SpaceX is getting ready to go public, and it could be the biggest offering in history.
Elon Musk’s space company, which recently merged with his AI company, xAI, filed confidentially to go public last week, and SpaceX is reportedly seeking a valuation of up to $2 trillion. The company was valued at $1.25 trillion in the merger earlier this year, though that number was determined by the board of directors and investment bankers. The last time investors bought shares of the company was at the end of 2025, and its valuation was $800 billion.
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SpaceX is reportedly seeking to raise as much as $75 billion, which would make the largest IPO raise on record. At that valuation, it would be one of the most valuable companies in the world. The IPO is clearly a windfall for its investors, including Elon Musk, whose net worth could top $1 trillion after it goes public, but there are other overlooked winners in the stock market that investors should be aware of, as these stocks could get a meaningful boost from the IPO. Keep reading to see two of them.
Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is best known as the parent of Google and the world’s biggest advertising company, but it’s also a prolific investor.
It owns stocks in more than 20 publicly traded companies, as well as a number of start-ups, including through its Google Ventures arm.
Alphabet invested $900 million in SpaceX in 2015, getting a stake of about 7% in Musk’s space company, and it’s believed to own approximately that much today. In its Q1 2025 report, Alphabet disclosed an $8 billion unrealized gain, which was widely believed to be related to SpaceX’s ballooning valuation.
If Alphabet still owns 7% of SpaceX, that investment would be worth $140 billion if SpaceX reaches a valuation of $2 trillion. Even for a company the size of Alphabet, that’s a huge gain, and would be more than its net income last year.
That stake would also be especially valuable to Alphabet right now, as it would become liquid, and the company is set to plow roughly $175 billion into capital expenditures this year to support its AI ambitions. A windfall from SpaceX would certainly help with that.
Nvidia (NASDAQ: NVDA) isn’t an investor in SpaceX, but it could benefit from the blockbuster IPO in another way. SpaceX is a major customer of Nvidia, which has become the most valuable company in the world due to its dominance of the AI GPU market.
