SpaceX is proceeding with plans for what could become the largest initial public offering in history, targeting a valuation of approximately $1.5 trillion and seeking to raise more than $30 billion, according to multiple reports.
The company is looking for an IPO as early as mid-to-late 2026, though the timeline could shift to 2027 depending on market conditions, sources told Bloomberg and Reuters. SpaceX representatives did not immediately respond to requests for comment.
If the company sells 5% of its shares at the targeted valuation, the offering will surpass Saudi Aramco’s record-setting $29 billion IPO in 2019, which holds the distinction as the world’s largest public listing.
SpaceX’s accelerated path to public markets is driven largely by the robust performance of Starlink, its satellite internet service. The company expects to generate around $15 billion in revenue in 2025, with projections climbing to between $22 billion and $24 billion in 2026. Most sales are expected to come from Starlink, which includes a promising direct-to-mobile business.
The company also continues development of its Starship rocket system designed for missions to the moon and Mars.
SpaceX intends to use a portion of IPO proceeds to develop space-based data centers, including purchasing necessary chips to operate them. Musk discussed this concept at a recent Baron Capital event.
The company is currently conducting a secondary share sale at approximately $420 per share, valuing the firm above $800 billion. The offering allows employees to sell around $2 billion worth of stock while SpaceX participates in share buybacks.
“SpaceX has been cash-flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk wrote on X on Dec. 6.
SpaceX executives have previously discussed spinning off Starlink as a separate public company, an idea first floated by President Gwynne Shotwell in 2020. However, Musk has expressed uncertainty about timing, and Chief Financial Officer Bret Johnsen indicated in 2024 that such a move would more likely occur “in the years to come.”
Major investors in SpaceX include Peter Thiel’s Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity, and Alphabet Inc.’s Google.
News of the IPO plans sent shares of related space companies higher, with EchoStar Corp. rising as much as 12% and Rocket Lab Corp. gaining up to 4.3%.
