SpaceX is preparing for an initial public offering in mid-to-late 2026 that would value Elon Musk’s rocket and satellite company at approximately $1.5 trillion, according to reports from Bloomberg and Reuters.

The planned IPO would rank SpaceX among the top 10 most valuable companies in the world and represent the largest public offering in history, surpassing Saudi Aramco’s $1.7 trillion debut valuation in December 2019.

The Offering

SpaceX is seeking to raise more than $25 billion through the public listing, with the company having begun early discussions with banks about launching the offering around June or July 2026, according to sources who requested anonymity to discuss confidential information.

The IPO would value SpaceX at roughly double its most recent private valuation. Reports last week suggested the company was conducting a secondary share sale at $800 billion, though Musk dismissed those reports as inaccurate, clarifying that SpaceX conducts routine stock buybacks for employee liquidity rather than raising new capital.

Revenue Growth

SpaceX is projected to generate approximately $15 billion in revenue in 2025, with that figure expected to rise to between $22 billion and $24 billion in 2026. The company’s rapid expansion has been driven primarily by two business lines:

• Starlink satellite internet: The company’s constellation of low-Earth orbit satellites providing global internet coverage, which contributes the majority of SpaceX revenue
• Starship rocket program: Development of the massive reusable rocket designed for Moon and Mars missions

According to Musk, NASA contracts constitute less than 5% of SpaceX revenue, with commercial Starlink services representing the largest revenue contributor.

Use of Proceeds

SpaceX plans to use IPO proceeds to develop space-based data centers, including purchasing the chips required to run them, according to Bloomberg News. Musk discussed the concept during a recent event with Baron Capital.

Market Context

SpaceX currently ranks as the world’s second most-valuable private startup after ChatGPT maker OpenAI, according to Crunchbase data. OpenAI and AI rival Anthropic are also reportedly in talks for IPOs next year.

“If all these deals come through the US IPO market will experience a genuine revival, the green shoots of which have already been seen this year,” Samuel Kerr, head of equity capital markets at Mergermarket, told Reuters.

The potential SpaceX IPO comes as several billionaires and private firms fuel a new space race in the United States, pouring money into rockets, satellites and lunar missions. With NASA relying more on commercial partnerships and defense spending rising, the space industry is becoming a high-stakes arena for technological dominance, national security and economic opportunity.

Investor Concerns

Analysts have raised questions about Musk’s ability to simultaneously run multiple trillion-dollar public companies. Musk currently serves as CEO of Tesla, which has a market capitalization exceeding $1 trillion.

“SpaceX could be one of the most divisive stocks to join the market in years,” Dan Coatsworth, head of markets at AJ Bell, told Reuters. “If SpaceX did float, expect growing pressure on Musk to commit to only one of his listed entities Tesla or SpaceX. It’s hard to see how one individual could run two $1 trillion+ companies at the same time.”

Historical Context

In 2020, Musk indicated that Starlink would list only after its revenue became “smooth & predictable.” The 2026 timeline suggests the company believes it has reached that milestone.

Saudi Aramco remains the only company to complete an IPO with a valuation exceeding $1 trillion. The state-owned petroleum and natural gas giant debuted in December 2019 with an estimated market capitalization of $1.7 trillion.

If SpaceX’s IPO proceeds at the reported $1.5 trillion valuation, it would be 10 times larger than the biggest venture capital-backed listing of all time.

Overview

The planned 2026 IPO would transform SpaceX from the world’s most valuable private space company into one of the largest publicly traded corporations globally. With Starlink revenue providing a stable commercial base and Starship development advancing toward operational status, SpaceX appears positioned to capitalize on growing demand for satellite internet services and commercial space transportation. However, concerns about Musk’s bandwidth to manage multiple trillion-dollar companies and the inherent risks of space industry operations may temper investor enthusiasm.

SpaceX did not respond to requests for comment on the IPO reports.