SpaceX, the world's leading aerospace company, is about to launch the largest initial public offering (IPO) in history. On Wednesday (May 20), SpaceX released its IPO filing, revealing Elon Musk's ambitious plan to transform the rocket manufacturer into an AI giant. If the IPO is successful, SpaceX's debut could reach the first trillion-dollar mark on the US stock market and reshape the market.
According to the IPO prospectus, SpaceX will adopt an "A" dual-class share structure, with a large majority of shares expected to be reserved for retail investors. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase will serve as bookrunners. A shares will be available to the general public, with one vote per share; while Musk and some SpaceX insiders will hold B shares, with 10 votes per share, to consolidate their control over the company.
SpaceX's IPO prospectus (S-1 filing) is now officially public!
- Sawyer Merritt (@SawyerMerritt) May 20, 2026
You can read the full document here: https://t.co/zlYx39Hco9 pic.twitter.com/FB2x0kXXLT
Musk currently owns 42.5% of SpaceX's shares but controls a staggering 83.8% of the voting rights. This unique shareholding structure means that under current regulations, the only person who can fire Musk is himself. He is expected to simultaneously serve as CEO, CTO, and chairman of the nine-member board of directors.
｜Extended reading｜SpaceX plans to launch an IPO; Musk holds 83.8% of the voting rights, giving him "unrestricted power."
Nevertheless, Musk's compensation remains tied to two extremely ambitious goals—establishing a permanent human colony on Mars and creating a space-based AI data center. This data center reportedly requires up to 100 megawatts of power, equivalent to the output of 100,000 one-gigawatt nuclear reactors.
The IPO filing also revealed SpaceX's future revenue streams. SpaceX plans to generate most of its future revenue through technologies that are yet to be established, including operating solar-powered data centers in space, reaching a potential market of $28.5 trillion. This indicates that the company's future growth momentum will largely depend on AI-related businesses.
SpaceX plans to go public as early as June 12, expecting to raise $75 billion, pushing the company's valuation to $1.75 trillion. If SpaceX achieves this valuation target, it will surpass Saudi Aramco's $1.7 trillion valuation in 2019, becoming the largest IPO in Earth's history.
｜Extended reading｜SpaceX is rumored to go public as early as June 12, with the ticker symbol "SPCX" listing on Nasdaq.
