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Elon Musk is roughly $30 billion away from a milestone no human has ever reached. With SpaceX’s IPO now officially on the runway, that gap is about to close.
The rocket company filed its S-1 registration with the SEC on May 20, targeting a share price of $135 and a valuation in the neighborhood of $1.75 to $1.8 trillion. If the offering prices as expected, Musk’s 42% stake, representing approximately 6.4 billion shares, would be worth around $866.5 billion on its own. Stack that on top of his Tesla holdings, estimated at roughly $300 billion, and you’re looking at the world’s first verified trillionaire.
The biggest IPO ever, by a wide margin
SpaceX is aiming to raise approximately $75 billion in the offering, which would make it the largest IPO in history. For context, the previous record holder was Saudi Aramco’s 2019 debut. SpaceX is set to surpass it comfortably.
The company plans to begin trading on June 12 under the ticker SPCX. Reports indicate the offering has already been oversubscribed multiple times over.
SpaceX reported $18.7 billion in revenue for 2025, but posted an operating loss of $4.2 billion. That puts the proposed valuation at roughly 94 times sales.
What’s actually driving the valuation
Starlink, SpaceX’s satellite internet division, has emerged as a genuine profit engine with a global customer base that’s still expanding rapidly. Launch services remain dominant, with SpaceX effectively operating as the world’s default rocket provider for both government and commercial payloads.
SpaceX’s S-1 filing reportedly highlights potential growth in AI and space data initiatives, areas that intersect with Musk’s other venture, xAI. The idea is that SpaceX’s orbital infrastructure could become a backbone for next-generation AI computing and data relay.
Musk’s current net worth sits somewhere between $780 billion and $830 billion as of early June, according to estimates from Forbes and Bloomberg. The bulk of that comes from his SpaceX and Tesla stakes.
The Bitcoin angle
Buried in SpaceX’s financial disclosures is a detail that caught the crypto world’s attention: the company holds approximately $1.29 billion in Bitcoin on its balance sheet.
Tesla famously bought $1.5 billion worth of Bitcoin back in early 2021 before partially selling its position. SpaceX putting Bitcoin on its corporate treasury sheet ahead of a nearly $2 trillion IPO positions it alongside MicroStrategy, Tesla, and a growing list of public companies that treat Bitcoin as a legitimate treasury asset.
The $1.29 billion position represents less than 0.1% of SpaceX’s proposed market cap.
What this means for investors
A 94x price-to-sales ratio on a company that lost $4.2 billion at the operating level last year demands serious scrutiny. Investors are essentially betting that SpaceX will grow into its valuation over time, driven by Starlink revenue expansion, increased launch cadence, and new revenue streams that don’t fully exist yet.
The real question is what happens in the weeks and months after June 12, when SpaceX has to justify its valuation through quarterly earnings reports.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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