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SpaceX filed its S-1 registration statement with the SEC on May 20, pricing shares at $135 apiece for what would be the largest initial public offering ever conducted. The listing, set to trade on Nasdaq under the ticker SPCX beginning June 12, targets roughly $75 billion in proceeds and an initial valuation between $1.77 trillion and $1.78 trillion.
That figure dwarfs Saudi Aramco’s 2019 debut, which previously held the record. It also puts Elon Musk, who holds an estimated 42% equity stake, in position to become the first person in history whose net worth crosses the 13-digit threshold.
The math behind a trillion-dollar fortune
At the $135 offering price, Musk’s stake would be valued somewhere between $650 billion and $840 billion, depending on dilution mechanics and the final share count. The offering itself involves approximately 555.6 million new shares, with an additional greenshoe option of 83 million shares that underwriters can exercise if demand warrants it.
To appreciate how quickly SpaceX’s valuation has inflated, consider the trajectory. Private market valuations pegged the company at around $400 billion in mid-2025. By December 2025, that number had doubled to $800 billion. Now, at its public debut pricing, it has more than doubled again.
SpaceX’s quiet Bitcoin position
Buried in the S-1 is a detail that crypto investors will find particularly interesting. SpaceX holds 18,712 BTC on its balance sheet, valued at approximately $1.29 billion, with an average cost basis of roughly $35,324 per token.
The cost basis is also worth noting. At roughly $35K per coin, SpaceX is sitting on substantial unrealized gains at current market prices. That paper profit becomes a line item in quarterly earnings reports once the company is public, meaning Bitcoin’s price movements will directly affect the financial narrative around the world’s most valuable aerospace company.
What this means for investors
The satellite internet business alone, Starlink, has been the primary driver of SpaceX’s private market valuation surge. Its revenue growth and subscriber numbers have turned what was once a speculative side project into the company’s most valuable division. Public market investors will now get to scrutinize those financials in quarterly detail.
Proceeds from the IPO are earmarked for scaling operations with objectives that include lunar exploration and the establishment of data centers. Meanwhile, Musk’s dual-class share structure ensures that he will maintain significant control and influence over the company post-listing.
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