SpaceX eyes over $2 trillion valuation in blockbuster IPO push: Report

SpaceX is targeting a valuation of more than $2 trillion for its proposed initial public offering (IPO), as the world’s most valuable startup prepares for what could become the largest market debut in history, Bloomberg News reported, citing people familiar with the matter.

According to the report, the company and its advisers have begun floating the valuation to prospective investors ahead of a series of “testing-the-waters” briefings expected in the coming weeks. These early discussions are aimed at gauging investor appetite and refining the pitch for the offering, the report said.

If achieved, the valuation would mark a sharp jump of nearly two-thirds in a matter of months. Earlier this year, SpaceX’s valuation stood at about $1.25 trillion following its acquisition of xAI, Bloomberg News reported in February.

A valuation north of $2 trillion would place SpaceX among the most valuable companies globally, surpassing most constituents of the S&P 500 Index. Only a handful of tech giants — including Nvidia, Apple, Alphabet, Microsoft and Amazon — would remain ahead on that metric.

IPO could raise $75 billion

Bloomberg News reported that SpaceX has already filed confidentially for an IPO that could take place as early as June. The offering could raise up to $75 billion, significantly exceeding the previous record set by Saudi Aramco, which raised $29 billion in 2019.

Such a listing would also likely kick off a wave of mega IPOs, with AI firms expected to follow, including OpenAI and Anthropic.

The proceeds from the IPO are expected to fund founder Elon Musk’s long-term ambitions, which include building AI data centres in space and developing a factory on the moon. These projects are part of Musk’s broader vision of integrating artificial intelligence, robotics and space infrastructure.

Core businesses remain key revenue drivers

According to Bloomberg Intelligence, SpaceX’s core operations — including rocket launches and its Starlink satellite broadband business — are expected to generate close to $20 billion in revenue in 2026. In contrast, xAI is projected to contribute less than $1 billion.

The company’s dominance in launch services and low-Earth orbit communications continues to give it a significant lead over competitors, analysts noted.

Banking heavyweights onboard

SpaceX has reportedly tapped a group of leading Wall Street banks for the IPO, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley.

The company is expected to hold a call with the broader banking syndicate shortly, followed by an analyst briefing later this month, Bloomberg reported.

Deliberations remain ongoing, and key details of the offering — including timing and valuation — could still change.