SpaceX is preparing to complete the largest initial public offering in stock market history, with final pricing expected on Thursday. The company has disclosed plans to sell approximately 555.6 million shares at a target price of $135 per share, aiming to raise $75 billion and achieve a valuation of approximately $1.77 trillion at the time of listing.

The IPO has attracted both significant investor enthusiasm and notable bearish commentary. Morningstar Inc. (NASDAQ: MORN) has projected SpaceX's fair value at $63 per share, well below the $135 target, and advised potential investors to wait until after the debut to avoid post-listing volatility. Separately, investor Michael Burry has argued publicly on his Substack that SpaceX's IPO filing contains "nothing" to support a valuation of $1 trillion or $2 trillion.

The SpaceX listing is one of three major IPO events attracting widespread attention in 2026, alongside IPO filings announced by OpenAI and Anthropic in recent weeks. These three companies collectively represent the most anticipated group of technology listings to enter the public market in a single year in recent memory.

The IPO filing disclosed SpaceX's financial details and Elon Musk's control over shareholder voting power. Musk holds a 42% stake in SpaceX. At the $135 offer price, his combined SpaceX shares and options would be valued at an additional $688 billion, according to Forbes estimates. Musk is also chief executive of Tesla Inc. (NASDAQ: TSLA), currently valued at approximately $1.2 trillion, which would make him the first person to simultaneously lead two trillion-dollar companies.

The debut would also significantly increase the fortunes of other executives and early investors. SpaceX president Gwynne Shotwell and CFO Bret Johnson would both see their stakes increase materially. Antonio Gracias, a long-standing SpaceX investor holding more than 503 million shares, could see his net worth rise by nearly $68 billion at the $135 offer price.