The most anticipated IPO of the year is arriving. It is that of SpaceX – a company headed by Elon Musk which recently also incorporated the social network X and xAI, the South African tycoon's AI division. There are many numbers – and we will help you navigate them.

The IPO aims to raise 75 billion dollars. 555,555,555 shares of the group will be placed on the market at $135, with an offering that however – according to rumors – reportedly has a demand four times higher than the supply. High-sounding headlines: but is there substance underneath or not?

SpaceX: numbers, data, and things to know

SpaceX is going public: it is the orbital launch company that everyone follows with great attention. Inside SpaceX, there are in fact also:

• Starlink A company that has 9,600 satellites serving, with connectivity, over 10 million customers in 164 countries, according to SpaceX's SEC filing;

• xAI It is Musk's conglomerate dealing with artificial intelligence. Data centers, models, and more. The group signed an agreement a few days ago with Google to offer computing power for AI.

This is, if we like, the most uncertain part of the business. The group is betting heavily on it in terms of growth, but it will also depend on a market that is starting to show some cracks. In the middle, there is also X, which Musk had purchased for more than 40 billion dollars. However, it is not possible for it to immediately become a source of significant profits.

The numbers provided to the SEC: what do the financial statements look like?

The numbers did not please everyone. The company lost over 4 billion dollars in the first quarter of 2026 alone, with naysayers questioning how a company can push towards a 1.75 trillion dollar market capitalization with a balance sheet like this.

However, the matter is more complex: the financial statements for the latest quarterly report must take into account, on one hand, the major financial commitments for AI, and on the other, the status of the company—which may not be a startup, but is still aiming very far to become a profitable and dominant conglomerate.

It is also worth remembering that on the AI front, the group recently signed agreements with Google, which can be revoked, but until then will be worth about 920 million dollars annually.

Shares: how many, how, why

The outstanding shares on the day of the IPO will be 555,555,555, and they will be newly issued. At the set IPO price, it will be a capital raise of about 75 billion. If confirmed, SPCX will be worth around 1.75 trillion dollars at launch. It would therefore become one of the most highly capitalized listed companies in the world right from day one.

In addition, there will be a greenshoe option, meaning a possible additional offering of 83,333,333 shares currently owned by the group. Overall, there could therefore be a total of 638,888,888 outstanding shares for the group.

Short?

For those who are contrarian and believe the company in question is overvalued, shorting might not be easy.

• Low free float compared to the overall valuation;

• Few shares to borrow because... very few are circulating;

• Borrow costs will likely be very high;

• There might be more hope from perps (perpetual swaps) tracking the stock, although in that case, funding rates could act as an anchor.