After months of speculation, drama and carefully placed leaks, SpaceX has finally put hard numbers on the table, and the picture that emerges suggests the most ambitious stock market listing in history is now past the go/no-go point.
The filing confirms plans to sell 555.6 million Class A shares at $135 each on Nasdaq under the ticker SPCX, raising $75 billion at a stroke, with pricing scheduled for 11 June and first trading on 12 June.
If underwriters exercise their option to sell additional shares, the total raised climbs to $85.7 billion, more than doubling Saudi Aramco's $29.4 billion offering in 2020, the previous record, and doing so with a float that represents just 4.2% of the enlarged share capital.
That last figure is worth sitting with.
Elon Musk and other insiders will retain 95.8% of the company after listing, with Musk controlling 85% of voting power through a dual-class share structure that leaves public shareholders with negligible influence over the business they are being invited to buy into.
What they are buying, moreover, is not the rocket company most people think they know.
SpaceX's February 2026 acquisition of Musk's artificial intelligence venture xAI, in an all-stock deal valued at $250 billion, recast the entity heading for market, and the prospectus now describes the company not as a space business but as an "AI services and infrastructure company."
That repositioning is key to how the $75 billion will be deployed: proceeds are earmarked for AI compute infrastructure, launch facility upgrades, satellite constellation expansion, and repayment of at least a portion of a $20 billion bridge loan within six months of listing.
The financials disclosed in the filing tell a story of one exceptional business carrying two expensive ambitions.
Starlink, the satellite internet service with 10.3 million subscribers at the time of filing, is the engine room: the connectivity segment generated a quarterly operating profit of $1.19 billion and analysts project full-year revenues of between $15.9 billion and $24 billion by the end of 2026.
The space business, by contrast, lost $619 million in the same quarter on an operating basis, and the AI unit, still absorbing the costs of the xAI integration, lost $2.5 billion, with research and development costs alone having risen more than 300% to $5.06 billion in 2025.
The longer-term thesis rests on orbital data centres, satellites in sun-synchronous orbit designed to process AI workloads using the cold of space as a cooling medium and solar power as an energy source, with first deployments targeted as early as 2028.
It is an audacious vision, and at $1.785 trillion the implied market capitalisation demands sustained, exceptional execution across launch, satellite broadband and artificial intelligence simultaneously.
Sceptics will note the governance concentration, the xAI losses, and $25.45 billion in contractual commitments already on the books, 95% of which fall due in 2026 and 2027.
But the roadshow began on 4 June with Goldman Sachs and Morgan Stanley leading the syndicate, the institutional machinery is in motion.
And with pricing a week away, the countdown has the feel of NASA's Saturn V in its final hold: the most powerful, most expensive and most ambitious rocket ever built, an engineering colossus that took a decade and the resources of a superpower to reach the launchpad, trembling with contained energy, and almost certainly going up.
