When SpaceX begins trading this month, it will mark the largest stock market debut in history. The company plans to raise up to $75 billion by selling 555.6 million shares at $135 each, a figure that easily surpasses the $26 billion oil giant Saudi Aramco raised in 2019. At that offering price, SpaceX would be valued at $1.77 trillion — more than all but six S&P 500 companies.
But the numbers only tell part of the story. Buried in the amended prospectus is a vision that reads more like science fiction than typical Wall Street filings. SpaceX says it will use proceeds from the sale to put men back on the moon and eventually establish "a permanent human colony" on Mars home to "at least one million inhabitants." The filing warns of existential threats that could consign humanity to "the same fate as the dinosaurs" — and positions interplanetary expansion as the answer.
The IPO will also reshape the ownership structure of one of the world's most influential companies. Elon Musk, who serves as SpaceX's CEO, chief technical officer, and chairman, will control 82.4% of the company's voting power through 5.22 billion Class B shares, each carrying ten votes. Forbes currently values Musk at $826 billion, with his SpaceX stake accounting for $542 billion of that. If SpaceX reaches its $1.77 trillion valuation, that stake could grow by $223 billion — potentially making Musk the world's first trillionaire.
Yet the prospectus also reveals a company in transition. Last year, SpaceX generated $18.7 billion in revenue while losing $2.6 billion from operations, figures that underscore the gap between investor expectations and current profitability. The filing also signals an ambitious pivot toward artificial intelligence. SpaceX projects potential AI revenue of up to $26.5 trillion, a figure tied to Musk's goal of placing data centers in space — a technology that does not yet exist. The company has also secured rights to acquire AI coding tool Cursor for $60 billion and deepened its computing partnership with Anthropic.
Whether markets will embrace this blend of aerospace ambition and AI aspiration remains to be seen. But for SpaceX, the IPO represents more than capital — it's validation of a bet that humanity's future lies beyond Earth.