Imagine being offered a piece of the most valuable company ever to go public. Now imagine the catch: the person running it has already decided he'll keep making every major decision, no matter what you think.
That, in a sentence, is the SpaceX IPO.
On June 2, 2026, SpaceX announced plans to raise approximately $75 billion through a fixed-price share sale — setting a definitive price of $135 per share before even formally launching its investor roadshow. The company is targeting a Nasdaq listing on June 12, 2026, under the ticker SPCX, at a valuation of approximately $1.75 trillion — which would make it the largest IPO in history by a wide margin. For context, the current record holder is Saudi Aramco, which raised $29.4 billion when it went public in 2019. SpaceX's planned offering would surpass that by more than 2.5 times.
The story being sold to investors is a breathtaking one: rockets, satellites, artificial intelligence, the moon, eventually Mars. It's the kind of pitch that makes even sceptical Wall Street types pause. But buried in the fine print of SpaceX's S-1 filing — the document a company must submit to regulators before going public — is a detail that deserves a lot more attention than it's been getting.
Elon Musk controls roughly 79% of SpaceX's votes despite owning approximately 42% of its equity, a gap created by a dual-class share structure. In plain English: you can buy shares, but you can't really influence decisions. Not even close.
So what kind of deal are investors actually getting?
