SpaceX is preparing for a listing that could rewrite capital market history, with its IPO possibly as early as June 2026, targeting a fundraising scale of up to $75 billion and a potential valuation exceeding $1.75 trillion. However, whether this figure can stand firm in the public market remains a core question for investors.According to a report by Bloomberg on Thursday, SpaceX has selected several top Wall Street banks to assist with its IPO filing. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have all confirmed their participation. If the fundraising target is met, this IPO would significantly surpass Saudi Aramco's 2019 record of $29.4 billion, becoming the largest stock offering in global history.SpaceX's listing plan has become more complicated due to its all-stock acquisition of xAI completed in February this year. xAI is currently burning approximately $1 billion per month for AI infrastructure construction, a cash burn that is diluting the investment appeal of SpaceX's core businesses—especially its satellite internet service, Starlink. Meanwhile, Musk's pursuit of maintaining absolute control over the company through a dual-class share structure further increases the concerns of public market investors.<h2>Why Choose to List Now</h2>Although SpaceX already generates substantial cash flow from its Starlink business, the company's more ambitious strategic goals require funding support far beyond its current scale. According to Bloomberg, an internal SpaceX memo from last December explicitly stated that the IPO proceeds would be used for the continued R&amp;D of the Starship rocket, the construction of space-based AI data centers, and lunar base projects.The integration of xAI has caused a sharp increase in funding needs. Sources familiar with the matter revealed that xAI's monthly expenses of approximately $1 billion for computing power and model training have made it difficult for SpaceX to maintain its fundraising pace in the private market. By listing on the public capital markets, SpaceX has the opportunity to gain a financing advantage in the AI arms race before OpenAI and Anthropic complete their respective IPOs.<h2>Valuation Logic: Support and Doubt Coexist</h2>The $1.75 trillion valuation target has caused significant divergence among analysts and investors.The core argument for supporters lies in the uniqueness of SpaceX's business. According to Pitchbook analysts, &#34;Starlink's user growth, dominance in the rocket launch market, and the progress in developing direct-to-cell connectivity constitute a unique business combination in the public market.&#34; SpaceX's monopolistic position in commercial space, its deep ties with the defense and telecommunications industries, and Musk's personal brand effect—Tesla's stock price has accumulated a gain of approximately 3000% over the past decade—could all serve as significant attractions for investors.However, doubts are also hard to ignore. Analysts typically value companies based on future earnings expectations, industry competitive landscape, and profit margin levels. xAI's continuous losses are dragging down overall financial performance. Some investors worry that Musk may continuously channel resources from SpaceX, an industry leader, to xAI, one of many players in a highly competitive sector. If the market perceives SpaceX as a loosely structured diversified conglomerate, its valuation premium space will be significantly compressed.<h2>xAI Acquisition: Opportunity or Burden</h2>SpaceX's all-stock acquisition of xAI shortly before its IPO has displeased some existing investors. Shareholders who originally bet on the space sector are now passively exposed to a large AI business; investors pessimistic about the AI industry suddenly face a potentially high-risk gamble.Musk holds a starkly different view. He defines this business empire spanning rockets, space internet, artificial intelligence, and social media as a &#34;vertically integrated innovation engine,&#34; believing that the synergy between these businesses will provide a unique competitive advantage for the emerging commercial opportunity of space data centers.But whether this narrative can convince public market investors remains to be seen. After its IPO, SpaceX will be required to disclose financial data quarterly for the first time, at which point xAI's scale of losses will be fully presented to Wall Street.<h2>Control Structure: Musk's Moat</h2>On the equity front, Musk held less than half of SpaceX's shares before the completion of the xAI acquisition, with previous private funding rounds bringing in external investors such as Peter Thiel's Founders Fund, Fidelity Investments, and Alphabet. Musk's exact shareholding percentage after the xAI transaction is still unclear.According to Bloomberg, SpaceX is exploring a dual-class share structure post-IPO to ensure that insiders—potentially including Musk himself—maintain near-absolute control over key strategic and corporate governance decisions. While this arrangement might not be an obstacle for investors who value Musk's execution ability and long-term vision, a governance structure lacking checks and balances could become an unacceptable risk exposure for public market investors if the company experiences significant missteps.<h2>IPO Roadmap: Earliest Possible Launch in June</h2>If the process goes smoothly, SpaceX could complete its listing as early as June 2026.By convention, the process will begin with the submission of a confidential filing to the U.S. Securities and Exchange Commission (SEC), with SEC review typically taking two to three months. After the review, the company will publicly disclose its prospectus, initiating a 15-day public inspection period. Subsequently, SpaceX will conduct a roadshow with its underwriters to solicit orders from institutional investors before determining the final offering price.Retail investors are also expected to participate in the subscription. Users on platforms like Robinhood Markets and SoFi Technologies may be able to subscribe directly through the platforms, although the allocation proportion for retail investors in hot IPOs is usually limited.The specific division of labor among the five lead underwriters—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—is not yet clear, but given the unprecedented scale of this transaction, the enthusiasm from major Wall Street institutions to participate is evident.

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A valuation ambition of $1.75 trillion is pushing SpaceX into a head-on clash between faith and skepticism. With soaring Starlink users, dominance in the rocket launch market, and the accelerated rollout of direct-to-cell networks—the confluence of multiple scarce assets combined with Musk's halo has driven supporters wild. However, the shadow of xAI's continuous losses is emerging. If the market worries that SpaceX will become a "funding machine" for Musk's business empire, this valuation premium could be significantly discounted

- SpaceX is preparing for a historic IPO, aiming for up to $75 billion in funding by June 2026, with a potential valuation exceeding $1.75 trillion.  
- The company's plans are complicated by its recent acquisition of xAI, which is consuming significant cash and raising investor concerns about financial stability.  
- Despite the potential for a record-setting IPO, challenges such as xAI's losses and Musk's control structure may affect investor confidence and overall market reception.

Is SpaceX Worth $1.75 Trillion?