SpaceX Plans to Raise $75 Billion in Record-Breaking IPO SpaceX’s long‑anticipated stock market debut is shaping up as a clash between record‑breaking ambition and mounting financial risks, as the company rushes toward a June launch of what could be the largest IPO in history.

In late May, SpaceX quietly reset expectations. After sounding out advisers and big investors, the company cut its valuation target from more than $2 trillion to “at least $1.8 trillion,” while still planning to raise as much as $75 billion in its initial public offering. Marketing to investors is scheduled to begin as soon as June 4, with pricing potentially around June 11, ahead of a June 12 listing.

Days later, fresh reporting detailed just how unprecedented the deal would be. SpaceX’s filing showed plans to offer 555.6 million shares at $135 apiece, implying a valuation of about $1.75 trillion and a $75 billion capital raise — far above the current global IPO record of $29.4 billion set by Saudi Aramco in 2019. Another analysis noted that at this price, SpaceX “would be valued at $1.77 trillion,” vaulting it above Tesla’s roughly $1.6 trillion market cap and making it the seventh‑largest U.S. company by value on day one.

The bullish case rests on a sweeping growth story. SpaceX’s pitch describes a transformation from a launch and satellite‑internet provider into an “AI services and infrastructure company” built on Starlink, orbital data centers, and the recently acquired xAI, which turned SpaceX into a broader AI and space‑computing platform. The company claims an addressable AI market in the tens of trillions of dollars, far exceeding today’s economy.

Skeptics, however, point to the financials disclosed in the same filing. Revenue rose from $14 billion in 2024 to $18.7 billion in 2025, but the company swung from a $791 million profit to a $4.94 billion loss, driven by the costs of integrating xAI and building out AI infrastructure. One detailed critic summarized the numbers starkly: “Losses up 700%. Revenue decelerating. 107x price‑to‑sales multiple. It’s a trainwreck.”

Elon Musk has countered with a longer‑term perspective, invoking Tesla’s early days. He reminded followers that “Tesla IPO market cap was 0.1% of its current value,” framing today’s doubts as potentially short‑sighted if SpaceX’s AI‑and‑orbit bet pays off over the next decade.

As investor roadshows begin, the tension between these narratives — record‑setting scale, visionary bets on space‑based AI, and uncomfortable near‑term losses — will determine whether SpaceX secures its trillion‑plus valuation or is forced into further recalibration.

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