SpaceX IPO May Not Dilute Elon Musk’s Grip on Key Decisions—Here's Why

Elon Musk's SpaceX is getting ready to go public on the stock market, and if it does, it could break every record in history.

The company may file paperwork for its IPO as early as this week and may raise more than $75 billion through the listing, far more than the previous record of $29.4 billion set by Saudi Aramco in 2019. SpaceX's total value could cross $1.75 trillion, placing it among the most valuable companies on the planet, multiple reports stated.

Musk could take SpaceX public as early as June 2026, according to Bloomberg. The company has already brought in some of Wall Street's biggest banks to help with the filing process. In January, Financial Times reported that Bank of ‌America, Goldman Sachs, JPMorgan Chase and Morgan Stanley are being considered for senior roles leading the IPO.

SpaceX is expected to first file its paperwork privately with the US Securities and Exchange Commission (SEC). This process usually takes two to three months. After that, the documents become public, giving investors a chance to study the company's finances before deciding whether to buy shares.

Why Does SpaceX Need the Money?

SpaceX already earns a lot from Starlink, its satellite internet service. But the company has far bigger plans that need far bigger funding. In an employee memo in December reported by Bloomberg, SpaceX said money raised from the IPO would go toward building its Starship rocket, setting up AI data centers in space, and eventually building a base on the Moon.

There is one issue repportedly making some investors nervous. SpaceX recently acquired xAI, Musk's artificial intelligence company, which is spending nearly $1 billion every month on computing infrastructure and AI development. Critics worry that this heavy spending could make SpaceX less attractive to investors who came in expecting a pure space company, not an AI firm.

Those who invested in SpaceX for its space business now find themselves indirectly funding an AI venture, which not everyone is comfortable with. If SpaceX is seen as a sprawling, hard-to-define company, it could end up being valued lower than Musk hopes, the Bloomberg report added.

Control after the IPO

Musk and other insiders may hold on to near-total control of key company decisions even after SpaceX goes public, a structure that has reportedly drawn attention from analysts watching how much power ordinary shareholders will actually have.

Despite the risks, a successful SpaceX IPO could give the company an edge in the race to fund AI ambitions, potentially helping it move faster than rivals like OpenAI and Anthropic, both of which are yet to go public themselves.