SpaceX targets 2026 IPO at $1.5 trillion valuation, fueled by Starlink’s explosive growth

Elon Musk’s SpaceX is stepping closer to Wall Street. The company is pressing ahead with plans for an initial public offering aimed at mid-to-late 2026, with expectations of raising more than $30 billion at a valuation that could reach $1.5 trillion. Bloomberg first reported the timeline, with Reuters and TechCrunch confirming key details. If the listing goes through on that scale, it would surpass Saudi Aramco’s $29.4 billion IPO from 2019 and place SpaceX among the most valuable public companies on the planet from day one.

This moment has been years in the making. SpaceX has long been treated as a private-market outlier, valued like a mature tech giant while staying outside public scrutiny. That gap is now closing, pushed forward by a single force reshaping the company’s business model: Starlink.

Starlink has shifted SpaceX from a launch provider into a global communications operator. The satellite internet service now operates a constellation of more than 8,000 low-Earth-orbit satellites, delivering broadband coverage across more than 150 countries. Subscriber counts passed 8 million by late 2025, according to people familiar with internal metrics, marking one of the fastest user ramps seen in infrastructure-backed connectivity.

“SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than $30 billion,” Bloomberg reported, citing people familiar with the matter.  

Bloomberg added, “The Elon Musk-led company is targeting a valuation of about $1.5 trillion for the entire company, which would leave SpaceX near the market value that Saudi Aramco established during its record 2019 listing. The oil major raised $29 billion at the time.”

The report came just a day after the Wall Street Journal reported that SpaceX was planning a new secondary share sale that could value the company at as much as $800 billion, pushing the rocket maker past OpenAI to become the most valuable private company in the U.S.

From Starlink to Starship: How SpaceX Is Building Toward a $1.5 Trillion IPO

Revenue growth tells the same story. Bloomberg estimates SpaceX will generate about $15 billion in total revenue during 2025, with projections rising to $22 billion to $24 billion in 2026. Starlink is expected to contribute well over two-thirds of that total. Forbes put Starlink revenue at $8.2 billion in 2024 out of SpaceX’s $13.1 billion total, with forecasts pointing to roughly $15.5 billion for 2025 alone.

The scale goes beyond consumer internet. Starlink now supports maritime fleets, commercial aviation, remote industrial sites, and defense applications through its Starshield program. A $2.6 billion spectrum agreement with EchoStar, announced earlier this year, sent EchoStar shares up 18% and strengthened SpaceX’s telecom footprint. Market researchers at AInvest estimate Starlink could secure around 60% of the global satellite broadband market by 2030, with EBITDA projections nearing $11 billion in 2026.

That growth has quietly reshaped SpaceX’s revenue mix. The launch business still dominates global orbital access, accounting for nearly 90% of payloads launched last year. Financial impact tells a different story. Launch revenue now accounts for less than 30% of the company’s total. Government missions remain stable contributors, with NASA relying on Falcon rockets for projects such as the GOES-U weather satellite launch. Starlink now pays most of the bills.

Private market pricing has already caught up to that reality. On December 5, The Wall Street Journal reported that SpaceX launched a new employee tender offer valuing the company at up to $800 billion. That figure doubled the valuation from July and pushed SpaceX past OpenAI to become the world’s most valuable private company. Bloomberg detailed the structure, placing shares around $420 each and allowing employees to sell up to $2 billion worth of stock through company-supported buybacks.

Musk acknowledged the move a day later on X, framing it as part of SpaceX’s long-standing liquidity approach. “Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market,” he wrote. SpaceX has operated profitably for several years and runs employee liquidity programs twice per year, according to Musk.

That spectrum push sits at the center of the next phase. SpaceX is working with partners such as T-Mobile to enable direct satellite-to-phone connectivity, a move that could bring parts of the $1.2 trillion global telecom sector into orbital networks. Success would extend Starlink’s reach far past rural broadband.

An IPO at $1.5 trillion would carry major upside for early backers. Founders Fund, Fidelity, Alphabet, and Valor Equity Partners collectively hold large stakes. A 5% offering at the target valuation would result in roughly $75 billion in shares sold, more than doubling Aramco’s record. TipRanks and other analysts caution that timing remains flexible, with Starship development progress playing a central role.

That brings the conversation back to hardware. Starship remains the linchpin of SpaceX’s longer-term strategy. The fully reusable super-heavy rocket is intended to support NASA’s Artemis lunar missions and Musk’s Mars ambitions. Testing at Starbase in Texas continues at a steady pace, moving toward orbital refueling demonstrations. Explosions remain part of the learning curve, drawing regulatory attention and public scrutiny.

The IPO proceeds would fund that work, though Musk has signaled a second priority that could reshape computing itself. Speaking at a Baron Capital event, he described plans for orbital data centers built from scaled-up Starlink V3 satellites. Musk later confirmed the idea on X, writing: “Simply scaling up Starlink V3 satellites… would work. SpaceX will be doing this.”

The idea draws interest from energy and AI researchers alike. Space offers constant solar exposure, near-zero cooling costs through radiation, and freedom from terrestrial zoning battles. Publications including Ars Technica and Data Center Dynamics have explored the concept, noting growing interest from players linked to Eric Schmidt and Google, with prototypes aimed at 2027 launches. Latency, orbital stability, and launch economics remain open questions. SpaceX’s launch capacity gives it an unusual advantage, with forecasts pointing to control of nearly all heavy-lift capacity by the end of the decade.

Market reaction has already begun. Rocket Lab shares climbed more than 4% following early reports of an IPO. Space-focused ETFs such as ARKX and UFO saw heightened trading activity. Benzinga notes indirect exposure via funds that hold SpaceX shares, including ARK Venture and Fidelity mutual funds. Musk has hinted at possible priority access for Tesla shareholders, adding another layer of speculation.

Concerns remain part of the picture. Industry forums have raised questions about talent retention following a public listing. Regulatory pressure continues to build around spectrum use, orbital congestion, and the environmental effects of large satellite constellations. Competition from Amazon’s Project Kuiper and Chinese launch providers keeps the field active. The $1.5 trillion valuation assumes smooth execution across multiple fronts and uses earnings multiples closer to those of early Amazon than of traditional aerospace firms.

SpaceX’s public debut would mark more than a financial event. It would test whether Wall Street is willing to price space infrastructure like core internet utilities rather than speculative science projects. Starlink has already changed how SpaceX earns money. Starship and orbital computing will decide how that story ends.

As one Bloomberg source put it, “The sky’s not the limit—it’s the starting line.”