SpaceX has officially filed documents to move forward with its highly anticipated initial public offering, setting the stage for what could become the largest IPO in history. The Elon Musk-led company is expected to be valued at roughly $1.75 trillion when it debuts, potentially surpassing the record set by Saudi Aramco’s offering seven years ago.
According to the filing, SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses continued into the first quarter of 2026. But the company’s dominance in the space industry — it accounted for more than 80% of rocket launches worldwide last year, according to Fortune — has investors lining up despite the red ink.
Why Dallas-Fort Worth Should Pay Attention
While SpaceX is based in Hawthorne, California, the IPO has significant implications for North Texas. The company’s McGregor, Texas facility, about 90 miles southwest of Dallas, is where SpaceX tests its Merlin engines and performs development work on the Raptor engines that power the Starship program. The facility has been a steady employer in the Waco-Temple-Killeen corridor for more than a decade.
More broadly, the IPO will inject hundreds of billions of dollars into the space and technology sectors, and Texas is positioning itself as the terrestrial hub for the commercial space economy. With NASA‘s Johnson Space Center in Houston and SpaceX’s Boca Chica launch site near Brownsville, the state has become the geographic center of the American space industry.
The Musk Factor
The filing reveals that Musk and certain other shareholders will receive shares in a special class of stock with 10 votes per share, giving them majority control over the board of directors. “This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX warned prospective investors in its prospectus.
The IPO will also include SpaceX’s recently acquired AI unit, xAI, which the filing notes still loses money. The AI division is collaborating with Tesla on an advanced chip manufacturing facility — another project with a Texas footprint, given Tesla’s Gigafactory in Austin.
SpaceX will begin pitching the offering to investors — the “road show” — starting June 4. For the investment community, this is the deal of the decade. For Texas, it’s a reminder that the state’s bet on commercial space and AI infrastructure is paying off — even if the headquarters and the headlines are coming from somewhere else.
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