SpaceX has reportedly submitted confidential paperwork for an initial public offering (IPO), a move that could value the Elon Musk-led aerospace and satellite communications company at close to $2 trillion. If completed at the upper end of expectations, the offering could raise as much as $75 billion, potentially making it the largest stock market debut on record.
According to multiple reports, including Bloomberg, the company filed with the U.S. Securities and Exchange Commission (SEC) on April 1. A public listing could take place as early as June, depending on regulatory approval and market conditions.
Estimates suggest SpaceX is aiming for a valuation exceeding $1.75 trillion, with some projections nearing $2 trillion. At that level, it would rank among the most valuable publicly traded companies globally, comparable to major technology firms such as Apple, Microsoft, Alphabet, Amazon, and Nvidia. It could also exceed the market capitalizations of Meta and Tesla, another company led by Musk.
The IPO is expected to raise between $50 billion and $75 billion, surpassing the previous record set by Saudi Aramco, which raised approximately $29.4 billion during its 2019 listing at a valuation of about $1.7 trillion.
While SpaceX is widely known for its rocket development and space exploration initiatives, the bulk of its revenue is generated by Starlink, its satellite-based internet service. Starlink is estimated to contribute more than two-thirds of the company’s total income by delivering broadband connectivity through low-Earth orbit satellites. Overall, SpaceX is believed to have generated between $15 billion and $16 billion in revenue in 2025, with earnings before interest, taxes, depreciation, and amortization (EBITDA) around $7.5 billion. The company has also entered a $19.6 billion agreement with EchoStar aimed at expanding its direct-to-cell satellite capabilities.
SpaceX’s leadership in launch services is supported by its reusable rocket systems, particularly the Falcon 9. Future growth prospects are closely tied to the development of Starship, a next-generation vehicle intended for missions to Mars and large-scale satellite deployment.
The company’s strategic alignment with xAI, Musk’s artificial intelligence venture known for the Grok chatbot, is said to value the combined ecosystem at approximately $1.25 trillion, adding an AI component to SpaceX’s broader space and communications operations.
Analysts, including those from PitchBook and Morningstar, suggest the company could trade at a valuation exceeding 90 times its revenue at listing. While such multiples are considered high, some argue they may be justified over a five- to seven-year horizon if Starship development progresses successfully and Starlink continues to expand rapidly.
However, several risks remain. These include potential delays in Starship’s development, regulatory hurdles, and limited financial transparency typical of newly public companies. Broader market volatility and the possibility of early investor sell-offs following the IPO could also affect the stock’s performance.
If completed as anticipated, SpaceX’s public debut would represent a significant milestone, bringing its combined operations in launch services, satellite internet, and AI-linked infrastructure into public markets.
