The grand finale of the global capital market in 2026 has officially arrived. On June 3rd, market news confirmed that SpaceX has finalized its core IPO offering plan, priced at $135 per share, with plans to issue 555.6 million shares and raise up to $75 billion. Once successfully launched, this IPO will directly surpass Saudi Aramco's $29.4 billion financing record in 2019 and reach the top of the largest IPO in human history. This epic listing will not only completely reshape the global commercial aerospace, AI computing power, and space economy track pattern, but also have the potential to help Musk become the world's first trillion dollar billionaire.

1、 Core timeline for IPO: Countdown begins, officially listed in mid June

The SpaceX listing process has a clear rhythm and clear schedule, and the entire process has entered the countdown stage, with all key milestones being implemented:

On May 20th, SpaceX officially released its prospectus, disclosing core information on finance, business, equity, and fundraising purposes; On June 4th, a corporate roadshow was launched, open for subscription to top global investment banks and asset management institutions; On June 11th, the final issuance price was confirmed and the final valuation of the IPO was finalized; On June 12th, it was officially listed and traded on the capital market.

2、 Epic Fundraising Scale: Breaking Global IPO History Record

According to the final issuance plan, SpaceX will only issue less than 5% of the company's shares this time, with a fundraising target of $75 billion, corresponding to an overall valuation of the company of $1.75 trillion to $1.8 trillion. Compared to Saudi Aramco's long-standing global IPO fundraising record, SpaceX has doubled its financing scale, setting an unprecedented record in the capital market.

It is worth noting that this IPO adopts a fully primary issuance model, and all fundraising funds belong to the company. Existing shareholders cannot reduce their holdings and cash out during the listing process, fully demonstrating the strategic positioning of the company's long-term development. The funds raised will be mainly used for Starship rocket iteration, satellite network expansion, space AI data center construction, and Mars exploration mission landing.

3、 Luxury underwriting team: 20 top investment banks join forces to safeguard

As the top IPO of the year, SpaceX has formed an unprecedented underwriting team, gathering top financial institutions from around the world, with more than 20 investment banks participating in the operation:

Goldman Sachs serves as the lead underwriter for this IPO, overseeing the entire issuance process; Morgan Stanley is the core lead underwriter, and its E * Trade exclusively undertakes the trading needs of retail investors; JPMorgan Chase, Bank of America, and Citigroup jointly serve as lead underwriters.

In addition, top international investment banks such as Royal Bank of Canada, Mizuho Bank of Japan, Macquarie Bank, and Barclays Bank have all joined the market, forming a comprehensive and global underwriting system to safeguard this epic IPO.

4、 Stable equity structure: Musk firmly controls absolute discourse power

After the IPO, Musk will continue to serve as SpaceX's CEO, CTO, and Chairman of the Board. To ensure that the long-term strategy of the company is not affected by short-term interests in the capital market, the company will continue its dual equity structure and replicate Tesla's mature governance model.

Under this structure, Musk's shares hold several times more voting rights than ordinary shares. Even if the equity is moderately diluted after going public, his absolute dominant position in the company's strategic direction, technology research and development, and long-term layout will not be shaken, completely avoiding the problem of short-term capital intervention in the development of the enterprise in the secondary market.

5、 Behind the counter trend listing: private equity financing peaks, embarking on a new journey in the public market

For a long time, Musk has been resistant to companies going public too early, mainly due to the excessive pursuit of short-term profits in the secondary market, which contradicts SpaceX's long-term macro mission of deepening space exploration, Mars colonization, and AI infrastructure. The multiple structural changes since the end of 2025 have ultimately driven SpaceX to finalize its IPO plan.

From the perspective of financing, there are currently 2-3 trillion US dollars of idle capital in the global private equity market, but the scale is far from sufficient to support SpaceX's long-term R&D investment and industrial layout of billions of dollars. Compared to the global stock market with a scale of 100-150 trillion US dollars, the private equity market has reached its carrying capacity limit, and only by going public can it match its decades old space industry blueprint.

At the same time, the listing will provide key liquidity exit channels for early top institutional investors such as Alphabet and Fidelity Investments. For Musk personally, after going public, he can flexibly cash out through equity pledge loans without reducing his holdings, and continue to support diversified business layouts such as Tesla, xAI, Neuralink, etc.

6、 Hidden worries under the spotlight: Four major controversies plague the listing process

Behind the super high valuation and epic popularity, SpaceX is not totally risk-free. Governance disputes, information bias, valuation foam and business losses are the biggest concerns of the market.

Firstly, there is a crisis of governance and ESG trust. On May 29, Denmark's top pension fund AkademikerPension officially listed SpaceX on the investment exclusion list, pointing out that the company's governance system was in chaos and ESG rating was seriously substandard. At the same time, it believed that its current valuation was seriously foam and its long-term investment performance price ratio was insufficient.

Secondly, there are contradictions before and after information disclosure. The Anthropic computing collaboration terms disclosed by Musk on social platform X have significant deviations from the official prospectus. Musk stated that the cooperation period is only 180 days and can be terminated at any time thereafter, while the prospectus shows that the cooperation will continue until May 2029 with a fixed monthly fee of $1.25 billion. The differences in terms have sparked widespread market doubts about the company's true revenue and contract authenticity.

