SpaceX Files for IPO Targeting $1.5 Trillion Valuation
On Wednesday, Elon Musk’s SpaceX submitted its paperwork to go public next month, with an eye-popping valuation anticipated to reach about $1.5 trillion, potentially making it the largest IPO ever.
The application highlighted ambitious forecasts for SpaceX, which owns xAI, a company focused on artificial intelligence, along with the satellite internet service Starlink and the social media platform X.
SpaceX estimates around $28.5 trillion in future revenue opportunities. This includes $26.5 trillion from AI projects, $1.6 trillion from Starlink’s broadband services, $740 billion from mobile connections via Starlink, and $370 billion from “space-enabled solutions.”
“We believe we have identified the largest viable total addressable market (‘TAM’) in human history,” the S-1 securities filing states, which is a standard financial term for potential revenue.
Musk, who has long harbored dreams of colonizing Mars, shared lofty ambitions in the filing and mentioned that SpaceX plans to trade under the ticker symbol SPCX.
“Our mission is to build the systems and technologies needed to make life multiplanetary, to understand the nature of the universe, and to spread the light of consciousness to the stars,” he stated in the prospectus.
“You want to wake up and believe the future is going to be great—that’s a space-faring civilization,” he remarked. “It’s about having faith in the future and thinking it will be better than the past. Honestly, I can’t think of anything more thrilling than exploring the stars.”
The IPO is expected to occur on June 12 at Nasdaq, though SpaceX hasn’t specified how much capital it aims to raise or its expected valuation. Analysts predict a funding round of approximately $80 billion, with the valuation being around $1.5 trillion contingent on investor feedback in the coming weeks.
If successful, this IPO would surpass Saudi Aramco’s previous record of $26 billion raised in 2019.
This listing would allow current shareholders to sell their shares and provide retail investors a chance to buy in. Musk’s Texas-based company has brought significant innovation to the space sector by pioneering the ability to land rockets upright, thus significantly reducing launch costs through reusability. It has also consistently launched payloads for NASA and commercial satellites.
The filing details a stunning $20.7 billion in total capital expenditures for SpaceX.
Last year alone, its launch and satellite divisions consumed $8 billion in capital, while the AI segment accounted for $12.7 billion. SpaceX is currently working to finalize production on its new Starship rocket, and xAI has incurred substantial expenses on data centers.
For 2025, SpaceX reported revenue of $18.6 billion, a 33% increase from the previous year, but also a net loss of $4.3 billion for the first quarter.
Despite the impressive revenue forecasts, SpaceX’s sales figures are trailing compared to other companies expected to join the public market. The company’s revenue last year was $18.7 billion, paired with a loss of $4.9 billion. According to analysis by the Wall Street Journal, the top 15 U.S. companies are valued around seven times their sales, suggesting that if SpaceX reaches a $1.5 trillion valuation, it would be valued at 80 times its sales.
Post-IPO, Musk is set to continue as CEO, technology director, and chairman of the board, owning 12.3% of Class A shares and an impressive 93.6% of Class B shares, which would still give him majority voting power, as noted by Wedbush Securities.
Wedbush analyst Dan Ives speculated that Musk may eventually combine SpaceX with Tesla, the automaker he leads.
“Musk is aiming for more ownership and influence in the AI ecosystem,” Ives noted. “Over time, the ambition could be to merge SpaceX and Tesla, linking two groundbreaking tech entities driving the AI revolution.”
