By JBizNews Desk

June 3, 2026

Elon Musk’s SpaceX starts pitching investors Thursday, June 4, the opening act of a Nasdaq debut targeted for June 12 — a timeline grounded in the S-1 prospectus the company filed with the Securities and Exchange Commission on May 20. The stock will trade under the ticker SPCX, with final pricing set for June 11, and by nearly any yardstick it would be the largest market debut in history.

The scale is difficult to comprehend. SpaceX is seeking to raise as much as $75 billion at a target valuation of approximately $1.75 trillion, a figure that would make it the most valuable company ever to go public on a U.S. exchange and shatter previous IPO records. For comparison, Alibaba’s 2014 listing raised $21.8 billion, still the largest U.S. IPO on record.

The valuation itself has shifted over recent months, with some reports pointing as high as $2 trillion before expectations settled closer to the current target range.

But the number captivating Wall Street is not the size of the raise.

It is what the offering could do to the net worth of one man.

The Trillion-Dollar Question

The math remains surprisingly unsettled.

The Bloomberg Billionaires Index most recently estimated Musk’s fortune at approximately $722 billion, already making him the richest person in the world by a wide margin.

The IPO could push him into territory no individual has ever reached.

If SpaceX achieves and maintains a valuation above roughly $1.7 trillion, analysts estimate it could effectively confirm a $1 trillion personal fortune for Musk.

Some observers argue he may already be there.

Using recent private-market transactions, Barron’s estimated the value of Musk’s roughly 6.4 billion SpaceX shares at approximately $830 billion. Combined with his holdings in Tesla, that analysis placed his net worth near $1.1 trillion.

The reason those estimates vary so dramatically is simple: most of Musk’s wealth has never been assigned a public market price.

A public offering changes that.

For the first time, investors around the world will collectively determine what SpaceX is worth.

That is why June 12 matters.

Wall Street’s Biggest Names Are Behind It

The underwriting syndicate includes many of the largest banks in the world.

Goldman Sachs leads the offering alongside:

• Morgan Stanley
• Bank of America
• Citigroup
• JPMorgan Chase

and approximately 18 additional financial institutions.

The size of the syndicate reflects both the scale of the transaction and the enormous investor interest expected during the roadshow process.

The Business Behind the Hype

The excitement surrounding the IPO has overshadowed a less discussed reality.

SpaceX remains a company with substantial losses despite extraordinary revenue growth.

According to the company’s SEC filing, SpaceX generated $18.674 billion in revenue during 2025, an increase of approximately 33% from $14.1 billion in 2024.

Yet profitability moved in the opposite direction.

After reporting $791 million in net income during 2024, SpaceX posted a $4.9 billion net loss in 2025 as it accelerated spending on Starship, artificial intelligence initiatives, and the integration of xAI.

The company reported an operating loss of approximately $2.589 billion, while adjusted EBITDA reached $6.584 billion.

Starlink Is Carrying the Business

The strongest performer inside the company remains Starlink.

SpaceX’s satellite-internet division generated approximately $11.387 billion in revenue during 2025 and produced roughly $4.423 billion in operating income.

Subscriber growth also remained impressive, reaching approximately 10.3 million users by the end of March.

Those profits, however, were largely offset elsewhere.

The company’s space-launch segment recorded an operating loss of approximately $657 million, while the AI segment generated an operating loss exceeding $6.36 billion.

Debt and Valuation Concerns

The filing also highlights a growing debt burden.

SpaceX carries approximately $29.1 billion in total debt, including a $20 billion bridge loan used to retire legacy debt associated with xAI.

That loan must be repaid within six months after the IPO closes, meaning a portion of the proceeds will immediately go toward debt reduction rather than future growth projects.

For skeptics, valuation remains the central issue.

At the proposed valuation, SpaceX would trade at more than 96 times annual sales, compared with roughly 15.7 times sales for Tesla.

Critics argue that first-quarter revenue growth of approximately 15% does not justify such a premium.

Supporters counter that SpaceX occupies unique positions in satellite communications, launch services, artificial intelligence, and advanced aerospace technology.

Public Investors Won’t Control the Company

One thing will not change after the IPO.

Elon Musk will remain firmly in control.

The filing states that Musk controls approximately 85% of voting power through special Class B shares, which carry enhanced voting rights.

That structure gives him effective control over board elections and major corporate decisions.

Public shareholders will participate in the company’s financial performance, but not its governance.

A Rare Opportunity for Retail Investors

The company is also taking an unusual approach to individual investors.

According to comments by Chief Financial Officer Bret Johnsen, SpaceX intends to allocate a substantial portion of shares to retail buyers.

Johnsen reportedly told bankers that retail participation could become “a bigger part than any IPO in history.”

If that occurs, it would mark a significant departure from many high-profile technology offerings that primarily favor institutional investors.

What Happens Next

The next ten days will determine whether the most ambitious valuation in modern IPO history holds up under market scrutiny.

The roadshow begins June 4.

Pricing is scheduled for June 11.

Trading is expected to begin June 12.

At that point, speculation ends and the market takes over.

Investors will decide what a company built around rockets, satellites, artificial intelligence, and one of the world’s most famous entrepreneurs is truly worth.

And in the process, they may determine whether Elon Musk becomes the first trillionaire in history.

New York — JBizNews Desk

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