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Space Exploration Technologies Corp., the rocket and satellite company led by billionaire Elon Musk, is preparing to go public on the Nasdaq stock exchange in an initial public offering that would dwarf every share sale in the history of capital markets, according to documents filed with U.S. securities regulators.
The company, known as SpaceX, plans to offer 555.6 million Class A common shares at $135 apiece, aiming to raise approximately $75 billion, according to its prospectus submitted to the Securities and Exchange Commission.
At that price, the company's implied market capitalization would reach roughly $1.77 trillion, surpassing the current valuation of Tesla, Musk's electric-vehicle company, which is worth approximately $1.6 trillion.
Shares are expected to begin trading under the ticker symbol SPCX on June 12, according to U.S. media reports.
The offering will introduce a two-tiered share structure that concentrates voting power at the top. Class A shares, the kind being sold to the public, will carry one vote each, while Class B shares will carry ten votes apiece.
Once the offering closes, Musk is expected to hold approximately 82.4 percent of total voting rights, giving him effective control over any decision requiring shareholder approval.
That arrangement will qualify SpaceX as a "controlled company" under Nasdaq listing rules, a designation that permits dominant shareholders to override standard corporate governance protections.
Dual-class structures have become increasingly common among technology companies going public, allowing founders to retain strategic control even as outside investors acquire economic stakes.
If completed as planned, the SpaceX offering would eclipse the previous global benchmark for an initial public offering by a remarkable margin. Saudi Aramco, the state-owned Saudi oil company, set the prior record when it raised $25.6 billion in December 2019, a figure that could expand to $29.4 billion if an overallotment option was fully exercised.
SpaceX's targeted raise of $75 billion would be more than twice that amount. Before Aramco, Alibaba's $25 billion offering in 2014 had held the record among major exchanges.
SpaceX initially submitted its IPO prospectus to the SEC in May, launching the formal process to bring its shares to public markets for the first time.
The company was founded by Musk in 2002 and for most of its existence kept its finances private, allowing employees periodic opportunities to sell shares through internal tender offers rather than pursuing a stock exchange listing.
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What was once primarily a rocket launch business has expanded considerably in scope. SpaceX's Starlink division operates the world's largest satellite-based broadband internet service, providing a recurring revenue stream that has become the company's most significant commercial segment.
The company has also expanded into artificial intelligence infrastructure, cloud services and, through its xAI subsidiary, frontier AI models.
The IPO will create a company whose market value would place it immediately among the largest publicly traded corporations on the planet, in the range of long-established giants such as Meta and Berkshire Hathaway.
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