SpaceX Files for History’s Largest IPO at $1.75 Trillion Valuation

SpaceX has filed for what could be the largest IPO in stock market history, AOL.com reported Tuesday, targeting a valuation of roughly $1.75 trillion on the NASDAQ exchange. The figure would instantly position the company as the largest industrial firm by market capitalisation anywhere in the world.

A Filing Full of Eye-Catching Numbers

Several disclosures in SpaceX’s S1 document drew immediate analyst attention. Satellite internet unit Starlink generated $11.4 billion in revenue last year, representing close to 60% of the company’s total sales. That alone confirmed Starlink’s standing as the firm’s primary revenue engine. Yet the number drawing the most attention is SpaceX’s self-reported total addressable market of $28.5 trillion, which the company describes in its filing as the largest actionable TAM in human history.

Of that figure, SpaceX attributes roughly $22.7 trillion to enterprise applications rather than consumer broadband. That framing suggests management views the recently merged xAI unit, which developed the Grok large language model, as the business with the greatest long-term potential. Elon Musk, the company’s founder and CEO, has separately outlined a vision for orbital data centres as a major commercial frontier.

Background: xAI Joins the SpaceX Story

Earlier this year, Musk folded xAI into SpaceX, adding an AI division that had already incurred $12.7 billion in capital expenditure. The integration deepened the company’s pitch as something far beyond a launch provider, blurring the line between space infrastructure and artificial intelligence services. That combination shapes what investors are actually being asked to value when they consider the IPO.

Also Read: What the AI Infrastructure Buildout Means for Capex Budgets

Skepticism Runs High Alongside the Ambition

Not everyone is persuaded by the $28.5 trillion figure. Analysts have noted that even a realistic TAM does not guarantee SpaceX captures the majority of it. Alphabet already holds a stake in SpaceX and has also backed AST SpaceMobile, a competing satellite firm. Amazon’s relationship with Blue Origin, founded by Jeff Bezos, keeps another well-funded rival in the mix.

Observers have drawn a comparison to Tesla. Investors disagree sharply about whether Tesla is primarily an EV manufacturer, a robotaxi operator, or a robotics company. That disagreement drives wide valuation swings. A similar dynamic is likely to define how the SpaceX IPO is received. Buyers will essentially be placing a bet on which business line dominates the company’s next decade.

Read Next: Elon Musk’s Empire: How Tesla, xAI and SpaceX Now Overlap