'$2 trillion valuation': SpaceX blockbuster IPO could raise $75 billion, say reports

SpaceX has confidentially filed for an initial public offering (IPO) that could value the space exploration, satellite internet and AI company led by world's richest person Elon Musk at around $2 trillion. The IPO could raise as much as $75 billion, potentially making it the largest listing in history.

Listing imminent: SpaceX confidential SEC filing

The filing with the US Securities and Exchange Commission (SEC) was made on April 1, according to Bloomberg and other reports. The company could go public as early as June, subject to regulatory review and market conditions, said the reports.

Reports indicate SpaceX is targeting a valuation above $1.75 trillion, with some estimates approaching $2 trillion. At this level, it would rank among the world’s largest companies, alongside Nvidia, Apple, Alphabet (Google), Microsoft, and Amazon. It could also surpass Meta and Tesla, the electric vehicle company also led by Musk.

SpaceX expecting the biggest IPO ever

The IPO could raise between $50 billion and $75 billion, surpassing the previous record set by Saudi Aramco. The Saudi Aramco IPO in 2019 raised about $29.4 billion and valued the company at roughly $1.7 trillion at listing.

Starlink, the real star of SpaceX

SpaceX develops rockets, space exploration systems but Starlink, its satellite internet service, is the primary revenue driver. It generates more than two-thirds of the company’s total revenue by providing internet connectivity via low-Earth orbit satellites. SpaceX is estimated to have generated around $15–16 billion in revenue in 2025, with EBITDA of approximately $7.5 billion. The company recently entered into a $19.6 billion spectrum deal with EchoStar to expand its direct-to-cell capabilities.

Reusable rockets such as Falcon 9 underpin SpaceX’s dominance in commercial and government launches. Future growth is expected to depend heavily on the success of Starship, the company’s next-generation rocket designed for Mars missions and large-scale satellite deployment.

xAI deal adds AI angle to SpaceX products and services

SpaceX’s integration with xAI, the artificial intelligence venture behind the popular Grok chatbot, values the combined entity at approximately $1.25 trillion and adds an AI dimension to its broader space and communications strategy.

Analysts think the stock could perform well long term, but risks remain

SpaceX is expected to list at a high valuation, with analysts such as PitchBook and Morningstar suggesting it could trade at more than 90 times revenue. However, they argue that over a five to seven year period, the valuation could be justified if Starship development succeeds and Starlink continues its rapid expansion.

Risks include delays in Starship development, regulatory challenges, limited public financial disclosure. The broader market volatility and selling pressure from early investors after the IPO could also hit the stock.

SpaceX’s IPO could mark a historic moment, bringing its combined strengths in space launch, satellite internet, and AI-linked infrastructure into public markets, provided it delivers on its ambitious growth expectations.