SpaceX is preparing for a historic IPO in June 2026, aiming to raise $75 billion at a $1.75 trillion valuation. The process includes a confidential SEC filing in April, a public S-1 release in early May, followed by a global roadshow and book building to set the share price. Uniquely, 30% of shares are allocated to retail investors, supported by a special event, while a dual-class share structure ensures Elon Musk retains majority voting control. The valuation is driven by the recent xAI merger and ambitious projects like the Starship V3 test flight and the Terafab AI chip initiative. However, risks from high valuation multiples, government contract opacity, and competition create significant challenges, especially with a lock-up expiry in December 2026 that may trigger volatility.