SpaceX aims for IPO over $30 billion backed by Starlink and Starship success

SpaceX is accelerating plans for an initial public offering (IPO) that could raise well over $30 billion, potentially setting a new record for the largest listing in history, Bloomberg news reported citing sources with knowledge of the matter.

Under Elon Musk’s leadership, the company is targeting a staggering valuation of around $1.5 trillion, putting it close to the market value that Saudi Aramco achieved during its landmark 2019 IPO, which raised $29 billion.

Those familiar with SpaceX’s plans say the company is eyeing a public listing as soon as mid-to-late 2026, though market conditions could push this into 2027. SpaceX has yet to comment officially.

News of the potential IPO sent ripples across the space sector, with EchoStar Corp. which is set to sell spectrum licenses to SpaceX, jumping as much as 12% in New York. Space transportation firm Rocket Lab Corp. also saw gains of up to 4.3%.

Recent reports suggest Musk and SpaceX’s board have been moving swiftly to prepare for the IPO, including making key hires and finalising plans for how the raised capital would be spent. This follows a recent insider share sale, which has helped establish the company’s latest valuation.

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A key factor behind SpaceX’s rush towards the public markets is the rapid growth of its Starlink satellite internet service, including the promising direct-to-mobile business, alongside the development of the Starship rocket for lunar and Martian missions. Revenue is expected to reach around $15 billion in 2025, rising to $22–24 billion in 2026, with Starlink accounting for the lion’s share.

Some of the IPO proceeds could be used to develop space-based data centres, including acquiring the specialised chips needed to operate them. In the current secondary offering, SpaceX has set a per-share price around $420, pushing its valuation above $800 billion. Employees are being allowed to sell roughly $2 billion worth of stock, while the company will buy back some shares to provide liquidity.

“SpaceX has been cash-flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said on 6 December via his social media platform X. He added that valuation growth depends on progress with Starship and Starlink, as well as securing global direct-to-cell spectrum, which would dramatically expand the company’s market.

There has long been talk of spinning off Starlink into a separate publicly traded company, a concept first raised by President Gwynne Shotwell in 2020. Musk has historically been cautious on timing, with CFO Bret Johnsen noting in 2024 that a Starlink IPO is more likely “in the years to come.”

Top investors in SpaceX include venture firms such as Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity, and Alphabet Inc.’s Google.

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At the projected valuation, selling just 5% of the company could raise roughly $40 billion, easily surpassing Saudi Aramco’s $29 billion record and making SpaceX’s IPO the largest in history. By comparison, Aramco offered just 1.5% of its shares, far below the typical proportion for public listings.