SpaceX aims for $1.8 trillion valuation in largest IPO ever, set for Friday debut
Elon Musk's SpaceX is set to go public on 12 June in what is expected to be the largest initial public offering in history, targeting a valuation near $1.8 trillion despite posting a net loss of $4.9 billion last year.
The record-breaking offering
SpaceX plans to raise $75 billion by selling over 555 million shares at $135 each, according to its prospectus. At that price, the company would debut with a valuation between $1,765 billion and $1,800 billion, depending on the source. The figures surpass the previous record held by Saudi Aramco's 2019 IPO. The listing is scheduled for Friday, 12 June, on Wall Street.
What SpaceX does
Founded by Musk in 2002, SpaceX is best known for its reusable rockets, particularly the Falcon 9, which completed over 500 flights last year. The company has become practically indispensable for US space operations and the military, especially since the retirement of the Space Shuttle program. Its Starlink satellite internet service, with around 9,600 satellites in orbit, generated roughly $11 billion of the company's $18.7 billion in 2025 revenue and reached over 10 million customers by the end of March.
The financial picture
SpaceX's revenue grew 33% year-over-year to $18.7 billion in 2025, but costs rose faster, resulting in a net loss of $4.9 billion. The targeted valuation is more than 90 times last year's revenue, a multiple far exceeding those of Nvidia (around 20) and Apple (around 10). The company justifies this with the future market potential, citing a total addressable market of $1.6 trillion for satellite connectivity alone. Musk also recently folded his AI company xAI, which had absorbed the platform X, into SpaceX.
Demand seems to be shaping up well... there is no doubt there is real fervor around the company.
Investor enthusiasm meets scepticism
Analysts describe unprecedented excitement for the offering. Eva Ados of ERShares, which already holds a stake via a special purpose vehicle, told AFP she had seen enthusiasm unlike anything before. About 30% of the new shares are reserved for retail investors, an unusually high allocation aimed at broadening the shareholder base. Kim Forrest of Bokeh Capital Partners noted that the brand's "cool" image and Musk's marketing talent are fuelling interest.
SpaceX is probably not a stock that will ever be in my portfolios.
Forrest pointed out that outside of Starlink, the company's spending is not directed toward directly profitable ends, with the rocket launch and AI divisions recording significant losses. Some analysts draw parallels to Tesla, which commands a valuation above $1,500 billion without being the world's largest automaker, a title held by Toyota.
Musk's long-term ambitions
Proceeds from the IPO are intended to fund recent projects including the construction of data centers in space and the development of lunar bases. Benoît Deper, CEO of Aerospacelab, told RTBF that while the discourse can seem hyperbolic and is often perceived as far-fetched in Europe, from an engineering and physics standpoint, SpaceX's proposals do not violate the laws of physics and have a track record of delivering on seemingly outlandish promises.
From a purely engineering point of view, I think there aren't really any major problems. From a physics point of view on what SpaceX is proposing, which is a recurring theme, they have proposed many innovative things in the past that were perceived as far-fetched, but which ultimately do not violate the laws of physics too much and come to fruition.
