SpaceX targets June 12 IPO at $1.75 trillion valuation, $75 billion raise — would be the largest tech IPO in history by a wide margin
SpaceX is now planning to go public on June 12 at a $1.75 trillion valuation with a $75 billion raise, per a Wall Street Journal report. That would be the largest tech IPO in history by a wide margin — surpassing Saudi Aramco's $25.6B 2019 listing by roughly 3×. The June 12 timing is two weeks before the OpenAI IPO that filed its draft prospectus on May 22.
The valuation is the news. $1.75 trillion would place SpaceX at roughly Apple's 2018 market cap on Day 1 of public trading. The capital structure justifies the valuation if you take Starlink alone at 50× the disclosed 2025 revenue of $18.7 billion ($935B), launch services at another conservatively-valued $200B, and the Anthropic compute commitment at $52.5B over four years as a structurally-significant revenue floor. That's $1.2T just from the three disclosed business lines, leaving room for the Mars-mission optionality the SpaceX brand commands.
The downstream market consequence: the OpenAI IPO landing 2-4 weeks after SpaceX has to be priced against the SpaceX comparable. If SpaceX clears at $1.75T, OpenAI at the rumored $1T-1.5T valuation looks reasonable. If SpaceX falls short (the analyst community is split — Saudi Aramco's IPO underperformed expectations and SpaceX's space-only business has historically struggled to clear comparable valuations), then the OpenAI IPO has to re-price downward. Either outcome resets the entire AI-lab private-market valuation stack: Anthropic at $380B Series G, Mistral at the $50-100B range, even Cursor at $50B+ all get repriced against the public-market float.
Marketplace — SpaceX OpenAI and Anthropic are expected to IPO in 2026 → · Yahoo Finance — SpaceX OpenAI and Anthropic most anticipated IPOs 2026 → · Investing.com — Trillion Dollar IPO Test SpaceX and OpenAI Face Public Markets →