A company asking investors to fund technologies that don't yet exist.
SpaceX plans to sell 555.6 million shares at $135 each, creating a valuation nearly 60x larger than Aramco's 2019 IPO record of $29.4 billion. Proceeds will fund AI infrastructure expansion, rocket launches, satellite operations, and repay a $20 billion bridge loan used for Musk's media and AI ventures.
- SpaceX plans to sell 555.6 million shares at $135 each, raising $75 billion
- Valuation of $1.77 trillion—nearly 60 times larger than Saudi Aramco's 2019 IPO record of $29.4 billion
- Musk retains 84.4% voting control through dual-class shares after the offering
- $1.25 billion monthly contract with Anthropic for AI computing power
- $20 billion bridge loan to be repaid using IPO proceeds and debt financing
SpaceX seeks to raise $75 billion in what would be the largest IPO ever, pricing shares at $135 and valuing the company at $1.77 trillion, far exceeding Saudi Aramco's 2019 record.
SpaceX is preparing to go public in what would be the largest initial public offering in history. The company, headquartered in Starbase, Texas, filed paperwork with the Securities and Exchange Commission on Wednesday to sell roughly 555.6 million shares at $135 apiece—a move that would raise $75 billion and value the entire enterprise at nearly $1.77 trillion. That valuation dwarfs the previous record holder: Saudi Aramco's 2019 debut, which brought in $29.4 billion.
The sheer scale of the offering signals something larger shifting in capital markets. If OpenAI and Anthropic proceed with their own public debuts later this year, as expected, the financial world may be witnessing the opening of a new era in which artificial intelligence companies command tens of billions in fresh capital. Investors, it seems, have an appetite for this sector that shows no signs of cooling.
SpaceX plans to deploy the capital across multiple fronts. The company will use proceeds to expand its AI infrastructure, accelerate rocket and satellite launches, and retire a $20 billion bridge loan that Musk took on to fund his other ventures—particularly his media and AI operations. The filing also reveals a striking commercial relationship: SpaceX has signed a contract with Anthropic to supply AI computing power for $1.25 billion per month. Both companies retain the right to terminate the arrangement with 90 days' notice, though Musk suggested on social media that longer-term commitments remain possible.
The company's ambitions extend far beyond current operations. SpaceX is pitching investors on a $28.5 trillion addressable market, much of it centered on AI infrastructure opportunities that don't yet exist. The company plans to install data centers in space—a technology that remains theoretical. Beyond that lie more distant goals: lunar bases and, eventually, a human settlement on Mars. The company also intends to expand its direct-to-phone wireless communication service and collaborate with Tesla to increase AI semiconductor production.
Yet the structure of this IPO has drawn sharp criticism from governance advocates. Elon Musk, the world's richest person according to Bloomberg's billionaire index, will retain iron-fisted control. Through a dual-class share structure, his Class B shares carry ten votes each, compared to one vote per Class A share. After the offering, Musk will hold 84.4 percent of voting power—down only marginally from his current 85 percent. This concentration allows him to elect a board majority and, crucially, to prevent his own removal from leadership positions. The Alliance to Protect Shareholder Value, a coalition of nonprofit organizations, denounced the governance framework as "a serious attempt to dismantle shareholder protections in unprecedented and reckless ways" while granting Musk "nearly total executive authority."
SpaceX has pioneered reusable rockets—an idea once dismissed as fantasy—and transformed its Starlink satellite internet service into the company's largest revenue generator. Now it is asking public markets to bet on technologies and markets that remain largely speculative. The offering is expected to be priced on June 11, with formal investor presentations beginning June 5. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are leading the deal. The company plans to list on Nasdaq under the ticker SPCX.
Citas Notables
A serious attempt to dismantle shareholder protections in unprecedented and reckless ways while granting nearly total executive authority to SpaceX leadership.— Alliance to Protect Shareholder Value
La Conversación del Hearth Otra perspectiva de la historia
Why does a company that's already this valuable need to go public now? Musk could presumably fund expansion through debt or private capital.
The scale matters. Seventy-five billion dollars is a different order of magnitude. It's not just about the money—it's about signaling to the world that this company, and the AI infrastructure bet it's making, is real enough to withstand public scrutiny and public ownership.
But he's keeping 84 percent of the votes. In what sense is it really public?
It's public in the sense that anyone can own a piece, and the company has to file disclosures and answer to regulators. But you're right to notice the tension. Musk gets the capital without surrendering control. That's the whole point of the dual-class structure.
The contract with Anthropic—$1.25 billion a month for computing power. That's $15 billion a year. Is that sustainable?
It's a real revenue stream, yes. But both companies can walk away with 90 days' notice. Musk said longer commitments are possible but not locked in. So investors are betting on a relationship that could evaporate.
Data centers in space. That's not real yet, right?
Correct. It's a technology that doesn't exist. SpaceX is asking investors to fund the infrastructure to build something that's still theoretical. That's a very different bet than buying into an established business.
What happens if this works? If the IPO prices and trades well?
Then you'll likely see OpenAI and Anthropic move forward with their own offerings. The floodgates open. AI becomes the new frontier for capital markets, the way tech was in the 2000s.