SpaceX is reportedly preparing to list on Nasdaq as SPCX as early as June 12, 2026, with a fundraising target of about $75 billion and a proposed valuation of $1.75 trillion. If the deal is priced at that level, it would top Aramco’s roughly $1.7 trillion IPO valuation in 2019 and set a new record for the largest public offering on record.
Reuters cited people familiar with the matter as saying the listing date has been moved up from a timeline that had previously pointed to late June. So far, SpaceX, Nasdaq, and the U.S. Securities and Exchange Commission have not commented on the report.
Valuation jumped from $1.25 trillion to $1.75 trillion in three months
According to the source material, SpaceX was valued at $1.25 trillion in February after completing its merger with xAI. Even then, the company’s valuation stood above most S&P 500 constituents. Three months later, that figure was revised to $1.75 trillion, an increase of more than 40%, adding roughly $500 billion on paper.
The report points to three main drivers behind that repricing. First, the merger with xAI brought rocket manufacturing and AI compute infrastructure under the same legal entity, giving investors reasons to apply both space-sector and AI-sector valuation frameworks. Second, Starlink has already developed real commercial revenue on a global scale. Third, U.S. government defense and space contracts are seen as offering a more visible cash-flow base.
Nasdaq’s “Fast Entry” rule may be part of the appeal
The report says SpaceX’s choice of Nasdaq over the New York Stock Exchange is tied in part to the exchange’s “Fast Entry” rule introduced last year. The mechanism allows eligible newly listed companies to enter the Nasdaq-100 index more quickly rather than waiting for the usual quarterly review cycle.
That matters because index inclusion can trigger automatic buying from passive funds. The source material says funds tracking the Nasdaq-100 manage more than $300 billion globally, while the Invesco QQQ ETF alone holds around $240 billion. If SPCX is added to the index, those vehicles would need to purchase shares according to index weightings.
Record status depends on final pricing
If SpaceX does come public at a $1.75 trillion valuation, the deal would move past Aramco’s IPO benchmark. The report also draws a distinction between the foundations of those valuations: Aramco was backed by oil revenue and sovereign credit, while SpaceX is being valued around a mix of satellite broadband, rocket manufacturing, AI compute, and the premium attached to Elon Musk’s name.
The planned $75 billion raise is another standout figure. Based on the report, that amount would give SpaceX a funding pool on a scale rarely seen in equity markets. No use-of-proceeds details were provided in the source material, and Musk has not outlined how the capital would be deployed.