SpaceX Adopts Lower IPO Valuation Target of at Least $1.8 Trillion

SpaceX Targets $1.8 Trillion Valuation in Initial Public Offering

Elon Musk's company, SpaceX, is reportedly targeting a valuation of at least $1.8 trillion in its initial public offering (IPO), according to sources familiar with the matter. This figure is significantly lower than the $2 trillion valuation the company was initially aiming for, as reported by Bloomberg News in April.

The rocket, data, and artificial intelligence firm's target valuation is expected to be finalized after consultations with advisers and investors. Details of an IPO such as size and valuation are typically adjusted ahead of pricing based on feedback from stakeholders. SpaceX is seeking to raise as much as $75 billion, which would make it the largest IPO of all time.

The company's IPO filing, submitted on May 20, showcases its evolution from focusing on reusable rockets and profitable satellite internet services to an AI services and infrastructure giant with ambitions to establish orbital data centers. SpaceX is eyeing a total addressable market of $28.5 trillion, as stated in its filing.

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Expected IPO Timeline

SpaceX is expected to start formal marketing of its IPO as early as June 4, with pricing potentially taking place on June 11. However, the trading timeline could be delayed by a matter of days, according to sources.

The company's deliberations are ongoing, and it may decide to increase its target valuation depending on investor feedback during the marketing process. A spokesperson for SpaceX did not immediately respond to a request for comment.

Financial Performance

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SpaceX reported $18.7 billion in revenue in 2025, a significant increase from $14 billion in the previous year. However, the company swung from a profit of $791 million in 2024 to a loss of $4.94 billion last year, according to its IPO filing.

Recent Acquisitions

In February, SpaceX acquired Elon Musk's xAI, which includes the Grok chatbot and social media platform X. The deal gave SpaceX a valuation of $1 trillion at the time, while xAI was valued at $250 billion, according to Bloomberg News.

IPO Underwriters

The IPO is being led by Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co., along with 18 other banks. SpaceX, formally known as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.