SpaceX is currently targeting a valuation of at least US$1.8 trillion in its initial public offering, according to people familiar with the matter, as Elon Musk's rocket and artificial intelligence company nears its debut. The revised target is lower than the above US$2 trillion valuation previously reported by Bloomberg News in April, following consultations with advisers and investors.
IPO Details and Timeline
The company is expected to start formal marketing of its IPO as soon as June 4 and to price as early as June 11, according to Bloomberg News. However, the trading timeline could be delayed by a matter of days, the people said. SpaceX is seeking to raise as much as US$75 billion, which would make it the biggest IPO of all time.
Valuation Adjustments
Deliberations are ongoing, and the company could decide to increase its target valuation depending on investor feedback during the marketing period. A spokesperson for SpaceX did not immediately respond to a request for comment. Details of an IPO such as size and valuation are typically adjusted ahead of pricing based on stakeholder feedback.
Company Evolution and Financials
SpaceX's pitch to investors in its IPO filing on May 20 highlights the company's evolution from focusing on reusable rockets and profitable satellite internet to becoming an AI services and infrastructure giant. The company envisions orbital data centres and aims to conquer a total addressable market of US$28.5 trillion.
SpaceX had US$18.7 billion in revenue in 2025, up from US$14 billion the previous year. During that period, the company swung from a profit of US$791 million in 2024 to a loss of US$4.94 billion last year, according to the filing.
Acquisition of xAI
The company announced in February it had acquired Musk's xAI, which houses the Grok chatbot and social media platform X. The deal gave SpaceX a valuation of US$1 trillion at the time, and xAI a value of US$250 billion, Bloomberg News reported.
Underwriters and Stock Exchange
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. are leading the IPO along with 18 other banks. The company, known formally as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.
