# SpaceX IPO 2026

## Overview
SpaceX's initial public offering, targeting above $2 trillion valuation with up to $75B raise. The largest IPO in history by valuation, pricing in the full vertical integration flywheel across launch (Starship), broadband (Starlink), AI (xAI), and semiconductor fabrication (Terafab).

## Key Details
- **Valuation**: Initially $1.75T, increased to above $2T (Bloomberg)
- **Capital raise**: Up to $75B
- **Revenue multiple**: 95x+ (pricing for full flywheel success, not current fundamentals)
- **Lead underwriters**: Morgan Stanley, Bank of America, Citigroup, JPMorgan, Goldman Sachs (21 banks total)
- **Structure**: Dual-class shares (Musk retains control)

## Strategic Context
The IPO timing is strategically sequenced with IFT-12 (Starship V3 maiden flight, May 15) → S-1 public filing (May 18-22) → roadshow (June 8-11) → IPO pricing (June 18-30). A successful V3 launch coinciding with S-1 public disclosure creates maximum momentum for $2T+ valuation.

The $55B Texas Terafab filing as part of IPO disclosures reveals the semiconductor fabrication layer completing SpaceX's atoms-to-bits vertical integration: launch → broadband → AI compute → chip fabrication.

## Timeline
- **2026-04-01** — Confidential S-1 filed with SEC
- **2026-05-18 to 2026-05-22** — Public S-1 filing window (15-day pre-roadshow rule)
- **2026-06-08 to 2026-06-11** — Roadshow week (retail investor event June 11)
- **2026-06-18 to 2026-06-30** — Target IPO pricing and listing window