What Is SpaceX IPO and Why Is Everyone Talking About It?
By: WEEX|2026/06/05 08:30:00
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TL;DR
- SpaceX has filed to go public in what could become one of the largest IPOs in history.
- The company is reportedly targeting a valuation of up to $1.77 trillion and a $75 billion raise.
- Starlink has become SpaceX's primary revenue engine, generating billions in annual revenue.
- Elon Musk is expected to retain significant control through a dual-class share structure.
- Beyond aerospace, SpaceX is increasingly positioning itself around AI infrastructure and software.
- The company's long-term vision includes Starship, Mars colonization, and global satellite connectivity.
- Crypto markets have already launched pre-IPO trading products tied to SpaceX-related exposure.
- The key question for investors is whether SpaceX can grow into its valuation over the next decade.
On June 3, 2026, SpaceX filed paperwork with the Securities and Exchange Commission to go public. On the surface, it looks like a standard IPO announcement: share price, share count, expected proceeds. But look closer, and almost nothing about this deal fits the conventional playbook.
The company plans to raise $75 billion — nearly three times the previous record set by Saudi Aramco in 2019. It targets a valuation of $1.77 trillion, placing it above every company on earth except Apple, Microsoft, Nvidia, Alphabet, Amazon, and Meta. And buried in its formal SEC filing, in the section where most companies discuss risk factors and governance structures, SpaceX explains why it exists: to build a permanent human colony on Mars with at least one million inhabitants, because without a multi-planetary civilization, humanity faces "the same fate as the dinosaurs."
That's not a marketing pitch. That's a legal document.
SpaceX IPO Valuation: Why Are Investors Paying Attention?
To understand the scale of what SpaceX is attempting, you need a few reference points.
Alibaba's 2014 IPO — long considered the gold standard of tech public offerings — raised $25 billion. Arm's 2023 Nasdaq debut raised $4.9 billion. Saudi Aramco, the only company to ever exceed SpaceX's target, raised $26 billion. SpaceX's $75 billion raise is three times larger than Alibaba and Saudi Aramco combined.
In under two years, SpaceX's valuation has grown from roughly $210 billion (its last primary market round in 2024) to $1.77 trillion — an 8.4x increase. No company of this size has ever compressed that kind of appreciation into that short a window.
And yet, SpaceX reported a $2.6 billion operating loss last year.
That tension — between extraordinary valuation and very real losses — is the central fact that any honest discussion of this IPO has to confront. SpaceX is not being valued on what it earns today. It's being valued on what it could control tomorrow: the economics of orbital launch, satellite internet, lunar logistics, and eventually, the infrastructure of an entirely new planet.
How Starlink Became SpaceX's Growth Engine
Before Mars, there's the business that's already running — and it's more important than most people realize.
Starlink, SpaceX's satellite internet division, has grown into an $11 billion annual revenue machine. It now serves millions of subscribers across remote regions, maritime routes, aviation, and military contracts. During the Russia-Ukraine conflict, Starlink's role in maintaining battlefield communications drew global attention and demonstrated that low-earth-orbit broadband isn't just a consumer product — it's strategic infrastructure.
SpaceX now controls the majority of active satellites in orbit. When the company talks about owning "the last mile" of global connectivity, it's not a metaphor. They literally have more hardware in the sky than any nation or organization on earth.
Starlink is the cash engine that funds everything else. Without it, the Mars plan is science fiction. With it, it starts to look like a business model.
How Much Control Will Elon Musk Keep After the IPO?
Here's what doesn't make headlines but probably should.
As part of the IPO structure, Musk's voting power is derived primarily from 5.22 billion Class B shares, each carrying ten votes. This dual-class structure — now common in tech IPOs but rarely at this scale — means that even after selling hundreds of millions of shares to the public, Musk retains near-total control over every material decision the company makes.
Retail investors will own a piece of the upside. They will have essentially no influence over direction, strategy, or leadership.
This matters for a reason beyond shareholder rights. SpaceX's entire thesis — Mars, reusability, vertical integration, moving at a pace that embarrasses NASA — depends on one person's vision and willingness to absorb losses that would end most companies. The dual-class structure is a bet that this model continues working. History suggests it can. It also suggests it doesn't always.
