On June 3, 2026, a market rumor brought Musk’s capital map to the forefront: SpaceX is planning its first public offering aimed at being the "largest in history," raising at least $75 billion through the issuance of new shares, with a targeted valuation of about $1.75 trillion, and an overallotment option (greenshoe) (according to a single source). If this financing materializes as planned, it would far surpass the global IPO record of $29.4 billion set by Saudi Aramco in 2019, and the funds are not solely intended for proven high capital expenditure, long-cycle business models like rockets and Starlink. Just before this announcement, the market tracked the acquisition of land by Musk-associated shell companies in a rural area outside Houston, which was seen as a signal for a potential location for the Terafab chip factory, behind which lies a much larger chip production plan: a single factory investment of about $55 billion, with a total investment cap of about $119 billion, jointly advanced by SpaceX, Tesla, and xAI, targeting chip support for AI and robotics projects (according to a single source). On the same day, Goldman Sachs CEO David Solomon stated externally that the current financial system "has sufficient liquidity to absorb large IPOs" (according to a single source), forming a subtle response to Musk's proposed super IPO and super chip-making plan, but the real suspense lies in whether the global market has enough liquidity and risk appetite to catch this unprecedented gamble when rockets, satellites, chips, and AI are bundled into a unified capital chess game.

$1.75 trillion valuation: SpaceX battles Wall Street

With a new share issuance of at least $75 billion and the addition of greenshoe options corresponding to the targeted valuation of $1.75 trillion (according to a single source), SpaceX is not offering an ordinary IPO, but rather a battle document to confront the global capital markets head-on. The $29.4 billion raised by Saudi Aramco in 2019 was already enough to rewrite financing history, and now, SpaceX’s plan is nearly three times that amount in terms of fundraising scale, directly rewriting the record for "the largest IPO in global history," transforming a line of figures originally written in energy and sovereign assets into Musk's name alongside rockets and satellites.

More critically, this is a fundraising effort almost purely aimed at the company's treasury: primary offering means that the vast majority of the chips come from the issuance of new shares, rather than old shareholders cashing out at high levels. Musk and existing shareholders are using the most expensive chips—dilution of their own equity—to exchange for the most direct ammunition pool. This design straightforwardly throws the question to Wall Street: under the $1.75 trillion pricing anchor, who will find buyers for these new $75 billion shares, and to what extent can they accept the diluted return expectations? At present, the market has yet to see the underwriter list, number of shares issued, and pricing range; the internal discussions on Wall Street regarding "is it worth it," "who will be the lead underwriter," and "can such a volume be distributed to global institutions and retail investors" are almost certain to happen in the shadows. By the time the prospectus actually appears, this IPO will not only be a valuation test for SpaceX's business story but also a concentrated assessment of global liquidity, risk preferences, and the faith in Musk's long-term narrative.

Terafab's massive chip production: supplying blood for Musk's AI

The truly needy for funding beliefs are not the rockets and satellites that have proven to be profitable, but the Terafab, which is still on the planning table. According to a single source, the investment for a single chip factory is being set at about $55 billion, with the total investment cap raised to about $119 billion. This scale is no longer about "building a factory," but rather betting on an entire new industrial system. Terafab is designed to be the underlying computing power engine for Musk's AI and robotics landscape: Tesla is responsible for embedding more intelligence and mechanics at the end-user level, xAI needs to stack large models and inference networks in the cloud, while SpaceX is laying down communication and data infrastructure in orbit and on the ground, and the jointly-driven Terafab aims to control the core chips of all this in its own hands.

Because the relationship between equity and business is so entangled, it is difficult for the market to separate Terafab from the epic story of SpaceX's IPO. On the surface, SpaceX is raising growth funds for aerospace and Starlink, and the name "Terafab" may not appear in the prospectus, but in the minds of capital, this primary offering resembles a pre-leverage preparation for the chip and computing power war of the entire Musk group over the next decade. Recently, Musk-associated shell companies quietly purchased land in a rural area outside Houston, interpreted as a potential site signal for the Terafab factory, indicating that the project's expansion pace is being quietly pressed to accelerate; however, at the same time, the site has not been formally confirmed, and there has been no public information on government approvals and construction, making Terafab appear both as a heavy asset plan nearing reality and yet maintaining enough ambiguity to push hundreds of billions of dollar-level, long-term, and intensive capital expenditures onto the same line testing whether SpaceX’s super fundraising and global liquidity can sustain.

Goldman Sachs bets on liquidity: is the jumbo IPO window opening?

On the very day that SpaceX was rumored to be planning a $75 billion super fundraising, Goldman Sachs CEO David Solomon made a thought-provoking remark: according to a single source, he believes "there is sufficient liquidity in the current financial system to absorb large IPOs" and expects "to see changes in consumer behavior in the second half of this year." The first half of the statement seems to be a preemptive boost for a giant, while the latter part serves as a reminder: this window of abundant liquidity may not remain open indefinitely. For SpaceX, which aims for a valuation of about $1.75 trillion and must absorb a massive primary offering all at once, this judgment from the head of a top investment bank can easily be interpreted as a timing gauge for the global IPO rhythm in the second half of 2026—either rushing to get ahead of consumer behavior and macro expectation inflection points or being prepared to accept the potential pricing test that could alter the demand curve afterwards.

