SpaceX has entered the quiet phase of its initial public offering (IPO) process, holding private meetings with top Wall Street analysts this week in Texas and Tennessee as it targets a late-June 2026 stock market debut on the NASDAQ. According to a Reuters report, the meetings span three days and bring together leading aerospace and tech sector analysts. SpaceX aims to raise approximately $75 billion in what would be the largest IPO in history.
On Tuesday, the company hosted an all-day meeting and tour at its Starbase facility in Boca Chica, Texas. On Wednesday, a second group, representing institutional investors such as large mutual funds and pension funds, visited Starbase. On Thursday, analysts are scheduled to tour the Colossus data center in Memphis, Tennessee, where they will review the Macrohard project tied to SpaceX's growing artificial intelligence (AI) initiatives.
The Information reported that Elon Musk purchased $1.4 billion of SpaceX stock last year from current and former employees through his trust, as disclosed in a draft version of the confidential IPO prospectus. This purchase increased Musk's stake ahead of the listing. Additionally, SpaceX approved a plan last month that could grant Musk another 60 million shares, contingent on the company's market value growing from about $1.1 trillion to as much as $6.6 trillion and completing a plan to build data centers in space for AI computing. The shares would vest incrementally as SpaceX adds $500 billion in market value. The company also plans to issue super-voting shares to Musk and a small group of insiders, giving them more power than regular investors. Musk is expected to remain CEO, CFO, and chairman of the nine-member board after the offering.
Financially, by the end of 2025, the combined entity of SpaceX and xAI held approximately $24.8 billion in cash, with $92 billion in total assets and $50.8 billion in liabilities. Starlink, SpaceX's satellite internet unit, generated $4.42 billion in operating profit last year, offsetting some losses from the xAI side. However, the combined company reported a consolidated loss of $4.94 billion in 2025 on $18.67 billion in revenue, compared to a $791 million profit on $14.02 billion in revenue in 2024. Capital spending surged nearly fivefold over two years to $20.74 billion last year, with more than half tied to AI investments.
Cathie Wood's ARK Invest released a report on April 21 valuing SpaceX at $1.75 trillion, citing three main factors: Starlink's growth, reduced launch costs, and the emerging orbital economy. Starlink now has over 10 million users and is expected to generate over $20 billion in revenue this year. SpaceX has cut launch costs by approximately 95% since 2008 through reusable rocket technology. ARK described SpaceX as infrastructure for a future space-based economy, comparing it to foundational players in communications and logistics. The report noted that about 30% of IPO shares may be reserved for retail investors, making the listing more accessible to the public.
