SpaceX is advancing plans for an initial public offering expected to raise well above $30 billion, according to sources familiar with the matter, in what could become the largest IPO in history.
Led by Elon Musk, the company is aiming for a total valuation of around $1.5 trillion, putting it close to the market value Saudi Aramco reached during its record-breaking 2019 listing, when the oil giant raised $29 billion.
SpaceX’s management and advisers are targeting a potential IPO as early as mid-to-late 2026, according to sources who spoke on the condition of anonymity due to the confidential nature of the matter. The timing could shift depending on market conditions, with a possibility the offering could move into 2027.
A SpaceX spokesperson did not immediately respond to requests for comment.
News of SpaceX’s IPO plans boosted shares of other space-related companies on Tuesday. EchoStar Corp., which has agreed to sell spectrum licenses to SpaceX, climbed as much as 12% in New York, hitting a new intraday high. Rocket Lab Corp., a space transportation company, extended gains to 4.3%.
Bloomberg and other outlets reported Friday that SpaceX is considering a potential IPO as early as late next year. Sources said Elon Musk and the company’s board have recently advanced plans for the listing and fundraising, including key hires and capital allocation strategies, alongside finalizing the latest insider share sale.
SpaceX’s accelerated move toward public markets is partly driven by the strong growth of its Starlink satellite internet service—including plans for a direct-to-mobile offering—and the ongoing development of its Starship rocket for lunar and Mars missions.
The company is projected to generate roughly $15 billion in revenue in 2025, rising to between $22 billion and $24 billion in 2026, with most of the sales coming from Starlink, according to a source.
SpaceX plans to use a portion of the funds raised in an IPO to develop space-based data centers, including acquiring the necessary chips, according to two sources. Elon Musk previously expressed interest in the idea during a recent event with Baron Capital.
In the current secondary offering, SpaceX has set a per-share price of about $420, valuing the company above the $800 billion previously reported, sources said. Employees are able to sell roughly $2 billion in stock, while SpaceX will buy back some shares, two people familiar with the matter added.
The pricing strategy aims to establish a fair market valuation ahead of the IPO, one source noted.
“SpaceX has been cash-flow positive for many years and conducts periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a Dec. 6 post on his social media platform X.
“Valuation increases are driven by progress with Starship and Starlink, as well as securing global direct-to-cell spectrum, which significantly expands our addressable market,” Musk said.
SpaceX executives have long discussed the possibility of spinning off Starlink into a separate, publicly traded company—a concept first proposed by President Gwynne Shotwell in 2020.
However, Musk has questioned the timing over the years, and Chief Financial Officer Bret Johnsen stated in 2024 that a Starlink IPO is more likely to occur “in the years to come.”
Among SpaceX’s largest long-term investors are venture firms such as Peter Thiel’s Founders Fund, 137 Ventures led by Justin Fishner-Wolfson, and Valor Equity Partners. Fidelity and Alphabet Inc.’s Google also hold significant stakes.
If SpaceX were to sell 5% of the company at that valuation, it would raise $40 billion, potentially making it the largest IPO in history—surpassing Saudi Aramco’s roughly $29 billion listing in 2019. Aramco sold only 1.5% of its ownership in that offering, far less than what most public companies typically offer.
—With reporting assistance from Loren Grush and Matthew Griffin.
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