SpaceX has boosted its target initial public offering valuation above $2 trillion, according to people familiar with the matter, as the company prepares to pitch its IPO to prospective investors. If realized, the listing would make SpaceX one of the largest public companies by market capitalization, surpassing all but five members of the S&P 500 Index. The offering could raise as much as $75 billion, funding billionaire Elon Musk’s vision of AI data centers in orbit and a factory on the moon.
The proposed valuation represents nearly a two-thirds increase in just a few months. Following SpaceX’s acquisition of Musk’s xAI, the combined entity was valued at $1.25 trillion earlier this year. The new figure positions SpaceX ahead of most publicly traded companies, exceeding Meta Platforms Inc. and Tesla Inc., while trailing only Nvidia Corp., Apple Inc., Alphabet Inc., Microsoft Corp., and Amazon.com Inc. in the S&P 500 rankings.
SpaceX has filed confidentially for its IPO, which could take place in June, and has begun so-called “testing-the-waters” briefings with select investors. These preliminary meetings are expected to provide further details supporting the valuation, although insiders say deliberations are ongoing and the structure of the offering could still change. The company declined to comment publicly on the reports.
Analysts note that SpaceX’s core revenue continues to be driven by its launch services and Starlink broadband operations, projected to generate around $20 billion in 2026. In comparison, the recently acquired xAI subsidiary is expected to contribute less than $1 billion in revenue. The IPO proceeds are likely to be directed toward ambitious new projects, including larger launch vehicles, space-based data centers, and a lunar manufacturing facility. Musk’s Terafab initiative, which aims to produce chips for AI, robotics, and space applications, will operate jointly with Tesla and SpaceX, highlighting the cross-company integration of his ventures.
The scale of the potential IPO dwarfs the previous record. Saudi Aramco’s $29 billion market debut in 2019 held the record for the largest public offering, which SpaceX’s $75 billion raise would more than double. Experts describe the listing as transformative not only for SpaceX but for the broader private-to-public market landscape, particularly in the aerospace and technology sectors.
SpaceX has assembled a high-profile banking syndicate for the offering, including Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley in senior roles, with additional banks added to the roster. The company has scheduled a broader call with the banking syndicate and an analyst briefing in April, signaling its intent to engage investors ahead of a formal IPO launch.
The proposed public offering also positions SpaceX alongside other anticipated mega-IPOs, including OpenAI and Anthropic PBC, whose AI chatbot ventures compete with SpaceX’s xAI Grok. While SpaceX leads in aerospace and low-earth orbit broadband services, the IPO will provide the capital required to expand its technological footprint and realize Musk’s long-term vision of integrating AI and space infrastructure.
By going public, SpaceX could reshape investor expectations for the scale and scope of private aerospace companies entering the public markets. Analysts highlight that the company’s combination of launch services, Starlink connectivity, and AI-focused acquisitions makes it uniquely positioned to capture both commercial and government contracts, providing diversified revenue streams in an increasingly competitive sector.
The success of the IPO will be closely watched as a bellwether for other high-value private tech firms considering public listings. With SpaceX’s ambitious goals and a potential $2 trillion valuation, the company is set to redefine the boundaries of private-to-public market transitions and cement its role at the forefront of both space exploration and AI innovation.
