SpaceX files to go public aiming for up to $2 trillion valuation and up to $75 billion in IPO proceeds.

Elon Musk’s space company, SpaceX, has filed confidentially to go public, following its recent merger with his AI company, xAI. The filing comes as SpaceX reportedly seeks a valuation of up to $2 trillion, a level that would place the company among the most valuable in the world and could reshape the scale of public-market fundraising.

IPO plans and valuation targets

According to reports, SpaceX is seeking to raise as much as $75 billion. If achieved, it would be the largest IPO raise on record. The company’s valuation was previously set at $1.25 trillion in the merger earlier this year, a figure determined by the board of directors and investment bankers. The last time investors bought shares was at the end of 2025, when SpaceX was valued at $800 billion.

Potential winners tied to SpaceX’s public offering

While an IPO of this size would be a major windfall for existing investors, the move could also create advantages for other companies connected to SpaceX’s ownership and spending.

Alphabet

Alphabet, best known as the parent of Google, is also a significant investor. It owns stakes in more than 20 publicly traded companies and also invests through its Google Ventures arm.

Alphabet invested $900 million in SpaceX in 2015, securing a stake of about 7% at the time. The company is believed to still hold roughly that level today. In its Q1 2025 report, Alphabet disclosed an $8 billion unrealized gain, widely believed to be linked to SpaceX’s rising valuation.

Nvidia

Nvidia is not reported to be an investor in SpaceX, but it could benefit as a key supplier. SpaceX is described as a major customer of Nvidia, which has become the most valuable company in the world due to its dominance in the AI GPU market.

Musk has previously expressed admiration for Nvidia and CEO Jensen Huang, and has said that both SpaceX and Tesla would continue purchasing Nvidia chips at scale. The xAI acquisition also positions SpaceX to potentially spend even more on Nvidia chips, given xAI’s role in developing products such as X and the chatbot Grok, and the stated goal of competing with OpenAI and Anthropic—an effort that would require substantial computing investment.

With SpaceX reportedly seeking to raise up to $75 billion, the article suggests that a significant portion of that capital could be directed toward Nvidia chips.

Longer-term implications for chip demand

Beyond near-term spending, Musk has also discussed plans for data centers in space. The article notes that while the concept has been met with skepticism, Musk aims to use IPO funding to launch data center satellites, arguing that space-based data centers could be more easily powered and cooled. If the plan proceeds, it could further increase demand for Nvidia chips.

Overall, the article frames Alphabet and Nvidia as potential beneficiaries of SpaceX’s IPO—through valuation exposure in Alphabet’s case, and through likely technology spending in Nvidia’s case.