BlackRock eyes up to $10B in SpaceX IPO as Musk’s rocket empire targets $1.75 trillion valuation

Wall Street is lining up for what could become the biggest IPO in history. BlackRock, the world’s largest asset manager, has reportedly discussed investing between $5 billion and $10 billion in SpaceX’s upcoming public offering, according to a report from The Information.

If the talks lead to a final commitment, the investment would make BlackRock one of the anchor investors in Elon Musk’s long-awaited market debut for the rocket company.

SpaceX is reportedly targeting a $75 billion raise at a valuation of roughly $1.75 trillion. That figure would place the company among the most valuable businesses on Earth before its first day of public trading.

The Information first reported on the weekend’s discussions, citing people familiar with the matter. BlackRock would reportedly pull the funds from its actively managed portfolio business, which oversees more than $536 billion in assets. Neither SpaceX nor BlackRock has publicly commented on the talks.

“BlackRock has discussed investing $5 billion to $10 billion in SpaceX’s initial public offering next month, people familiar with the matter said. The massive order, for an offering that could raise as much as $75 billion, would represent a vote of confidence in Elon Musk’s company from the world’s largest asset manager,” The Information reported.

The reported investment talks arrive at a time when institutional investors are once again warming up to large IPOs after years of market volatility, higher interest rates, and weak public listings. SpaceX appears to be testing whether investors are willing to pay a premium for a company that sits at the center of several booming sectors, including satellite internet, defense, launch systems, and artificial intelligence infrastructure.

SpaceX confidentially filed for its IPO in April and is reportedly targeting a Nasdaq debut as early as June 12. Morgan Stanley, JPMorgan, Goldman Sachs, Bank of America, and Citigroup are said to be leading the offering.

The scale of the valuation has already sparked debate across Wall Street. A $1.75 trillion price tag would place SpaceX ahead of many of the world’s largest public companies. Musk’s supporters argue that traditional valuation models fail to capture Starlink’s global reach, the economics of reusable launches, and the company’s dominant position in commercial spaceflight.

Critics point to governance concerns and concentrated control. Musk is expected to retain super-voting shares that give him outsized influence over company decisions after the IPO. He has reportedly stated that he does not plan to sell shares in the offering.

The BlackRock discussions have added another layer to the growing relationship between Musk and BlackRock CEO Larry Fink. Earlier this month, both executives joined President Donald Trump’s delegation to China for high-level meetings with Chinese President Xi Jinping. Apple CEO Tim Cook and Nvidia CEO Jensen Huang were part of the same trip, which focused on trade and economic issues.

Fink has publicly praised Musk’s track record in the past. During a Davos appearance earlier this year, Fink referenced Tesla’s rise and the gains institutional investors could have captured had they backed Musk earlier.

“Think about how many pension funds would have profited if they had invested with Musk during the Tesla days,” Fink said during the interview.

SpaceX generated an estimated $15-$16 billion in revenue in 2025, driven largely by launch services and Starlink, which now serves roughly 9 million internet users worldwide. Investor optimism around Starlink’s future growth remains one of the biggest forces behind the company’s soaring valuation.

The IPO valuation marks a sharp jump from the roughly $1.25 trillion figure attached to SpaceX earlier this year following its merger with Musk’s xAI venture. Investors appear increasingly willing to view Musk’s businesses as part of a larger ecosystem tied to AI infrastructure, communications, defense technology, and autonomous systems.

A $10 billion investment from BlackRock would account for roughly 13% of the total IPO raise. That would give the offering a major institutional endorsement without handing BlackRock meaningful control over the company.

For now, the talks remain just that: discussions. Still, the report alone has already intensified interest around what may become the defining public offering of the decade. Investors are now waiting to see whether BlackRock formalizes its commitment and whether public markets are ready to absorb one of the largest tech listings ever attempted.