After a quiet rebound in the IPO market last year—when about 90 companies went public and boosted profits for investment banks—one upcoming listing could overshadow them all. Elon Musk’s SpaceX is reportedly preparing an offering that may raise more money than all of last year’s IPOs combined.
The scale comes after SpaceX expanded by acquiring Musk’s AI company xAI, the creator of the Grok chatbot. The merger pushed the combined valuation above $1 trillion. Reports suggest Musk is targeting a market value of around $1.5 trillion and could raise roughly $50 billion through the IPO to fund future expansion, including growth of the Starlink satellite network.
If it happens at that level, the listing would rank among the largest IPOs ever. A $50 billion offering alone would exceed the total amount raised by all IPOs last year.
Wall Street banks are expected to earn heavily from the deal. Underwriting fees could reach around $1 billion, while institutions that receive early shares may benefit from the typical first-day price surge seen in many IPOs. That underpricing effect could potentially leave billions of dollars in value on the table.
However, SpaceX’s financial future remains uncertain. Despite more than two decades of operations, the company has yet to report consistent net profits, meaning extremely high future earnings would be required to justify a $1.5 trillion valuation.
Musk also has alternative paths to taking SpaceX public. Instead of a traditional IPO, he could choose a direct listing—similar to those used by Spotify, Palantir, and Coinbase—or adopt a limit order system that allows investors to bid with price and quantity. Both options could reduce fees and limit the typical underpricing that benefits large institutional investors.
As the plans develop, the offering could test whether Musk follows the traditional Wall Street playbook—or chooses a more unconventional route.