Recent reports indicate that SpaceX has adjusted its initial public offering valuation target to at least $1.8 trillion, a revision from earlier projections exceeding $2 trillion. The change follows consultations with advisors and investors, a common practice where details such as offering size and valuation are refined based on stakeholder feedback before final pricing.
SpaceX aims to raise up to $75 billion through this IPO, potentially marking it as the largest public offering in history. In its IPO filing submitted on May 20, the company outlined its evolution from a focus on reusable rockets and profitable satellite internet services into an artificial intelligence services and infrastructure giant, with ambitions to develop orbital data centers and address a total potential market valued at $28.5 trillion.
The IPO roadshow is expected to commence as early as June 4, with pricing scheduled for June 11. However, sources suggest the listing date could be postponed by several days. Discussions are ongoing, and SpaceX may consider raising its valuation target depending on investor feedback received during the roadshow.
Financially, SpaceX reported revenue of $18.7 billion in 2025, up from $14 billion the previous year. The company shifted from a net income of $791 million in 2024 to a net loss of $4.94 billion in 2025.
In a strategic move, SpaceX announced the acquisition of xAI, founded by Elon Musk, in February. xAI's portfolio includes the Grok chatbot and the social media platform X. This transaction reportedly valued SpaceX at $1 trillion and xAI at $250 billion at the time.
A syndicate of banks, including Goldman Sachs Group, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, alongside 18 other financial institutions, will lead the IPO. The company, formally named Space Exploration Technologies Corp., is expected to list on the Nasdaq and Nasdaq Texas exchanges under the ticker symbol SPCX.
