SpaceX targets $75bn IPO, making Musk first billionaire

SpaceX, the aerospace and artificial intelligence conglomerate founded by Elon Musk, is set to make history on June 12, 2026, with the largest initial public offering ever recorded on global markets. The company will debut on the Nasdaq stock exchange under the ticker SPCX, selling 555.6 million new shares at $135 each to raise approximately $75 billion, with the potential to reach $86 billion if banks exercise their greenshoe option. This would value SpaceX at roughly $1.75 trillion to $1.78 trillion, catapulting it into the top 10 most valuable companies in the world and making Musk the first billionaire in history. The offering more than doubles the previous record set by Saudi Aramco in 2019, which raised $29.4 billion, and comes amid a broader wave of tech IPOs including Anthropic and OpenAI that together could bring $200 billion into markets this year. The company generated $18.7 billion in revenue during 2025, a 33% increase from the previous year, though it posted net losses of $4.9 billion. SpaceX operates three core business segments: Starlink, its satellite communications network that generates 61% of revenues and is its only profitable division; space launch services contributing 22% of revenue; and its artificial intelligence operations through xAI, which lost $6.4 billion but represents the company's future growth strategy. Goldman Sachs, serving as the lead underwriter, projects SpaceX's AI revenues could reach $322 billion by 2030, accounting for 68% of total business. The company has already secured significant AI contracts, including $15 billion annually with Anthropic and $11 billion with Google through 2029. SpaceX will be included in the Nasdaq 100 just 15 days after its debut, despite not meeting the index's traditional requirements for profitability and minimum free float. The company has reserved approximately 25-30% of the offering for retail investors, well above the typical 10%, given the expected demand. In Spain, Banco Santander holds a monopoly on distribution through its private banking arm, though other entities are exploring ways to provide access to interested clients. The German financial regulator BaFin approved the prospectus, enabling distribution across the European Union. Market observers have raised concerns about the valuation metrics, with SpaceX trading at over 90 times sales, and warnings that the combination of passive fund buying requirements and limited free float could amplify volatility once initial excitement fades.