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SpaceX has officially filed for an IPO in what could become the biggest stock market debut in history. The long-awaited listing could value the company at as much as $1.75 trillion, a figure that may change Wall Street’s view of the space economy and potentially making Musk the world’s first trillionaire. 1
The company plans to list on the Nasdaq under the ticker symbol SPCX, with Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and J.P. Morgan leading the offering. According to the filing, SpaceX generated $18.67 billion in revenue last year, while first-quarter revenue reached $4.69 billion. Despite its explosive growth, the company reported a $1.94 billion operating loss in the first quarter, underlining the enormous cost of scaling next-generation infrastructure, AI operations, and rocket development. 1
The IPO filing gives investors a picture of the business behind one of the world’s most ambitious private companies. Although SpaceX made its name through reusable rockets and pioneering space missions, the company is quickly expanding beyond aerospace.
SpaceX is becoming a multi-layered technology platform sitting at the intersection of aerospace, telecommunications, AI and digital infrastructure. The Starlink satellite internet business continues to be one of the company’s most valuable asset, generating billions in recurring revenue while rapidly expanding its global user base. SpaceX disclosed that Starlink now serves more than 10 million subscribers worldwide, highlighting the growing demand for satellite-based connectivity in both developed and underserved markets. 2
The filing also reveals how central artificial intelligence has become to Musk’s broader vision. Following the merger between SpaceX and xAI earlier this year, the company is positioning itself aggressively in the AI race. SpaceX disclosed plans to develop modular orbital AI compute infrastructure and monetise compute capacity through software and AI services. The merger positioned SpaceX as more than an aerospace company, effectively creating a vertically integrated AI and infrastructure ecosystem spanning satellites, chips, connectivity, and computing power. 1
This transformation is significant especially at a time when global markets are pouring capital into companies with exposure to artificial intelligence and data infrastructure. SpaceX now possesses several advantages that are very attractive: launch capability, satellite networks, AI compute ambitions and global communications infrastructure. Few companies globally operate across all these sectors simultaneously.
The SpaceX IPO could become one of the most significant moments of Elon Musk’s career. According to the filing, Musk will retain roughly 85% voting control through a dual-class voting structure following the public listing, while continuing to serve as CEO, chairman, and chief technology officer of the company. 1 If SpaceX reaches its projected valuation, Musk’s stake could push his personal wealth beyond the $1 trillion mark, potentially making him the first person in modern history to reach trillionaire status. 3
The timing of the IPO is equally important. SpaceX’s market debut comes as the technology industry enters a new phase dominated by artificial intelligence, infrastructure, and next-generation computing. At the same time, OpenAI is reportedly preparing for its own blockbuster IPO, potentially as early as September. Reports suggest the ChatGPT creator has been working with Wall Street giants including Goldman Sachs and Morgan Stanley on plans for a public listing that could become another mega-cap tech debut. 4 SoftBank shares surged more than 20% in Tokyo trading on the news, adding to renewed speculative enthusiasm around AI-linked public listings.
The two companies represent very different visions of the future AI economy. Through SpaceX and xAI, Musk is building a vertically integrated ecosystem spanning satellites, AI infrastructure, connectivity, computing power, and communications. Meanwhile, OpenAI, led by Sam Altman, is focused on building the software layer powering the global AI revolution.
Still, despite the extraordinary market enthusiasm surrounding the IPO, investors should not ignore the risks outlined in the filing. SpaceX continues to operate at significant losses while carrying substantial debt and massive capital expenditure requirements. The company also disclosed extensive legal and regulatory risks, including investigations tied to xAI’s Grok chatbot and concerns surrounding deepfake content. 1
Concerns around worker safety, regulatory oversight, and Elon Musk’s polarising public profile could still create uncertainty for investors. Yet despite the controversies and volatility that have often surrounded Musk-led companies, markets have consistently shown a willingness to buy into his long-term vision. In many ways, Tesla changed how investors viewed disruptive growth businesses and transformed the electric vehicle industry. Now, SpaceX appears to be doing something similar across space technology, AI infrastructure, and global communications.
Despite the risks, bullish sentiment around SpaceX remains exceptionally strong. The company’s ability to launch satellites and cargo into orbit at lower costs than competitors has created a major technological advantage, while demand for space infrastructure continues to accelerate globally.
The IPO also arrives during a broader rebound in the U.S. listings market, with investors aggressively seeking exposure to high-growth AI and technology businesses.
For retail investors, the SpaceX IPO presents both enormous opportunity and considerable risk. History shows that many major IPOs initially surge after listing, particularly high-profile technology names. However, volatility during the first months of trading can also be extreme.
Stocks associated with Musk have historically experienced volatility well above broader market averages. SpaceX stock could behave similarly to Tesla but on an even larger scale. The so-called “Musk effect” could significantly boost investor demand while also creating sharp price swings tied to Elon Musk’s public image, political commentary, and ambitious long-term projects.
While SpaceX’s long-term growth appears compelling, patience would be required. Valuation around $1.8 trillion leaves little room for disappointment, as the company would debut at more than 100 times trailing revenue and the company has to justify one of the richest valuations Wall Street has ever seen.
Perhaps the most important takeaway from the filing is that SpaceX is no longer simply chasing the future of space travel. It is attempting to build the infrastructure layer underpinning the next era of the global economy. From rockets and satellite internet to AI compute services, digital payments, communications and data networks, the company’s ambitions now extend far beyond Earth’s atmosphere.
Footnotes:
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
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