SpaceX Files for Nasdaq IPO Targeting a Record $1.75T Valuation
SpaceX filed publicly for a Nasdaq IPO on Wednesday, targeting a valuation of roughly $1.75T. The company is seeking to raise as much as $75B in the offering.
The listing, set to trade under the symbol SPCX, would surpass Saudi Aramco's 2019 record to become the largest public market debut in US history.
Goldman SachsGS and Morgan StanleyMS are leading the deal, with Bank of AmericaBAC, CitigroupC, and JPMorgan ChaseJPM also working on the transaction, per the same filing.
SpaceX generated $18.67B in revenue last year, with the majority coming from Starlink, its satellite internet network of roughly 10K satellites.
Its xAI unit, folded into SpaceX earlier this year in a deal valuing the AI startup at $250B, still runs at a loss, per the Reuters report.
SpaceX sees a potential total addressable market of $28.5T across its businesses, with a majority tied to AI, per the same Reuters report.
The board has tied Musk's compensation to goals that include establishing a permanent human colony on Mars and building space data centers with compute capacity equivalent to 100T terawatts.
A roadshow is targeted for as early as Jun. 4, with pricing expected as soon as Jun. 11, per Bloomberg.
The company also plans to host roughly 1.5K retail investors at an event in June following the roadshow launch, per Reuters.
OpenAI Moves Toward a Fall Debut
OpenAI is preparing to file confidentially for an IPO as soon as this Friday, also working with Goldman Sachs and Morgan Stanley. The company is targeting a public debut in the fall.
The ChatGPT creator raised $122B earlier this year, its largest funding round on record. The round valued the company at $852B.
"We regularly evaluate a range of strategic options. Our focus remains on execution," OpenAI said, per Bloomberg.
A jury this week rejected Elon Musk's lawsuit against the company, removing one legal overhang ahead of the planned filing, per the same Bloomberg report.
OpenAI has committed to spending more than $1.4T on physical infrastructure in coming years to support its AI operations, per Bloomberg.
The company still faces headwinds, including heightened competition from rivals, missed internal revenue and user growth targets, and ongoing litigation.
Anthropic is also exploring a public offering later in 2026, meaning the SpaceX debut could set the tone for a wave of high-profile AI and tech listings.