May 21, 2026
SpaceX Is Going Public on June 12
What Active Traders Need to Watch Before SPCX Hits Nasdaq
The S-1 is filed. The roadshow is confirmed. And the clock is running.
SpaceX filed its S-1 with the SEC, targeting a Nasdaq listing under ticker SPCX on June 12, 2026, with the roadshow starting June 4 and pricing on June 11. Musk has said he wants to reserve up to 30% of IPO shares for individual investors — an unusual move for a deal this size, and one worth paying attention to.
The company is looking to raise up to $75 billion at a $1.75 trillion valuation — in what could become the biggest IPO on record. That scale dwarfs other mega-IPOs including Alibaba ($25 billion, 2014), SoftBank’s mobile unit ($23.5 billion, 2018), and Visa ($19.7 billion, 2008). Saudi Aramco’s 2019 offering, currently the record holder, raised approximately $29 billion. SpaceX would more than double it.
Everyone’s Watching SpaceX. Few Are Watching This.
The expected SpaceX IPO has reignited interest in the space economy – and for good reason. It could become one of the largest public offerings in history.
But experienced investors have seen this pattern before. During railroads, oil booms, and the rise of the internet, the biggest long-term winners weren’t always the headline names. They were the infrastructure companies that made expansion possible.
Today, the space industry faces real bottlenecks that giant rockets alone don’t solve: testing capacity, scheduling constraints, and access to orbit.
A small, operational aerospace company is positioning quietly at that intersection.
See who’s supporting the next phase of the space economy – behind the scenes.
The Financials
SpaceX posted $18.67 billion in 2025 revenue, up roughly 35 to 40% from the $13 to $14 billion range in 2024. Net loss came in at $4.9 billion in 2025 on heavy reinvestment into Starship development and Starlink satellite manufacturing. That reversal from 2024 profitability is the number most institutional investors are stress-testing right now.
Starlink is the entire story. At 70 to 75% of revenue and growing fastest, SpaceX is essentially a satellite internet company that happens to own the world’s best rocket. Launch services are the moat, not the business. Starlink subscribers crossed 10 million and the connectivity segment posted a $1.19 billion profit last quarter.
The Valuation Problem
The deal implies around 109 to 116 times trailing revenue and 58 to 65 times forward 2026 revenue. That is still expensive by any historical IPO benchmark, well above the multiples Snowflake or Airbnb commanded at their own debuts. What the market is really pricing is Starship.
Starship has slipped its commercialization timeline multiple times. If Starship V3 does not achieve reliable orbital operations by late 2026, the Artemis Moon landing slips, and Mars optionality recedes another two years into the future. At 58 to 65 times forward revenue, the market is pricing flawless execution on Starlink monetization and eventual Starship commercialization. Any miss on either lever resets the multiple sharply.
Millionaire warns: “Move your money now.”
Larry Benedict generated $274 million in profits for his clients by knowing where money flows when the Federal Reserve shifts.
He says Trump’s Fed Takeover is triggering the most significant shift in U.S. markets in nearly 20 years.
He’s already identified the one ticker he expects billions to flood into… and he’s giving away the name for free.
Click here to get the full details before the window closes.
What Traders Are Watching
BlackRock is reportedly in talks to invest between $5 billion and $10 billion as an anchor investor in the IPO. That level of institutional commitment matters for first-day price discovery. It sets a floor, at least psychologically.
The company’s dual-class share structure would give Musk, as both CEO and chairman, full voting control. There will also be significant competition from Amazon’s Project Kuiper constellation and OneWeb’s constellation, which will limit SpaceX’s pricing power in the future. These are real structural risks, not talking points.
The positioning question isn’t whether SpaceX is a great business. It clearly is. The question is whether June 12 is the right entry point, or whether the first earnings cycle hands patient traders a better level. That’s worth sitting with before the roadshow noise takes over.
For informational and educational purposes only. Not investment advice. Trading involves risk, including loss of principal.
