SpaceX has confidentially filed its S-1 registration with the SEC, targeting a Nasdaq listing as early as June 2026 under the ticker SPCX. The company is aiming to raise up to $75B at a valuation exceeding $2 trillion.
To put that in perspective: Saudi Aramco’s 2019 debut raised $29.4B and held the record for the largest IPO in history. SpaceX is looking to more than double that in a single offering.
The road from $800B to $2T in under a year
Late 2025 private-market transactions priced the company at roughly $800B. Then came the February 2026 acquisition of xAI, Elon Musk’s artificial intelligence venture, which pushed the combined entity’s valuation to approximately $1.25 trillion, with SpaceX contributing $1 trillion and xAI adding $250B.
Goldman Sachs has been tapped as lead underwriter. Early financial disclosures suggest that Starlink, SpaceX’s satellite internet constellation, is generating substantial revenue, though the company reportedly continues to post significant ongoing losses.
The crypto spillover is already happening
DOGE has experienced price spikes and increased trading volume attributed to excitement around SpaceX going public. SpaceX has a planned DOGE-1 lunar mission that uses Dogecoin as a form of payment, which gives the token at least a thread of operational relevance to the company’s activities.
Several exchanges have introduced perpetual futures and derivatives products that track SpaceX’s pre-IPO valuation, allowing traders to take synthetic exposure to SpaceX’s stock price on crypto rails before the company even goes public.
What this means for investors
The xAI acquisition adds a layer of complexity that traditional aerospace investors haven’t had to underwrite before. SpaceX is no longer purely a launch and satellite company. It’s now a vertically integrated operation that spans rocketry, global internet infrastructure, and artificial intelligence, acquired just months before the planned IPO.