The planned Nasdaq listing could rank among the largest IPOs in history, with 18,712 Bitcoin on the balance sheet sweetening the deal for crypto-minded investors.
SpaceX is gearing up for what could become one of the most consequential public offerings in market history. The company is targeting a valuation of roughly $1.77 trillion and aims to raise around $75 billion, a figure that would dwarf virtually every IPO that came before it.
Morgan Stanley, serving as a co-lead underwriter, has been sharing revenue projections with potential investors that read more like science fiction than financial modeling. The bank expects SpaceX to generate $3.4 trillion in revenue by 2040, with EBITDA hitting $2.7 trillion in the same year. For context, that revenue figure would exceed the current GDP of France.
The AI engine behind the numbers #
The eye-popping projections aren’t just about rockets. Morgan Stanley estimates that AI-related revenue alone could reach $190 billion by 2030. Goldman Sachs has forecast even higher AI contributions at $322 billion for the same year.
The planned listing is targeting Nasdaq under the ticker symbol SPCX, with a June 2026 timeline. Share pricing is estimated at approximately $135 per share.
Bitcoin on the balance sheet #
Buried in the pre-IPO disclosures is a detail that should catch the attention of crypto investors. SpaceX holds 18,712 Bitcoin on its balance sheet, valued at $1.29 billion as of March 31, 2026.
SpaceX’s relationship with crypto extends beyond its Bitcoin treasury. The company has historically accepted Dogecoin for merchandise transactions.
What this means for investors #
At $75 billion in capital raised, the offering would absorb an enormous amount of liquidity from the market. Institutional investors participating in the IPO may need to trim positions elsewhere, which could create temporary pressure across tech and growth stocks.
The gap between Morgan Stanley’s $190 billion AI revenue estimate and Goldman Sachs’ $322 billion figure for 2030 highlights just how uncertain these projections are. When two of Wall Street’s most sophisticated banks disagree by $132 billion on a four-year forecast, it suggests the underlying assumptions are more art than science.
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