Even in a week dominated by geopolitical anxiety and falling equities, one story managed to generate genuine excitement on Wall Street: the imminent prospect of a SpaceX IPO. Reports emerged that Elon Musk’s aerospace company could file its S-1 prospectus with the SEC as early as this week, kicking off what would be the largest initial public offering in history if the targeted valuation materialises.
The numbers being discussed are extraordinary. SpaceX is reportedly targeting a raise of more than $75 billion — dwarfing Saudi Aramco’s record-breaking $29.4 billion offering in 2019 — at a valuation estimated between $1.5 trillion and $1.75 trillion. For context, that would make SpaceX immediately one of the ten largest companies in the world by market capitalisation. Morgan Stanley and Goldman Sachs are understood to be the lead underwriters for the deal.
One of the more unusual aspects of the planned listing is Elon Musk’s reported desire to allocate up to 30% of the IPO to retail investors — roughly three times the industry standard of 5-10%. In a typical large offering, retail participation is deliberately constrained to manage the initial days of trading and reduce volatility. If SpaceX does proceed with the expanded retail allocation, it would be a structural break from convention, reflecting Musk’s well-documented preference for engaging directly with his consumer fanbase.
The mere rumour of the filing caused an immediate ripple through related stocks. AST SpaceMobile and Rocket Lab both jumped approximately 10% on the news, while Firefly Aerospace — which went public in August 2025 — surged 16%. York Space, which completed its own IPO in January, added 5%. Investors are treating these companies as indirect plays on a space sector renaissance that SpaceX’s listing would validate at a macro level.
SpaceX’s business is more diversified than its rocket launches suggest. The company’s 2025 revenues reportedly reached $16 billion, driven in large part by exponential growth in Starlink subscriptions — the satellite internet service now active across more than 70 countries. In February, SpaceX completed its acquisition of xAI, Elon Musk’s artificial intelligence company, creating a combined entity that some analysts describe as the world’s first “orbital intelligence” platform.
The timing of the filing, if it proceeds, will be watched closely. The company is expected to carry out its public debut in June, assuming the S-1 is accepted and the roadshow proceeds without regulatory complications. The SEC is reportedly investigating the xAI merger to ensure the valuation was constructed appropriately. FAA licensing questions around the volume of planned launches in 2026 add further complexity. For investors watching from the sidelines, the IPO represents a rare opportunity — and a genuinely high-stakes one.
