Tip Sheets
SpaceX IPO explained: liquidity needs, ‘mega story’ valuation, Musk control
March 26, 2026
Media Contact
Adam Allington
SpaceX reportedly could file for an initial public offering this week. The company aims to raise as much as $75 billion — nearly triple Saudi Aramco's record 2019 listing. The space exploration business is also said to be pursuing an overall valuation of roughly $1.75 trillion.
Minmo Gahng
Assistant Professor of Finance
Minmo Gahng, assistant professor of finance at Cornell University, says Elon Musk has often criticized public markets, but a SpaceX IPO serves practical goals.
Gahng says:
“Musk relies heavily on equity to compensate SpaceX’s 14,000+ employees, yet the company tightly limits share sales to infrequent internal tender offers, creating mounting pressure for broader, more regular liquidity.
“The recent xAI fold-in allows him to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately.
“A likely dual-class share structure would let Musk tap public capital while retaining firm control, even after the substantial dilution that comes with a public offering.”
