SpaceX Files for Record $75 Billion IPO at $1.75 Trillion Valuation

SpaceX has confidentially filed for an initial public offering code-named Project Apex that could raise $75 billion at a $1.75 trillion valuation, which would be the largest IPO in history and more than double Saudi Aramco's $29 billion record from 2019. The offering, managed by 21 banks including Goldman Sachs and JPMorgan Chase, allocates an unprecedented 30 per cent of shares to retail investors and could come as early as June 2026. Elon Musk's 42 per cent stake would be worth over $730 billion at the target valuation, potentially making him the first trillionaire. The IPO follows SpaceX's February 2026 absorption of Musk's AI company xAI, which was burning $1 billion monthly, and comes amid growing scrutiny over conflicts of interest given Musk's $6 billion in federal contracts, his role leading the Department of Government Efficiency, and Donald Trump Jr's SpaceX investment through 1789 Capital.

Record-breaking IPO structure and valuation

• ▪SpaceX's $75 billion initial public offering would more than double Saudi Aramco's $29 billion listing in 2019, the current record holder.
• ▪SpaceX's $75 billion initial public offering would be the largest initial public offering in history.
• ▪At a $1.75 trillion SpaceX valuation, Elon Musk's stake alone would be worth more than $730 billion.
• ▪SpaceX's $1.75 trillion valuation would value SpaceX at roughly 94 times its 2025 revenue.
• ▪Elon Musk has a current net worth estimated by Forbes at $823 billion.

Starlink's financial dominance and xAI integration concerns

• ▪Starlink's subscriber base has grown from 10,000 beta users in 2021 to more than 10 million paying customers as of February 2026.
• ▪In 2025, Starlink generated $10.6 billion in revenue.
• ▪The SpaceX-xAI merger valued the combined entity at $1.25 trillion.
• ▪The Federal Aviation Administration approved up to 44 annual Starship launches in January 2026.
• ▪Starlink accounts for roughly two-thirds of SpaceX's total revenue of $16 billion.

Conflicts of interest with government contracts and political ties

• ▪Elon Musk led the Department of Government Efficiency, or DOGE, a temporary body that unilaterally cancelled more than 10,000 federal contracts it deemed wasteful.
• ▪The Pentagon is reportedly preparing to award SpaceX a $2 billion contract to build a 600-satellite constellation for missile tracking as part of the Golden Dome missile-defence initiative.
• ▪President Trump announced the Golden Dome missile-defence initiative would cost $175 billion and begin initial operations within three years.
• ▪SpaceX holds more than $4 billion in contracts for the Artemis lunar-landing programme.
• ▪1789 Capital has invested approximately $50 million in SpaceX and xAI.
• ▪Elon Musk was the largest individual donor to Trump's 2024 presidential campaign.
• ▪In the past five years, SpaceX has won $6 billion in contracts from NASA, the Department of Defense, and other federal agencies according to USAspending.gov.

Governance risks and unprecedented concentration of power

• ▪Tesla shareholders are currently suing Elon Musk over Tesla's $2 billion investment in xAI.

Perspective of Elon Musk

• ▪Elon Musk's 42 per cent stake in SpaceX at a $1.75 trillion valuation would make him the first trillionaire.

Perspective of Ethics watchdogs and conflict-of-interest critics

• ▪Elon Musk's role leading the Department of Government Efficiency while SpaceX pursues a $2 billion Pentagon contract presents ethical concerns.

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