$29.4 billion. That’s the number every investment banker has memorized—the record Saudi Aramco set in 2019 for the largest initial public offering in history. Elon Musk is about to make it look quaint.

SpaceX could file paperwork with U.S. regulators as soon as this week for an IPO that would raise more than $75 billion, according to The Information, a technology news outlet with a track record of accurate scoops on Musk’s companies. If the company hits that target, Aramco’s record won’t just fall—it will be more than doubled.

The filing would be preliminary. The actual listing isn’t expected until mid-June, expected to coincide with a planetary alignment and Musk’s 55th birthday. But the preparation signals that the most valuable private company on Earth is finally ready to let public investors buy a slice of the future Musk has been selling for two decades.

The Numbers Behind the $1.75 Trillion Valuation

The headline valuation being discussed is staggering: between $1.5 trillion and $1.75 trillion, depending on which source you believe. Morningstar, which published a detailed analysis of the company’s finances this month, puts the figure at $1.5 trillion—roughly 94 times SpaceX’s 2025 revenue. The Information suggests it could go even higher.

For context: that would make SpaceX more valuable than either Berkshire Hathaway or Walmart individually. It would rank among the top companies in the S&P 500—a fitting position for a company that embodies both Musk’s electric vehicle ambitions and the AI infrastructure boom.

The financial picture, assembled from analyst estimates since SpaceX has never filed a public financial statement, shows why investors are salivating. Morningstar estimates the company generated nearly $16 billion in revenue and $7.5 billion in EBITDA in 2025. The profitability is almost entirely driven by Starlink, the satellite internet business that has become the crown jewel of Musk’s empire.

Starlink: The Revenue Engine

Starlink accounted for an estimated 67% of SpaceX’s revenue last year—roughly $10.6 billion from 9.2 million subscribers across more than 150 countries. The service has doubled its subscriber base for two consecutive years. Its constellation of over 9,600 operational satellites represents about 66% of all active satellites globally.

This is vertical integration as fetish object. SpaceX designs the satellites, builds them on a high-speed production line, launches them on its own reusable rockets, and operates the network. When a competitor needs to launch a satellite, they often have to call SpaceX—which flew 165 Falcon 9 missions last year, representing 52% of all global orbital launches.

The company has reflown Falcon first-stage boosters 529 times out of 630 possible uses—an 84% reuse rate that has reduced launch costs by as much as 65%, according to Morningstar’s analysis. SpaceX isn’t just cheaper than competitors; it offers schedule certainty at a tempo no one else can match.

The xAI Complication

But investors eyeing this IPO will have to underwrite something far messier than a pure space infrastructure play. In February, SpaceX acquired Musk’s artificial intelligence company xAI in an all-share deal that valued the combined entity at about $1.25 trillion.

The merger brought Grok—xAI’s chatbot, which has faced widespread backlash over its promotion of racist ideology and spread of nonconsensual sexualized deepfake images—and the social media platform X into SpaceX’s corporate structure. The company statement at the time promised “the most ambitious, vertically-integrated innovation engine on (and off) Earth.”

Morningstar’s analysts noted that while the deal “broadened the company’s narrative as an AI plus space infrastructure platform,” it also adds “business integration complexity that is difficult for investors to underwrite.”

Where Does $75 Billion Go?

The capital raise isn’t just about liquidity for early investors and employees. SpaceX has expensive ambitions. The company spent $19.6 billion last year acquiring satellite spectrum from EchoStar—more than its full-year 2025 revenue—to expand its direct-to-device connectivity offerings.

The IPO prospectus is expected to include two capital deployment targets that border on science fiction: data centers in space and “Moonbase Alpha,” a self-sustaining lunar city. Analysts note that the latter has no clear revenue pathway.

More concretely, the funds will accelerate Starship development—the super-heavy reusable rocket that must commercialize successfully for the valuation math to work—and expand Starlink’s reach. Reuters reports that SpaceX is exploring a Starlink-branded mobile phone that would connect directly to its satellite constellation, a move that could put the company in direct competition with major wireless carriers.

A Wave of Mega-IPOs

SpaceX isn’t alone in testing public markets at valuations that would have seemed impossible a decade ago. Global Finance Magazine reports that OpenAI is currently valued at about $500 billion, Anthropic at $374 billion, and Databricks at $134 billion. All are eyeing public offerings.

The question hanging over all of them is whether the public markets have an appetite for companies that have grown to unprecedented scale without ever facing the scrutiny of quarterly earnings calls—or the discipline of a severe recession. The last time IPOs this large came to market, the dot-com bubble was still inflating.

“There is no precedent for an IPO this large,” Morningstar analyst Zachary Evens told Global Finance. “I am interested to see if index providers make exceptions for mega IPOs since they will instantly reshape the market.”

Nasdaq is reportedly considering a special “fast entry” rule that would allow a company to join its flagship index after just 15 trading days.

The Musk Premium—and the Musk Risk

Morningstar’s valuation analysis explicitly flags “key person governance risk surrounding Elon Musk” as a factor. This is the understatement of the year. Musk has demonstrated repeatedly that he is willing to reshape his companies on impulse, pick fights with regulators, and use his platforms to advance personal political agendas.

Investors will have to decide whether the Musk premium—the vision, the execution speed, the ability to attract talent and government contracts—is worth the Musk discount for unpredictability.

The filing could come any day now. When it does, the prospectus will reveal the first audited financial statements in SpaceX’s history. Until then, investors are left with analyst estimates, Musk’s promises, and a $1.75 trillion question mark.

The money is there. The question is whether the future Musk is selling is worth the price.