SpaceX targets record $86B IPO, aiming for $1.7T valuation

SpaceX is preparing to go public in what would be the largest initial public offering ever by cash raised. The company aims to bring in up to $86 billion, targeting a valuation between $1.75 trillion and $2 trillion.

To put that in perspective, Saudi Aramco’s 2019 IPO raised roughly $25.6 billion. SpaceX is aiming for more than triple that figure.

The IPO timeline and structure

SpaceX, officially Space Exploration Technologies Corp., confidentially filed with the SEC back in April 2026. The public prospectus dropped on May 20, setting the stage for an investor roadshow beginning June 8.

The target listing date is June 12, 2026, on the Nasdaq under the ticker SPCX. The offering will consist of Class A common stock.

Goldman Sachs is among the lead underwriters. The fundraising goal sits above $75 billion, with estimates stretching to that $86 billion ceiling.

Elon Musk, SpaceX’s founder and CEO, is expected to retain significant voting control through Class B shares, meaning public shareholders get economic exposure without proportional governance power.

The Bitcoin angle crypto investors should watch

Buried in the prospectus details is a number that caught the crypto world’s attention: SpaceX holds approximately 18,712 BTC.

The company’s cost basis on that position sits around $661 million, with current valuations placing the holdings between $600 million and $850 million depending on market conditions.

SpaceX also has historical ties to Dogecoin, having accepted the memecoin as payment for the DOGE-1 satellite mission. The S-1 filing makes clear that no crypto tokens are part of the IPO itself.

The prospectus also references collaborations with Tesla, including the Terafab project. Tesla holds its own Bitcoin position and made its initial purchase in early 2021.

What this means for investors

Musk’s dual-class control structure means public investors have limited ability to influence capital allocation, including decisions about the Bitcoin treasury.

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