SpaceX targets June-July IPO at $1.75T after $250B xAI acquisition — would be biggest IPO in history

SpaceX acquired xAI in February 2026 for $250 billion in a stock-and-cash deal, then announced plans to IPO in June or July 2026 at a target valuation of $1.75 trillion. If priced as planned, the offering would be the largest IPO in history, eclipsing Saudi Aramco (2019) and Alibaba (2014) by a margin.

The xAI acquisition is the strategic prerequisite. SpaceX has revenue from Starlink and launch services, but the trillion-dollar story requires AI exposure — Grok, xAI infrastructure, and the satellite-ML synergy story (in-orbit inference, Starlink-routed agent traffic).

Public-market appetite for AI is the binding constraint. The $122B OpenAI round at $852B suggests private-market valuation can absorb that much; whether public markets will take a $1.75T entry price at IPO is the open question. Expect a tier of pre-IPO secondaries to set the actual clearing price before the S-1.

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