SpaceX has filed paperwork for what would be the largest IPO in history, targeting a June 2026 listing that could raise up to $75 billion at a $1.75 trillion valuation. The Elon Musk-led group is pitching itself not as a launch company but as an AI-first platform — a re-positioning that follows February’s $250 billion all-stock acquisition of xAI.
Starlink Pays the Bills, xAI Burns the Cash
The financials inside the S-1 are stark. Starlink alone pulled in $11.4 billion of the group’s $18.7 billion in 2025 revenue, throwing off $4.4 billion in operating profit. The xAI unit, by contrast, lost $6.4 billion at the operating line — four times its 2024 loss — wiping out Starlink’s profit and dragging the whole group $4.9 billion underwater for the year.
Retail Gets an Unusual Slice
The offering carves out an unusual 30% retail allocation, roughly $22 billion of the deal — about three times the typical retail share for an IPO of this size. Musk himself emerges with around 42% of the equity but roughly 79% of the votes via super-voting shares.
- Target raise: $40B–$75B
- Valuation: ~$1.75 trillion
- Listing window: June 2026
- Retail allocation: ~30%
The pitch hinges on ‘Orbital AI Data Centers’ — Grok-powered compute riding on Starlink — with SpaceX having filed FCC paperwork for up to one million such satellites.
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