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SpaceX is currently targeting a valuation of at least $1.8 trillion in its initial public offering, according to people familiar with the matter, as Elon Musk’s rocket and artificial intelligence company nears its debut.
Bloomberg News reported in April that SpaceX was aiming for a valuation above $2 trillion. The target is settling lower after consultations with advisers and investors, the people said, asking not to be identified as the information isn’t public.
Details of an IPO such as size and valuation are typically adjusted ahead of pricing based on feedback from stakeholders, the people said. SpaceX is seeking to raise as much as $75 billion, people familiar with the matter have said, which would make it the biggest IPO of all time.
Deliberations are ongoing and the company could decide to increase its target valuation depending on investor feedback during the marketing, the people said. A spokesperson for SpaceX didn’t respond to a request for comment. In a post Friday on X, Musk replied “False” to an account citing Bloomberg News’ report that SpaceX had lowered its valuation target.
SpaceX’s pitch to investors in its IPO filing May 20 shows the company’s evolution, from focusing on making reusable rockets and a profitable business providing satellite internet, to an AI services and infrastructure giant dreaming of orbital data centers and conquering a total addressable market of $28.5 trillion.
SpaceX is expected to start formal marketing of its IPO as soon as June 4 and to price as early as June 11, Bloomberg News has reported. The trading timeline could be delayed by a matter of days, the people said.
SpaceX had $18.7 billion in revenue in 2025, up from $14 billion the previous year. During that period, the company swung from a profit of $791 million in 2024 to a loss of $4.94 billion last year, according to the filing.
The company announced in February it had acquired Musk’s xAI, housing the Grok chatbot and social media platform X. The deal gave SpaceX a valuation of $1 trillion at the time, and xAI a value of $250 billion, Bloomberg News reported.
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the IPO along with 18 other banks. The company, known formally as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.
(Updates with Musk tweet in fourth paragraph.)
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