SpaceX heads for listing at $2 trillion valuation as mega startups draw capital

2026-05-21

Preparation for listing accelerates

U.S. SpaceX on the 20th released a prospectus for a June initial public offering (IPO). The company is valued at $2 trillion, or about 318 trillion yen, and along with OpenAI and Anthropic, which are aiming to list by year-end, funding is expected to flow into three giant U.S. startups. In the stock market, the tilt toward technology shares could strengthen further.

In its S-1 filing, SpaceX outlined plans to list on the Nasdaq market. The Wall Street Journal (WSJ) reported the same day that OpenAI could file for an IPO as early as the 22nd, making successive listings by mega startups likely.

Financial details disclosed

SpaceX's financial position also became clear. Revenue for the year ending December 2025 was $18.7 billion, while net profit/loss was a $4.9 billion loss. By business segment, Starlink, the satellite communications service with more than 10 million users, posted $4.4 billion in operating profit, while the artificial intelligence (AI) division recorded a $6.4 billion loss.

The company did not disclose an expected offer price or number of shares to be issued. The ticker symbol is SPCX. Mizuho Securities USA was among the 23 lead underwriters.

SpaceX was founded by Elon Musk in 2002 and has pioneered private rocket launches and satellite communications. Musk acquired xAI, which develops AI and operates the social media platform X, formerly Twitter, in February.

One of the biggest IPOs on record

The IPO could raise as much as $75 billion, with the valuation put at $2 trillion, more than 100 times sales. In terms of funds raised, it would top Saudi Aramco's roughly $29 billion in 2019 and become the largest on record. Proceeds are expected to go toward AI development and TerraFab, a semiconductor mass-production plan involving Tesla and Intel.

Interest remains strong in Musk's vision of 'humanity's migration to Mars'. If it lists at a $2 trillion valuation, its market capitalization would exceed that of Meta and Tesla, led by Musk.

SpaceX uses multiple share classes with different voting rights. According to the prospectus, Musk, who holds 48% of the shares, would control 85% of the voting rights. The structure allows the founder to effectively control a listed company with satellite communications and AI technology, leaving corporate governance issues unresolved.

More large deals expected in 2026

In 2026, a string of 'trillion-dollar' IPOs by U.S. companies could follow.

According to the WSJ, OpenAI has submitted paperwork to regulators without disclosing details of the plan and is aiming for a listing as early as September. Its market capitalization is expected to target more than $1 trillion.

OpenAI, which has led the AI boom with the conversational AI ChatGPT, had a valuation of $852 billion as of April. It had been in litigation with Musk over commercialization and the use of early funding, but an 18th ruling in the first instance went in OpenAI's favor, removing one obstacle to a listing.

Meanwhile, Anthropic, founded in 2021, is also growing rapidly. Corporate use of its AI Claude is expanding, and its valuation is expected to soon exceed $900 billion, with an IPO targeted for this year.

On the 20th, it was learned through interviews with people familiar with the matter that the company expects its first quarterly operating profit on an adjusted basis in the April-June 2026 period. Revenue is expected to rise to $10.9 billion, 2.3 times the January-March quarter. Losses had continued as the company secured computing resources, but expanding usage is improving near-term profitability.

SB Energy, which operates power generation businesses under SoftBank Group (SBG), also said on U.S. time the 20th that it has begun preparing to file for an IPO in the United States.

The market impact will be significant. If OpenAI and Anthropic each exceed a $1 trillion market value, they would far surpass Toyota Motor's dollar-denominated market capitalization of about $300 billion.

U.S. stock prices are near record highs, but if three major fundraising deals follow one another, concerns remain over whether demand can absorb them all.

Could exceed annual global IPO proceeds

According to data compiled by Ernst & Young (EY), global IPO proceeds in 2025 totaled $177 billion. SpaceX's $75 billion would account for more than 40% of that amount. If OpenAI and Anthropic also succeed in raising similar sums, the three companies alone would exceed annual global fundraising.

Investors preparing for giant IPOs are also expected to sell existing shares. In the stock market, large deals could become a source of volatility.

The U.S. market's tech bias is also likely to deepen further. Among U.S.-listed companies by market capitalization, tech stocks already occupy the top eight slots, led by Nvidia at more than $5 trillion. If three trillion-dollar IPOs materialize, tech shares could monopolize the top 11.

In the S&P 500, the Magnificent 7, the seven U.S. mega-cap tech firms, account for about 40% of total market capitalization of index constituents. If SpaceX and OpenAI are added, the tech concentration in the U.S. market would intensify further.

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