Elon Musk may be about to become the world’s first trillionaire. Not a government. Not a sovereign wealth fund. One American, one company, one IPO.
SpaceX filed its IPO prospectus on Wednesday, and the numbers inside are staggering. The company projects its potential market at roughly $28.5 trillion, larger than the entire U.S. economy, several times over. Of that, $26.5 trillion comes from AI, $1.6 trillion from Starlink Broadband and Mobile, and roughly $400 billion from its Space division.
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Shares are expected to begin trading on Nasdaq under the ticker “SPCX” in late June, with an opening valuation between $1.5 trillion and $2 trillion. At the top of that range, SpaceX would surpass Saudi Aramco’s $1.7 trillion record as the most valuable company ever to go public. Saudi Aramco is the crown jewel of the Saudi government. SpaceX is a private American company that didn’t exist 25 years ago. The offering is projected to raise between $75 billion and $80 billion, which would shatter every IPO fundraising record. Saudi Aramco, the next closest, raised $29.4 billion.
SpaceX disclosed $18.7 billion in 2025 revenue, representing a 33 percent increase from the prior year. Starlink generated roughly $11 billion of that total, serving 10.3 million subscribers as of March 2026 and posting operating income of more than $4 billion. The satellite internet business is already solidly profitable.
The company also reported a $4.9 billion annual loss, a sharp reversal from a $791 million profit in 2024, after investing heavily in expansion and infrastructure. SpaceX burned through roughly $20.7 billion in capital expenditures last year, spending at the same scale as Microsoft, Meta, and Alphabet.
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SpaceX is no longer pitching itself as a rocket company. Launch operations remain central, but the growth case is built on Starlink, AI infrastructure, and satellite communications. Investors pay far higher multiples for that kind of business than they do for aerospace or defense.
Musk’s wealth runs through AI, automation, and communications. He controls Tesla, SpaceX, xAI, Neuralink, and X, and those companies are now financially linked. SpaceX acquired xAI, which had previously merged with X, with plans to build orbital data centers.
Musk also structured the IPO to keep Wall Street from calling the shots. Through a dual-class stock arrangement, he holds 85.1 percent of the voting power. The company goes public on his terms.
If SpaceX holds near the top of its projected valuation range, Musk’s net worth jumps dramatically on paper. That’s stock, not cash in a bank account. Markets have spent years rewarding AI-linked companies with extraordinary valuations. NVIDIA went from a niche chipmaker to one of the most valuable companies on earth, almost entirely on AI demand. SpaceX is making the same argument: Satellite infrastructure, launch dominance, and AI communications deserve the same kind of premium.
SpaceX dominates commercial launch, owns the world’s largest satellite internet network, and holds deep contracts with NASA and the Defense Department. And then there’s this:
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Anthropic, one of the most prominent AI labs in the country and a direct competitor to Musk’s own xAI, is paying SpaceX $1.25 billion per month for compute capacity through May 2029. That’s roughly $15 billion a year from a rival running on Musk’s infrastructure.
Still, as noted, SpaceX lost $4.9 billion last year and is burning capital aggressively. Growth depends on launch reliability, government contracts, and Starlink continuing to scale. Investor enthusiasm for AI won’t last forever, and stocks priced at extreme valuations can fall hard and fast.
A decade ago, trillion-dollar companies barely existed. Now investors are debating whether the first trillionaire is already on the way. Most of them already know his name.
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