According to IPO documents filed with US SEC, SpaceX plans to launch share subscription on June 11 and get listed on Nasdaq under ticker SPCX on June 12. Priced at $135 per share with 555.6 million newly issued shares, the firm raises $75 billion and reaches an implied valuation near $1.77 trillion, surpassing Saudi Aramco’s $29.9 billion financing to become the world’s largest IPO ever. Based on the offering price, Elon Musk’s net worth hits $988 billion; merely a 2.2% stock rise will make him the world’s first trillionaire.

Different from traditional US IPO pricing via roadshow price range inquiry, SpaceX sets a fixed IPO price of $135 directly, an unusual practice in American capital market. Top global investment banks including Goldman Sachs, Morgan Stanley, BofA, Citi and JPMorgan serve as joint lead underwriters alongside another 18 financial institutions. Backed by heated investor enthusiasm over AI infrastructure, SpaceX is expected to be included into Nasdaq 100 within only 15 trading days after listing, setting an unprecedented record.

SpaceX’s financial report shows revenue growth paired with widening net loss. Its 2025 revenue reached $18.7 billion versus $14 billion in 2024, yet net profit reversed from $791 million profit to $4.94 billion net loss. IPO proceeds will fund rocket development, satellite construction and xAI’s AI expansion, while part of the capital plus bridge loans will pay off $20 billion outstanding high-interest debts linked to Musk’s social media and AI subsidiaries. Besides, a $1.25-billion-monthly AI computing deal with Anthropic brings steady recurring cash flow to ease capital strain on AI business.

Massive disputes exist over corporate governance and valuation. Thanks to dual-class share structure, Musk holds 93.6% of Class B shares with 10 voting rights apiece, controlling 84.4% total voting power to dominate board decisions, drawing criticism over inadequate minority shareholder protection. Morningstar values SpaceX at only $780 billion via DCF model, less than half its IPO valuation, citing ambiguous competitive moat and uncertain profitability of xAI. Still limited floating shares, full-scale underwriter support and booming AI demand can prop up short-term stock performance.

SpaceX’s landmark IPO will pave the way for OpenAI and Anthropic’s multi-billion-dollar listings scheduled within 2026, accelerating the global AI company IPO wave.