The Largest IPO in History is Coming, SpaceX Accelerates Towards Nasdaq

 On May 16, SpaceX sent an internal email to shareholders announcing that its proposed 1-for-5 stock split had been approved and had taken effect, with all Class C common shares being converted into Class A common shares. The U.S. IPO market is about to welcome its heaviest hitter this year. Elon Musk's space exploration giant, SpaceX, is accelerating its way to Nasdaq on an unprecedented scale.

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According to (sources) cited by Reuters and The Wall Street Journal, SpaceX is significantly speeding up its IPO process. The original listing plan, scheduled for late June (around Musk's birthday), has been adjusted: the prospectus is now expected to be publicly filed as early as next Wednesday (May 20), with roadshows starting June 4, the final offering price set on June 11, and trading to commence as early as June 12 under the ticker symbol "SPCX".

Sources revealed that the U.S. Securities and Exchange Commission's (SEC) review of the company's IPO documents is progressing faster than expected, which is the primary reason for the accelerated timeline.

"SPCX" was previously used by Tuttle Capital Management for a SPAC-focused ETF. After the company changed that ETF's ticker to "SPCK" in April, "SPCX" became available, leading to immediate market speculation that SpaceX might choose this symbol.

Just before the IPO, SpaceX completed a key capital operation. On May 15, the company notified shareholders via internal email that the 1-for-5 stock split, proposed by the board and approved by a majority of shareholders, along with the plan to convert all Class C common shares to Class A common shares, had automatically taken effect as of May 4, local time.

SpaceX emphasized in the notice that the split is intended to proportionally adjust the per-share price and increase the number of shares held by shareholders, without changing the company's overall value or the total value of shareholders' holdings. As a result of this operation, the company's current fair market value per share has been adjusted from 526.59toapproximately526.59toapproximately105.32.

The stock split significantly reduces the per-share price, opening the door for more retail investors to participate in the IPO. The company has also increased its global retail allocation efforts, planning to offer shares to retail investors in multiple markets, including the UK, the European Union, Australia, Canada, Japan, and South Korea, and will invite about 1,500 retail investors to a special event on June 11. This move is expected to make SpaceX the IPO with the highest level of individual investor participation in history.

Sources familiar with the matter revealed that SpaceX is likely targeting a fundraising amount of approximately 70–75billionforthisIPO,givingthecompanyavaluationofaround70–75billionforthisIPO,givingthecompanyavaluationofaround1.75 trillion. Some reports have pushed the valuation ceiling as high as $2 trillion.

This valuation represents a significant jump from earlier this year. In February, when SpaceX merged with Musk's AI company, xAI, the combined valuation was set at only 1.25trillion.Theroughly401.25trillion.Theroughly405.8 billion, corresponding to a profit margin of about 54%, with a profit structure already resembling that of a software service enterprise.

Goldman Sachs' trading desk, Tony Pasquariello, believes that although there are concerns that a wave of large IPOs might冲击 (impact) U.S. stock market liquidity, the total market capitalization of U.S. stocks currently stands at a massive $77 trillion. Moreover, Goldman Sachs expects only about 100 IPOs in the U.S. in 2026, far below the 380 during the dot-com bubble in 1999. The market is fully capable of absorbing them.

He also pointed out that, unlike the rush of many companies of varying quality to go public in 1999, the market today focuses more on asset quality. SpaceX clearly belongs to the rare category of super-assets with a long-term narrative and core technological moats. If successfully completed, the fundraising scale will far exceed the record of approximately $29.4 billion set by Saudi Aramco in 2019, setting a new global all-time high.

Another major point of interest in the listing concerns governance and compensation. According to Reuters citing the confidential prospectus, SpaceX plans to issue Class B shares with 10 votes each, ensuring Musk has absolute control and cannot be fired. After listing, the company will likely adopt a dual-class share structure.

[Image: SpaceX]

Simultaneously, the board has approved a compensation plan that could reach the trillion-dollar level, directly linked to two targets: Mars colonization and space computing power.

⦁Mars Colonization Goal: When SpaceX's market capitalization reaches $7.5 trillion and a permanent human settlement of at least 1 million people is established on Mars, Musk will be awarded 200 million super-voting restricted shares.

⦁Space Computing Power Goal: If the company achieves another valuation target and completes a data center in space providing at least 100 terawatts of computing power, he will be awarded an additional 60.4 million restricted shares.

Musk responded to this, saying, "I need to ensure that SpaceX remains relentlessly focused on making life multi-planetary and extending human consciousness to the stars, rather than catering to some utterly boring quarterly earnings bonuses."

With the prospectus made public, SpaceX's operational fundamentals will be presented to the market in full for the first time.

The Starlink business has become SpaceX's absolute revenue pillar. According to public data, as of March 2026, Starlink has launched over 10,000 satellites into orbit, surpassed 10 million global users, and exceeded $10 billion in total revenue for 2025. Musk admitted, "The vast majority of SpaceX's revenue comes from the commercial Starlink system."

However, the overall profitability picture is not optimistic. SpaceX's total revenue for 2025 exceeded 18.5billion,butitsimultaneouslypostedalossofnearly18.5billion,butitsimultaneouslypostedalossofnearly5 billion. This previously undisclosed data includes xAI's results for the first time. Since its founding in 2023, xAI has been burning cash at an alarming rate, primarily to purchase high-end chips and build data centers to run and train AI models.

Currently, xAI is also facing issues with core founder departures and team restructuring, while the training performance of the company's computing team has been internally assessed as "embarrassingly low," and they are racing to catch up.

Morgan Stanley, Bank of America, Citi, JPMorgan Chase, and Goldman Sachs are serving as lead bookrunners for the offering, with 16 other banks playing roles in institutional, retail, and international channels.

Beyond the core business, SpaceX is constructing a longer-term narrative. In January of this year, SpaceX filed an extremely ambitious application with the U.S. Federal Communications Commission (FCC), planning to deploy up to 1 million satellites to form an orbital data center network around Earth, aimed at providing unprecedented computing power for advanced AI models.

Additionally, the timing of SpaceX's IPO filing disclosure may coincide with the launch window for the 12th test flight of Starship. The market expects this test flight to take place as early as next Tuesday, which will undoubtedly add to the IPO's buzz.

For the market, SpaceX's listing is far more than just a fundraising event. It will test a core proposition: in this new era of AI and space integration, how high is the capital market willing to price the "Mars vision"? Given that Brookfield had already accumulated approximately $2 billion in shares before the IPO, institutional investors have cast a real-money vote of confidence in this bet.

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