SpaceX files for the largest IPO ever — $135 a share, ~$1.77T, Nasdaq: SPCX

SpaceX filed a Form S-1 with the SEC on May 20, 2026 and, breaking IPO convention, went straight to a fixed $135.00 per share with no price range — implying a roughly $1.77 trillion valuation. It plans to sell about 555.6 million shares for a ~$75 billion raise, reportedly the largest IPO ever attempted (more than triple the prior record), with up to ~30% of the offering earmarked for retail investors versus the usual 5–10%. Shares price after the close on June 11 and are targeted to begin trading June 12 on Nasdaq under SPCX.

The prospectus opens the books for the first time. FY2025 revenue was $18.7 billion (up 33%), but the company reported a $4.94 billion consolidated net loss — driven by the xAI ‘AI division’ it absorbed in a February 2026 all-stock acquisition (~$3.2 billion of revenue against a ~$6.4 billion operating loss). The launch-plus-Starlink core is profitable: connectivity (Starlink) alone generated $11.39 billion, 61% of sales and the only profitable segment, at $4.42 billion of operating income, while the launch business runs a deliberate operating loss that funds Starship. Governance is a dual-class ‘controlled company’ — Elon Musk controls shareholder votes through Class B super-voting stock — and the filing runs 38 pages of risk factors led by Musk himself.

The valuation arc is the load-bearing context: SpaceX has re-rated from a ~$12 billion Google/Fidelity mark in 2015 to the ~$1.77 trillion IPO target, roughly 150x in eleven years and most of it since 2023, reset largely through recurring secondary-market tender offers rather than priced rounds. Read alongside Anthropic’s confidential S-1 a week earlier, it is the aerospace counterpart to the same story this site keeps tracking — the AI-and-infrastructure economy consolidating into a handful of names whose scale now reads like mega-cap public companies before they even list.