On May 14, sources told CNBC that the SpaceX IPO prospectus could go public as early as next week. SpaceX plans to disclose the filing soon, with advisers aiming slightly ahead of the required deadline. They want to give investors more time to digest the numbers. The company is targeting a roadshow kickoff on June 8, sources said, though timing may still change. SpaceX has not officially confirmed an exchange, a ticker, or a listing date. However, Bloomberg reported a listing around June, and Nasdaq has already changed its rules to allow SpaceX fast-tracking onto the Nasdaq 100.

This is not a routine IPO. Therefore, retail investors need to understand what they are actually buying before the hype takes over.

The Deal Is Historic in Scale

First, consider the sheer size of the offering. Bloomberg reported SpaceX is targeting a raise of $70 billion to $75 billion. That is well over twice the size of Saudi Aramco's record 2019 offering. Furthermore, Bloomberg reported SpaceX could seek a valuation of over $1.75 trillion. These are reported targets, not confirmed terms. Final figures will not be set until immediately before pricing.

Still, even at the lower end, the offering would instantly rank SpaceX among the most valuable publicly traded companies in the world.

Starlink Carries the Business

Next, investors need to understand what actually generates revenue here. Starlink's satellite internet business grew 50% year over year in 2025. It reached $11.4 billion in revenue, with an EBITDA margin as high as 63%, according to data reported by The Information. Moreover, Starlink surpassed 10 million active customers across 160 countries by February 2026.

However, the xAI side of the business tells a different ...