Elon Musk is planning a highly unconventional IPO for SpaceX, aiming to make it one of the largest public offerings ever, with a target raise in the tens of billions, according to the Wall Street Journal.
Instead of relying solely on the standard investor roadshow, he is considering bringing investors directly to SpaceX sites, where they could tour facilities and potentially witness rocket launches—turning the pitch into an immersive experience designed to build excitement and demand.
A central part of the strategy is reshaping who gets access to shares. Musk wants to allocate a much larger share of the IPO to retail investors—possibly a third or more—far above the typical allocation. He is also exploring giving priority access to loyal supporters, such as Tesla shareholders and individuals who have backed his other ventures, reinforcing his pattern of rewarding his existing base.
The WSJ writes that at the same time, SpaceX may depart from traditional IPO rules around insider selling. Some early investors could be required to hold their shares longer than usual to help stabilize the stock, while others might face fewer restrictions and be allowed to sell earlier.
Bloomberg adds that SpaceX plans to begin more formal investor outreach in April through “testing-the-waters” meetings, where executives will share deeper financial and strategic details ahead of the IPO. These sessions are expected to clarify how the company justifies its massive valuation target.
The offering could aim for a valuation above $1.7 trillion, putting SpaceX among the largest companies in the world if achieved. Investor interest is especially focused on how newer initiatives—like its AI business (xAI), space-based data centers, and long-term lunar ambitions—factor into that valuation.
Financially, most of SpaceX’s revenue still comes from its launch services and Starlink satellite business, with projected revenue nearing $20 billion, while its AI division remains much smaller but strategically important.
The IPO is expected to be heavily supported by major Wall Street banks, with a large global syndicate coordinating investor demand across regions.
If completed at the expected scale, the listing would far surpass previous IPO records, reinforcing its position as a historic market debut.