SpaceX formally filed its public prospectus with the United States Securities and Exchange Commission (SEC) on May 20, 2026, setting the stage for what is expected to become the largest initial public offering (IPO) in financial history, with a target valuation of up to $2 trillion and a fundraising goal of as much as $75 billion.
The Elon Musk-led company is targeting a Nasdaq listing and will go public as one of the most valuable companies ever to enter the public markets. The offering would surpass Saudi Aramco’s 2020 listing, which previously held the record for the largest IPO ever executed.
SpaceX is targeting a debut around June 12, 2026, under the ticker SPCX, with a valuation range reported between $1.75 trillion and $2 trillion. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan are leading the deal.
The S-1 filing reveals SpaceX has evolved well beyond its origins as a rocket company, now operating as a technology conglomerate spanning satellites, artificial intelligence infrastructure, and interplanetary ambitions. The Starlink satellite internet business anchors the valuation, having crossed 10 million subscribers by February 2026 and generating more than $10 billion in annual revenue.
SpaceX spent $3 billion on Starship research and development in 2025 and a further $930 million in the first quarter of 2026 alone, underscoring the capital intensity of its long-term expansion programme. The company expects Starship to begin delivering payloads to orbit in the second half of this year.
The filing also disclosed SpaceX’s ambitions to launch orbital artificial intelligence data centres into space, positioning the company at the intersection of aerospace and the global AI infrastructure buildout. Thirty percent of shares are being allocated to retail investors, an unprecedented structure for an offering of this scale.
OpenAI is preparing to file its own IPO prospectus confidentially within days, targeting a public listing as early as September 2026. If both listings proceed near reported ranges, the combined new equity supply entering markets could approach $135 billion, a volume with little modern precedent.
