SpaceX is planning to go public with a $1.75 trillion valuation, according to details revealed in a flotation prospectus. The company will seek $75 billion in the offering, with shares priced at $135 each. The IPO is targeted for next month and will be structured as an all-primary offering, meaning all shares sold will be newly issued rather than from existing shareholders.
The company encompasses multiple business units beyond its core rocket launch operations. SpaceX's divisions include its space segment, which handles rocket launches for NASA and other clients; Starlink, its satellite broadband service; xAI, Musk's artificial intelligence startup; and the social media platform X, formerly Twitter.
Despite its massive valuation, SpaceX is currently unprofitable. The company lost $4.9 billion in 2025 while generating $18.7 billion in revenue. Losses widened in early 2026, with the company posting a $4.3 billion loss in the first quarter compared to a $528 million loss in the same period last year. The AI unit was the primary driver of losses, losing $6.4 billion last year due to expenses like building and operating datacentres for the Grok AI tool. Starlink was the only profitable segment in the first three months of 2026.
Capital expenditure totaled $20.7 billion, with the xAI unit accounting for $12.7 billion of that total. SpaceX has constructed a large datacentre called Colossus to support its AI operations.
The prospectus includes ambitious long-term goals that go beyond typical corporate plans. SpaceX lists potential future markets including space tourism, energy production and manufacturing on the moon and Mars, and asteroid mining. The company acknowledges these markets do not currently exist but expects them to develop over time. More near-term, SpaceX plans to launch space-based datacentres powered by solar energy as early as 2028, an initiative the prospectus calls "orbital compute."
Elon Musk will maintain extraordinary control over SpaceX following the IPO. He will hold approximately 85 percent of voting power through ownership of class B shares, which carry 10 votes each compared to one vote per class A share held by other investors. This structure makes it extremely difficult to remove Musk from leadership.
Musk stands to accumulate additional wealth from the offering. He has been granted one billion class B shares that vest if SpaceX establishes a permanent human colony on Mars with at least one million inhabitants and achieves a market capitalization of $7.5 trillion. He received another grant of 302 million class B shares in March that vest upon completion of space-based datacentres delivering 100 terawatts of computing power annually.