Elon Musk’s SpaceX is moving toward an initial public offering that plans to raise well above $30 billion, targeting a full valuation of $1.5 trillion, the highest ever, according to Bloomberg.
That would place SpaceX close to the level set by Saudi Aramco’s 2019 market debut, when the oil giant raised $29 billion. Reportedly, the talks remain private and sensitive, but management and advisers are working toward a listing as early as mid-to-late 2026. Some involved say the timing could slide into 2027 if markets turn rough.
Reports this Friday said the company is also exploring a possible offering as soon as late next year. In recent days, Elon Musk and the board moved forward with the IPO process. They discussed fundraising plans, hiring for key finance and legal roles, and early ideas on how capital would be used.
The faster road to public trading is tied to the growth of Starlink. The satellite network is expanding its direct-to-mobile service that lets phones link to space without towers. At the same time, work on Starship for the Moon and Mars keeps pushing forward.
One person familiar with internal numbers allegedly said revenue should reach about $15 billion in 2025. That figure is projected to rise to $22 billion to $24 billion in 2026. Most of that money is expected to come from Starlink.
Executives see the satellite unit as the main cash engine that makes large-scale fundraising possible without relying only on launch contracts. This shift is priced into plans.
Some of the IPO money is planned for space-based data centers. Two people said funds would also go toward buying the chips needed to run those systems.
Elon Musk spoke about the idea during a recent event with Baron Capital, where he linked orbital computing to future network demand. That spending line is separate from rockets and satellites and sits fully inside the digital infrastructure plan for the next cycle.
Buybacks reset price as investors line up
In the current secondary offering, SpaceX set a per-share price near $420. That move lifted the company’s implied value above the previously reported $800 billion level. Employees are allowed to sell roughly $2 billion in stock under this round.
The company is also taking part by buying back a portion of those shares. One person tied the pricing strategy to a goal of setting a clear fair-market level before an IPO filing. Major holders include Peter Thiel’s Founder’s Fund, 137 Ventures led by Justin Fishner-Wolfson, Valor Equity Partners, Fidelity, and Google, selling 5% equals $40 billion versus Aramco’s 1.5% slice.
On December 6, Elon Musk said on X that SpaceX has been cash-flow positive for many years and runs stock buybacks twice a year to give liquidity to workers and investors.
He said valuation changes tie directly to progress with Starship, growth at Starlink, and efforts to secure global direct-to-cell spectrum that expands market reach.
Talk of a Starlink spin-off has surfaced for years after Gwynne Shotwell, the company’s president, raised it in 2020. Timing stayed uncertain.
In 2024, Bret Johnsen, the chief financial officer, said a Starlink IPO would happen “in the years to come.” He gave no date.
Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program
