SpaceX, a U.S. aerospace manufacturer led by CEO Elon Musk, is preparing to go public in June 2026. The firm is targeting a $2 trillion valuation and a $75 billion raise, which could make it the largest initial public offering (IPO) in history.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
The listing could also secure a governance structure for Musk that makes it virtually impossible to remove him from his role in the rocket firm. This also includes a trillion-dollar pay deal tied to building a human colony on Mars.
SpaceX IPO Could Hand Musk Unchecked Control
SpaceX filed a confidential document with the SEC on April 1 as part of its IPO process. People familiar with the filing reported a proposed governance plan that would give Musk full control of SpaceX after it goes public.
The filing review showed that Musk already holds at least 40% of SpaceX shares and controls more than 80% of its voting power. He would also retain a supermajority through Class B shares, which carry 10 times the voting power of common shares. As a result, it will be nearly impossible for other shareholders to challenge him.
The review also notes that only Class B shareholders can remove Musk. In addition, he would keep control over the appointment and removal of directors as long as he keeps his stake in SpaceX. The extent of this control has already drawn backlash from major investors.
Consequently, officials from New York and California pension funds sent a joint letter to SpaceX on May 13, calling the governance terms “extreme” and urging the firm to adopt a one-share, one-vote system.
SpaceX IPO Unlocks Trillion-Dollar Mars Pay Deal for Musk
SpaceX’s IPO would also unlock a major pay contract for Musk tied to the firm’s market value. Sources said the firm’s board approved a pay package in January that could award him up to 200 million Class B shares.
This is on the condition that SpaceX reaches a $7.5 trillion valuation and Musk colonizes Mars with one million people. The shares would vest in stages, with each step tied to a $500 billion rise in the company’s value.
Musk could also get up to 60 million additional super-voting shares if the firm hits a $6.6 trillion valuation. That benefit would also depend on Musk building a space-based data center network capable of delivering 100 terawatts of computing power.
What Is the Next Biggest IPO?
SpaceX is the next super-IPO candidate, planning to officially list its shares in June 2026. Before then, the firm is expected to publish its full public prospectus by late May, followed by an investor roadshow starting the week of June 8. Other confirmed candidates include AI firm Anthropic, which plans to raise over $60 billion through an IPO, with an expected window in the second half of the year. Data analytics firm Databricks, valued at $134 billion, has also confirmed it is IPO-ready.