Why SpaceX Is Expanding Beyond Rockets and Into AI
Somewhere between the rocket launches and the Mars manifesto, SpaceX is quietly becoming an AI company.
The company has an existing computing partnership with Anthropic, one of the leading AI labs in the world. More significantly, Musk has secured a deal giving SpaceX the right to acquire AI coding tool Cursor for $60 billion later this year. Cursor is currently one of the most widely adopted AI development tools in enterprise software, competing directly in the space occupied by products built on top of OpenAI and Anthropic's models.
The strategic logic is clear: SpaceX needs software engineers. Lots of them. Autonomous systems for rockets, satellites, and eventually planetary habitats require an extraordinary amount of code. Owning the tool that writes the code — and the data generated by millions of developers using it — is not a side hustle. It's infrastructure.
It also means SpaceX is positioning itself to compete for enterprise AI customers currently served by Anthropic's Claude and OpenAI's ChatGPT. A rocket company is building an AI moat.
SpaceX's Long-Term Vision: From Starship to Mars
This is the part that separates SpaceX from every other company that has ever filed for a public offering.
The IPO prospectus doesn't just mention Mars as an aspiration. It lays out a specific sequence: Starship carries cargo (including Tesla's humanoid robot Optimus) to Mars by the end of 2026. If those missions succeed, human landings could begin as early as 2029, with 2031 being the more likely target. The long-term goal — a self-sustaining city of one million people — is framed not as an ambition but as a survival necessity.
"Developmental testing by definition is unpredictable," SpaceX has noted in its communications around Starship. "But by putting hardware in a flight environment as frequently as possible, we're able to quickly learn and execute design changes."
That philosophy — iterate fast, accept failure, compress timelines — is why SpaceX has completed over 50 Starlink missions in 2026 alone, and why last year saw 109 orbital launches from Florida's Space Coast, 101 of which were SpaceX. No space agency in history has launched at this cadence.
How Crypto Traders Are Already Trading the SpaceX Story
Traditional investors have to wait for June 12 — the expected Nasdaq debut. The crypto market didn't wait.
Within hours of SpaceX's IPO filing, exchanges began listing pre-IPO perpetual futures tied to the SPCX price. Coinbase launched SPCX-PERP on its international exchange, settling in USDC with no expiry date. Binance, OKX, and Crypto.com followed. On May 18, before the IPO price was even set, one platform opened its SPCX contract at a $150 reference price — it spiked to $216 and recorded $33 million in 24-hour volume on day one.
This is what crypto does that traditional markets can't: it creates a continuous, 24/7 price discovery mechanism for assets that don't yet have a public market. Whether or not you find that useful, it tells you something about where demand is coming from.
WEEX is among the exchanges that have moved quickly here. The platform has listed the SPCX/USDT perpetual contract, giving users direct exposure to SpaceX's IPO pricing action without needing a U.S. brokerage account. The platform is also expected to launch SpaceX-related trading campaigns in the coming days. If you're tracking this story from a trading angle, it's worth watching: weex.com/futures/SPCX-USDT
Note: Pre-IPO perpetual contracts are highly speculative. Contract prices can diverge significantly from final IPO pricing or post-listing equity performance. This is not investment advice.
Is SpaceX IPO Worth the Valuation?
SpaceX deserves the serious attention it's getting. The company has genuinely changed the economics of spaceflight — launch costs have fallen by roughly 90% since it entered the market, and the reusable booster is now a routine engineering achievement rather than a historic one. Starlink has built real revenue. Starship, for all its setbacks, remains the most capable launch vehicle ever developed.
But the valuation demands scrutiny.
At $1.77 trillion, SpaceX is priced not for what it is but for what it must become. It must successfully commercialize lunar logistics (under NASA's Artemis program). It must prove Starship's economics at scale. It must land humans on Mars. It must compete in AI. And it must do all of this under the leadership of a single person who simultaneously runs Tesla, xAI, and owns a social media platform — and whose public actions have repeatedly created political and reputational risk for every company he leads.
That's a lot of "musts."
None of this means the IPO won't succeed. At this size, institutional demand is almost guaranteed. The question isn't whether SpaceX will list. It's whether the price holds — and whether the story, five years from now, looks like Amazon in 2001 or WeWork in 2019.
The answer probably depends on whether a rocket actually lands on Mars.
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