Goldman Sachs is one of the top investment banks in the world, and Solomon's public judgment that "there is still the capacity to absorb large IPOs" is often seen as a mirror of industry risk preferences. At least in terms of language, Wall Street is transitioning from a previously cautious observation of Musk's integrated capital expansion to a more aggressive posture of "betting on liquidity": as long as the system can still support it, investment banks are willing to continue increasing underwriting and distribution efforts along the rocket, satellite, chip, and AI chain. It should be emphasized that there is currently no public information indicating that Goldman Sachs has reached an agreement with SpaceX regarding IPO underwriting or specific cooperation, but if SpaceX truly chooses to sprint to go public during this described "liquid" window period, the thickness of the final order book and performance in the secondary market will directly test Solomon's optimistic judgment on the "absorption capacity of large IPOs," and it will become the first specimen to determine whether Wall Street's shift in risk preference holds up.

A grand capital chess game: SpaceX orchestrating Starlink and AI

In Musk’s design, SpaceX has never been simply a "rocket company." The two core businesses of rocket launches and Starlink satellite internet are both heavy asset combinations requiring high capital expenditure and long-cycle returns, with one side controlling the payload to space and the other side laying out global communication infrastructure in orbit. When layered with the Terafab chip production plan driven by SpaceX, Tesla, and xAI—single factory investment of about $55 billion and total investment cap of about $119 billion, designed specifically to provide chip production capacity support for AI and robotics scenarios—these three businesses are strung together into a vertical chain from the ground to space, from computing power to communication: SpaceX provides launch and Starlink network, Terafab attempts to supply the foundational chip capacity, while Tesla and xAI undertake the demand for computing power and connectivity on the AI and robotics application side, what Musk envisions is an empire prototype with a highly endogenous technology and supply chain.

If SpaceX can truly raise at least $75 billion through this new stock issuance IPO, this chain would gain a crucial "unified blood supply channel." As a primary offering, this fund will directly enter SpaceX's accounts, prioritizing continuity for high-input existing businesses like rockets and Starlink, while reserving ammunition for chip production projects like Terafab, which are still at the planning stage but come with massive investment volumes. The briefing did not indicate any simultaneous financing actions from Tesla or xAI; therefore, in the short term, the only entity that can genuinely "speak out" in the capital market is SpaceX itself, which further strengthens SpaceX's position as the financial hub of Musk's ecosystem: the heavy asset expansion of upstream launches and satellites, potential chip production construction, can all be concentrated through this IPO platform, and then internally within the group use agreements, orders, or technological collaboration to feedback into AI and robotics businesses.

This highly concentrated capital and technological layout also has an intuitive pressure and demonstration effect on the external world. On the chip side, if Terafab receives some funding support from SpaceX's IPO, it equates to using a deeply bound group of downstream AI and robotics scenarios to "self-build granaries." Traditional suppliers not only face potential new competitive pressures from increased production capacity but also risk having critical capacities locked within a single ecosystem; on the communication and launch side, SpaceX integrates rockets, on-orbit constellations, and potential AI chip supplies under a single capital parent, objectively raising the financing and technological integration thresholds for later entrants; while upstream in the AI industry chain, computing power, connectivity, and applications are coordinated by the same investor, which will force other participants to rethink whether to continue relying on decentralized supply or to mimic this vertical integration, using a heavier asset structure to obtain higher bargaining power and discourse rights, thus making this entire set of funding and technology combinations centered around SpaceX an unavoidable reference coordinate in the global technology competition landscape in the coming years.

After massive financing: who will take on this giant pot?

If we juxtapose SpaceX’s proposed fundraising of at least $75 billion through the super IPO with the Terafab chip production plan with a cap of about $119 billion, it is easy to sketch a closed-loop narrative: rockets and Starlink continue to consume capital, laying the groundwork for global connectivity and computing power distribution, while Terafab paves chip production capacity upstream for AI and robotics, with all three funneling every dollar raised through the IPO back into the hardware and algorithm stack of the "Musk universe." In an optimistic scenario, Solomon's statement about "abundant liquidity" is validated, the market not only successfully digests this historically largest IPO, but also continues to buy into later rounds of equity offerings, bonds, and project financing; Terafab's location and approvals proceed on schedule, and Musk's ecosystem has the opportunity to accelerate simultaneously across the four tracks of rockets, satellites, chips, and AI, resulting in a systematic restructuring of the global technology landscape; the pessimistic scenario, however, is a subscription enthusiasm falling short of expectations, high refinancing costs follow, and with Terafab’s substantial startup still not visible, the combination of high valuations and high capital expenditures exposes both stock prices and project rhythms to greater volatility. For other tech stocks, growth assets, and even crypto assets, such a financing event approaching the scale of Saudi Aramco could reshape funding flows and risk preferences in the short term like a black hole, and then in the subsequent quarters, whether Terafab truly materializes and whether SpaceX returns to the capital market will continuously determine, through valuation comparisons and emotional spillovers, whether this giant pot is easily digested by global liquidity or becomes a turning point in the pricing model for the entire high-growth asset class amid repeated shocks.

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