calendar. The Starship V3 mission features redesigned systems for future Moon and Mars missions, including 33 newly engineered Raptor engines and improved capabilities for orbital docking and refueling. Meanwhile, Elon Musk suffered a legal defeat Monday when a federal jury dismissed his lawsuit against OpenAI and CEO Sam Altman, ruling that his claims fell outside the three-year statute of limitations. Musk alleged that OpenAI abandoned its nonprofit mission for profit motives, but the court rejected the case on procedural grounds. The ruling comes as both Musk's SpaceX and Altman's OpenAI prepare for their own market debuts, with SpaceX valued at $1.25 trillion after merging with AI startup xAI and OpenAI valued at over $850 billion, creating an unprecedented convergence of mega-IPOs from two of the world's most prominent tech billionaires. Market observers warn that the convergence of SpaceX, OpenAI, and other AI companies like Anthropic preparing IPOs could create significant capital strain, with investors potentially allocating substantial orders to the SpaceX offering. Samuel Kerr, global head of equity capital markets at Mergermarket, said the SpaceX listing could "suck all the oxygen out the room" for other new listings, potentially creating a negative environment for the global IPO market. Public pension fund leaders managing over $1 trillion in assets have also raised concerns about SpaceX's governance structure and Musk's divided attention across multiple companies, including Tesla and xAI.