SpaceX eyes $75B IPO at $1.75T valuation, could become largest listing in history

SpaceX is aiming for something no company has pulled off before: a public debut that could eclipse every IPO in history.

The company is telling investors it wants to raise about $75 billion at a $1.75 trillion valuation, according to a recent Financial Times report. If that plan holds, it would blow past the previous IPO record set by Saudi Aramco, which raised $29.4 billion in 2019.

That target marks a sharp jump from earlier expectations. Just months ago, the conversation centered on a potential mid-2026 listing that could bring in around $50 billion at a $1.5 trillion valuation. The new figures suggest confidence inside SpaceX has grown quickly.

A filing could come soon

The timeline is starting to take shape. Reports indicate SpaceX could submit a confidential prospectus to the U.S. Securities and Exchange Commission as early as this week. A public debut could follow in June 2026 or later in the summer, depending on market conditions and internal readiness.

Chief financial officer Bret Johnsen has been in ongoing discussions with existing investors since late 2025, laying the groundwork for a listing that would take the company public for the first time.

The jump in valuation is striking when placed against recent private market activity. SpaceX was valued at roughly $800 billion after a secondary share sale earlier this year, though some trackers pushed that figure higher. The leap to $1.75 trillion reflects a bet that its core businesses are entering a new phase of scale and profitability.

How Starlink Is Driving SpaceX’s $1.75 Trillion Valuation

At the center of that bet is Starlink, SpaceX’s satellite internet business. It has quietly become the company’s main revenue engine, accounting for a large share of overall performance in recent years.

Starlink generated strong cash flow in 2025, helping SpaceX reach about $8 billion in profit. Subscriber growth has been steady, with expansion continuing across new markets and use cases. Analysts expect Starlink revenue to land somewhere between $9 billion and $18 billion in 2026, with longer-term projections reaching much higher levels as the network grows and adds direct-to-cell services.

That momentum is a major reason some analysts view the $1.75 trillion target as ambitious yet within reach over a multi-year horizon, assuming growth continues, and execution holds up.

Where the money would go

The planned raise is about more than optics. SpaceX has laid out a series of capital-intensive projects that would absorb much of the proceeds.

One focus is scaling Starship, the company’s fully reusable rocket system. Internal plans call for an “insane flight rate,” a phrase used in company communications, pointing to a future of frequent launches to support deep-space missions, satellite deployment, and even point-to-point travel on Earth.

Funds are expected to support orbital AI data centers and early infrastructure tied to long-term lunar ambitions. Starship has already cleared key test milestones, shifting from experimental flights into a more operational phase and opening the door to new revenue streams.

A turning point for public markets

A listing at this scale would mark a major shift for both SpaceX and the broader space industry. For years, access to the company has been limited to private investors. An IPO would change that overnight.

It would give retail and institutional investors a direct stake in a business at the intersection of launch services, satellite connectivity, and emerging infrastructure for data and compute in orbit.

At the same time, questions remain. A valuation of $1.75 trillion implies aggressive expectations relative to current revenue, with price-to-sales multiples that some critics view as stretched in the near term.

Still, momentum is building. Reporting from outlets like Bloomberg and Reuters has pointed to steady progress behind the scenes, even without direct confirmation from the company.

What comes next

A filing would be the clearest signal yet that SpaceX is ready to move. It would not lock in a listing date, though. Market conditions, regulatory review, and internal timing will all play a role in what happens next.

If the IPO lands anywhere close to current expectations, it would reset the ceiling for public offerings and push SpaceX into the top tier of global public companies overnight.

For now, investors are watching closely. The company has spent years building in private. The next step could bring that story into full public view—and test how far markets are willing to go on one of the most ambitious bets in tech.

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