SpaceX, Elon Musk's rocket and satellite company, is moving quickly toward a blockbuster IPO. According to sources familiar with the matter who spoke to Reuters, SpaceX expects to price its offering as early as June 11 and list on the Nasdaq exchange—setting the stage for what could become the largest public debut in financial history.
$1.75 Trillion Valuation and $75 Billion Raise
SpaceX submitted its S-1 filing to the SEC in April, targeting roughly $75 billion in new capital at a valuation of around $1.75 trillion. That would dwarf Saudi Aramco's $29 billion IPO in 2019. Sources said the company has accelerated its timeline: the prospectus could go public as early as next Wednesday, the investor roadshow is set to start on June 4, and trading may begin as soon as June 12. The faster-than-expected SEC review process helped push the schedule forward by several weeks from the previous target of late June, which had been loosely tied to Musk's birthday.
Why Nasdaq? Fast-Track to Index Inclusion
Reuters reported in March that SpaceX favored Nasdaq partly because the exchange could allow for quicker inclusion in the Nasdaq-100 index. A listing of this size would immediately reshape index weights and trigger significant passive fund flows.
MSCI Warns of Liquidity Drain from Mega-IPOs
MSCI, in a February scenario analysis, warned that mega-cap IPOs expected in 2026 could unleash billions in passive investment flows, force sector reallocations across benchmark indexes, and drain liquidity from markets outside the newly listed companies. Cryptocurrency markets may feel the pinch: over the past two market cycles, bitcoin, ether, and other majors have shown rising correlation with the Nasdaq and S&P 500. Analysts say capital redirected into a massive IPO allocation could reduce flows into more volatile assets like crypto.
SpaceX Brings Bitcoin Exposure to Public Markets
SpaceX holds 8,285 bitcoin—valued at roughly $656 million at current prices—custodied at Coinbase Prime. This makes the listing the first IPO of a company with a significant bitcoin treasury disclosed under fair-value accounting standards introduced in late 2024. The combination of a massive tech equity story and direct crypto exposure adds a unique layer to the deal.
As the countdown begins, SpaceX's IPO is set to have a structural impact across equities, index funds, and digital assets—whether one buys the "liquidity drain" thesis or not.