SpaceX, the space and satellite giant founded by Elon Musk in 2002, announced plans this week to raise approximately $75 billion in an initial public offering, according to a company filing. The offering of 555.6 million shares at an expected $135 per share would value the firm at $1.77 trillion, making it one of the most valuable publicly traded companies in the world and easily surpassing Saudi Aramco’s $26 billion IPO in 2019 as the largest ever.

A $1.77 trillion valuation built on $2.6 billion in losses

According to SpaceX’s filing, the company reported an operating loss of $2.6 billion in 2025 on $18.7 billion in revenue, and losses continued into 2026 as the firm poured money into its Starship rocket program, satellite infrastructure, and other long-term projects. Despite these red ink figures, investors are betting on SpaceX’s dominant position in commercial launches and the rapid growth of its Starlink satellite internet business.

As the report notes, SpaceX’s valuation would place it among an elite group of S&P 500 companies; only a handful, led by Nvidia at roughly $5.2 trillion, command higher market caps. the bet is that Starlink’s recurring revenue and Starship’s future capabilities will eventually justify today’s price tag.

555.6 million shares, one controlling vote: Musk’s 82.4% grip

The filing reveals that SpaceX will adopt a dual-class share structure, with Musk expected to control about 82.4% of the company’s voting power after the IPO. This level of control means Musk can effectively decide the outcome of shareholder votes, including the election of most board members. SpaceX will qualify as a “controlled company” under Nasdaq corporate governance rules and intends to rely on exemptions from certain requirements normally meant to protect minority shareholders.

This arrangement is not uncommon for founder-led tech companies,but the degree of concentrated power at such a massive valuation is extraordinary. Institutional investors will have to weigh the potential of Starlink and Starship against the near-total autonomy of a single individual.

What the ‘controlled company’ exemption means for outside investors

As a designated “controlled company,” SpaceX will be exempt from Nasdaq requirements that a majority of its board be independent, that it have a nominating committee composed entirely of independent directors, and that compensation decisions be made by independent directors. according to the filing, SpaceX intends to use these exemptions, meaning Musk and his appointees will face fewer checks than at a typical public company.

For everyday investors, this raises a concrete question: will the absence of independent oversight lead to better long-term returns, or will it concentrate risk? The source material does not detail how SpaceX plans to handle shareholder communications or board composition beyonnd the minimum required.

Starship,Starlink, and an unannounced AI acquisition: the unknowns

The filing mentions that SpaceX earlier this year made significant strides in its AI efforts with the acquisition of a computer vision company — but the name of that company and the terms of the deal are not disclosed. Investors are left to guess how this AI asset fits into SpaceX’s core business of launches and internet services.

Two other open questions emerge from the source article: First, what specific milestones will SpaceX need to hit for its Starship program to begin generating revenue, and second, will the dual-class structure deter large institutional funds that have policies against investing in controlled companies? The filing provides no clarity on either point, leaving the market to interpret based on Musk’s track record and the broader space economy.