SpaceX Files for Record $1.75 Trillion IPO Under Codename 'Project Apex'

SpaceX has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission, setting the stage for what would be the largest initial public offering in history. The company is targeting a valuation of approximately $1.75 trillion — a figure that would place it above every S&P 500 constituent except Nvidia, Apple, Alphabet, Microsoft, and Amazon. The offering, internally codenamed "Project Apex," is expected to raise more than $75 billion, easily eclipsing Saudi Aramco's previous record of $29 billion set in 2019.

The sheer scale of the listing is reflected in its financial architecture: 21 investment banks have been lined up to manage the offering, an unusually large syndicate that underscores the complexity and magnitude of bringing SpaceX to public markets. The listing is expected around June 2026, and in a notable departure from standard practice for mega-IPOs, up to 30 percent of shares may be allocated to retail investors — a move likely designed to broaden the company's shareholder base and generate public enthusiasm.

The IPO comes on the heels of SpaceX's record-setting merger with Elon Musk's artificial intelligence venture xAI, completed in February 2026. That deal valued the combined entity at $1.25 trillion, with SpaceX contributing roughly $1 trillion and xAI accounting for $250 billion. The merged company now operates across an extraordinarily diverse portfolio: rocket manufacturing and launch services, the Starlink satellite internet constellation, xAI's Grok AI products, and the X social media platform.

Starlink has emerged as a central pillar of the investment thesis. The satellite internet service now counts more than 17 million active subscribers globally, and its 2026 revenue is projected to exceed $22 billion. SpaceX launched over 3,000 satellites in 2025 alone, with quarterly launch cadence growing 70 percent year-over-year. The company reported $16 billion in total revenue for 2025, putting the IPO's implied valuation-to-revenue ratio at over 100x — a multiple that even the most bullish analysts acknowledge requires sustained, aggressive growth to justify.

Perhaps the most ambitious element of the prospectus centers on what SpaceX calls "orbital data centers" — space-based computing infrastructure designed to serve the explosive demand for AI processing power while alleviating pressure on Earth's increasingly strained electrical grids. The company has set a target of 100 terawatts of annual AI computing capacity, a figure that, if achieved, would represent a fundamental shift in how the world's computing workloads are distributed. SpaceX has filed with the FCC for up to one million orbital data center satellites as part of this initiative.

The financial community remains sharply divided on the offering's merits. Proponents point to SpaceX's portfolio of legitimate, revenue-generating businesses and its dominant position in commercial launch services as justification for the premium valuation. Skeptics counter that the $1.75 trillion price tag represents roughly a 30 percent overpay based on current fundamentals, arguing that the orbital data center concept remains largely theoretical and that the valuation multiple demands near-flawless execution across every business line.

If the IPO proceeds as planned, it will mark a historic milestone for Musk personally: he would become the first individual to helm two separate trillion-dollar publicly traded companies simultaneously, adding SpaceX to a roster that already includes Tesla. The listing will also serve as a significant test of public market appetite for companies that blend established revenue streams with highly speculative, long-horizon bets — a combination that has defined Musk's business empire but has rarely been subjected to the scrutiny of quarterly earnings calls and public shareholder expectations.