SpaceX IPO Targets $75 Billion After Merging With xAI

Elon Musk's SpaceX is moving toward what could become the largest initial public offering in history, targeting $75 billion in a stock market debut that the company expects to complete in 2026. The company, which recently completed a merger with Musk's artificial intelligence venture xAI, is positioned as the first of three major AI-focused IPOs expected on Wall Street this year, according to NPR.

A Potential Record-Breaker

SpaceX's $75 billion fundraising target would dwarf most previous IPOs. Saudi Aramco's 2019 offering raised roughly $29.4 billion, long considered the benchmark for large listings. Even OpenAI, which filed its own IPO paperwork at an $850 billion valuation earlier this year, represents a separate listing from SpaceX despite both being closely associated with major figures in the current AI boom.

The SpaceX-xAI combination reflects a broader industry trend: the merging of physical infrastructure companies with AI computing and software capabilities. SpaceX contributes its Starlink satellite internet constellation, Starship launch infrastructure, and lucrative government launch contracts. xAI brings its large language models and AI research operations. Musk has argued the combination creates unique synergies between orbital infrastructure and AI capabilities.

The Trio of AI Mega-IPOs

The SpaceX offering is expected to be the first of three major AI company listings in 2026, a pipeline already being described as the most consequential since the dot-com era. The broader wave of AI company listings reflects surging investor demand for exposure to artificial intelligence platforms at scale. Starlink's rapid commercial expansion — the service now reaches hundreds of millions of users globally — and xAI's competitive position in the large language model market have driven institutional investor interest ahead of the listing.

What the Listing Means

A successful SpaceX listing at the $75 billion target would place the combined SpaceX-xAI entity among the world's most valuable publicly traded companies. The listing would also mark a significant shift for SpaceX, which has long operated as a private company backed by NASA contracts, commercial satellite launches, and Starlink revenue.

Musk has said little publicly about the IPO timeline beyond confirming its general direction. The 2026 timing aligns with strong equity market conditions and a surge in AI sector valuations following high-profile product launches and deployment milestones across the industry. Analysts note the offering could draw substantial retail and institutional investor interest given both companies' market positions.