SpaceX targets $1.75 trillion valuation in record-breaking IPO pursuit

SpaceX is weighing an initial public offering that could value the company at approximately $1.75 trillion, according to reports citing people familiar with the matter. The aerospace giant, led by Elon Musk, is reportedly considering a fundraising target of $75 billion. This figure would more than double the current global record for a public debut, held by Saudi Aramco’s $29.4 billion listing in 2019.

The move follows the February all-stock merger between SpaceX and Musk’s artificial-intelligence startup, xAI. That transaction initially valued the combined entity at $1.25 trillion. However, the latest figures suggested for the IPO reflect a significant surge in investor appetite for space-based infrastructure and AI-integrated technology.

Sources indicate that a confidential filing could occur as early as this month, with a potential trading debut on the Nasdaq by June. While the timing remains fluid, advisors are reportedly preparing executive briefings for April to provide potential investors with deeper financial clarity.

The primary driver of this valuation is Starlink, the satellite internet division that has become the company's most consistent cash flow generator. In 2025, Starlink reportedly generated over $16 billion in revenue, supporting a global subscriber base that has now surpassed 9 million users. Analysts expect these figures to climb as the service expands its direct-to-cell capabilities.

Beyond telecommunications, the capital influx is expected to fund capital-intensive projects, including the continued development of the Starship launch vehicle. The company is also exploring the construction of orbital data centers to support AI processing requirements, which currently cost xAI roughly $1 billion every thirty days to maintain on terrestrial hardware.

If the $1.75 trillion valuation is achieved, SpaceX would become larger by market capitalization than Meta Platforms Inc. and Musk’s own electric vehicle firm, Tesla Inc. This would place the company among the top six most valuable entities in the S&P 500 Index.

Reports also suggest that President Ruto and other global leaders have shown increasing interest in the expansion of Starlink across emerging markets. In Kenya, the service has already begun to impact connectivity in remote areas, where the locals previously lacked reliable high-speed access.

Musk is reportedly considering a non-traditional allocation for the offering, potentially reserving up to 30% of shares for retail investors. This strategy would deviate from the standard Wall Street playbook, which typically favors institutional buyers in large-scale listings.

The upcoming months will test investor confidence in the ambitious 95-times turnover multiple currently projected by analysts. While the launch business remains dominant, controlling approximately 80% of global commercial mass, the market’s focus is squarely on the scalability of space-based software and data services.