Furthermore, there are doubts about overvaluation and reliance on belief premiums. Multiple institutional analysts have pointed out that the actual profit scale of SpaceX's Starlink core business cannot support a valuation of 1.75 trillion yuan. The current high valuation completely overdraws the long-term speculative narrative of Mars colonization, space AI data centers, and global satellite networks. Essentially, it is the market's personal belief premium for Musk, which is highly similar to Tesla's long-term high valuation logic. The pressure to fulfill future performance is enormous.

Finally, the AI business continues to suffer huge losses and lacks growth. According to the IPO data, its xAI business is burning money at an astonishing speed, with a capital expenditure of 7.7 billion US dollars in the first quarter of this year, a year-on-year increase of three times, accounting for more than three-quarters of the company's total investment, directly causing a quarterly operating loss of 2.5 billion US dollars. At the same time, the iteration of xAI technology lags behind, and the benchmark test of its core product Grok lags behind its competitors. Its revenue growth rate is less than 13%, far lower than the fivefold growth rate of its partner Anthropic. Currently, it only relies on renting idle computing power to obtain meager income, and its core technology competitiveness is insufficient.

7、 Core revenue structure: Star Chain takes the lead and builds a profitable foundation

Setting aside the long-term narrative, SpaceX has a mature and stable revenue system, with clear division of labor in its three major businesses, among which Starlink has become the absolute core pillar.

Star Link Satellite Internet is the core profit source of the company, contributing 70% -80% of the total revenue. Relying on the global low earth orbit satellite constellation, it has served millions of individuals and enterprise users around the world, and has achieved stable positive cash flow and large-scale profits.

Commercial rocket launch services rely on the technological advantages of Falcon 9 and Falcon Heavy reusable rockets, monopolizing the global high-frequency commercial launch market and providing the company with sustained and stable operating income.

The government agency contract covers official businesses such as NASA space station transportation and US Department of Defense payload launches, with high stability and credibility. However, it currently only accounts for about 5% of total revenue and has limited contribution to overall performance.

8、 IPO industry impact: space economy erupts, market pattern undergoes drastic restructuring

This super IPO will completely leverage the global technology and space track pattern, bringing multiple differentiation impacts. Firstly, space themed ETFs have experienced a surge in market demand. Data shows that in the past month, the net inflow of space themed ETFs has reached 1.3 billion US dollars, with the total size climbing to 3.3 billion US dollars, and the track's popularity has fully exploded. But institutions also warn that the space economy is still a niche niche field, and blindly following the trend for speculation carries significant risks.

Secondly, the investment sentiment in the global commercial aerospace sector has been fully boosted, and the domestic commercial aerospace track is expected to experience valuation recovery and capital resonance, opening up new growth space.

At the same time, the market's siphon effect is highlighted. The top-level popularity and scarcity of SpaceX will absorb the vast majority of incremental funds from the technology sector in the market, which will not only squeeze the survival space of other space concept stocks, but may also lead to valuation cuts and issuance delays for other small and medium-sized IPO projects, triggering a restructuring of the funding structure in the technology industry.

9、 Hidden asset reserves: Bitcoin holdings surpass Tesla, laying out enterprise encrypted treasury

This prospectus reveals a key hidden asset: as of March 31, 2026, SpaceX holds 18712 bitcoins, far exceeding Tesla's previous holdings of 11509 bitcoins. The holding cost of this batch of Bitcoin is about 661 million US dollars, with an average holding cost of 35324 US dollars per coin. The current fair value is close to 1.45 billion US dollars.

The long-term holding and professional custody layout model signifies that SpaceX has incorporated Bitcoin into its long-term treasury allocation system, rather than short-term speculation, becoming an important asset reserve for the company in addition to aerospace and AI.

10、 Ultimate Wealth Leap: Musk is about to unlock humanity's first trillion dollar net worth

After the IPO, Musk's personal wealth will experience a historic leap and he is expected to become the first trillion dollar billionaire in human history.

Data shows that Musk holds approximately 43% of SpaceX's shares, corresponding to a market value of over $540 billion. Combined with Tesla's $167 billion equity value, $150 billion stock options, and a valuation of $5 billion each for Neuralink and Boring Company, its current total net assets are close to $970 billion.

With SpaceX's valuation steadily rising after its IPO, Musk's net worth surpassing $1 trillion is a foregone conclusion, which will completely break the personal wealth record of humanity.

Conclusion

From Tesla, which disrupted the new energy vehicle industry, to SpaceX, which monopolized global commercial space, to a diversified technology empire that laid out AI and brain computer interfaces, Musk once again stood at the top of the global capital market with an epic IPO. The listing of SpaceX is not only a simple corporate financing, but also a comprehensive explosive signal for the three major tracks of space economy, AI computing power, and new financial assets. In the current era of high valuations, opportunities, and controversies, this trillion dollar capital feast will eventually usher in a new era of commercial aerospace.