SpaceX Targets Record-Breaking $75 Billion IPO, Musk to Retain Control

Elon Musk’s rocket and satellite company SpaceX is seeking to raise roughly $75 billion in what would be the largest initial public offering on record, according to an updated prospectus filed with the U.S. Securities and Exchange Commission on Wednesday. The move comes as the company continues to expand its Starlink satellite network and develop the massive Starship rocket system, both of which are central to Musk’s long‑term vision for interplanetary travel and space‑based infrastructure.

At an offering price of $135 per share, SpaceX would be valued at approximately $1.8 trillion — more than double the valuation implied in recent secondary market trades. Musk is expected to retain effective control after the listing through a dual‑class share structure that grants him more than 80% of the voting power, mirroring the governance model he used at Tesla.

The planned fundraising would easily surpass the previous IPO record set by Saudi Aramco, which raised about $29 billion in 2019. It also underscores investor enthusiasm for Musk’s broader ambitions, which extend well beyond the core rocket business. In recent filings, SpaceX has outlined plans for missions to Mars, a permanent lunar presence, and even artificial‑intelligence data centers in orbit.

Despite the lofty valuation, SpaceX’s current financials tell a more grounded story. The company reported a net loss of roughly $4.9 billion last year on revenue of $18.7 billion, with heavy capital spending on Starship development and Starlink deployment contributing to the red ink. Analysts caution that the offering price may be difficult to justify if near‑term profitability does not improve, though supporters argue the company’s technological lead and government contracts provide a strong foundation.

SpaceX already plays a central role in the U.S. space program, providing crew and cargo services to NASA, and its Starlink division is the world’s largest satellite internet provider by user base. The company also recently merged with Musk’s AI venture xAI and social media platform X in a deal valued at $1.25 trillion, according to media reports, further tying together Musk’s corporate empire.

The IPO, if completed, would be a landmark event for the space industry and could set a new benchmark for tech‑driven public listings. However, regulatory scrutiny over Musk’s voting control and the company’s heavy reliance on future government contracts remain potential headwinds.