SpaceX IPO Plans Target Valuation Around 1.5 Trillion Along With Record Debut And Starlink Expansion

SpaceX is preparing an initial public offering that could raise well over $30 billion, according to people aware of internal discussions, potentially creating the biggest stock market debut ever and valuing the Elon Musk-led company at around $1.5 trillion.

At that target valuation, selling 5% of the company would mean issuing about $40 billion of shares, the people said. That would exceed the roughly $29 billion that Saudi Aramco raised during its record 2019 flotation, when the oil producer sold about 1.5% of its equity.

SpaceX IPO valuation and listing plans

Several people familiar with the talks said management and advisers are aiming for a SpaceX IPO between mid and late 2026, though the schedule could shift with market conditions, and one person warned the deal might move into 2027. A SpaceX representative did not immediately respond when asked about these plans.

To anchor the potential SpaceX IPO valuation, the company has launched a secondary share sale that prices stock at about $420 a share, according to people involved. That level puts SpaceX above the previously reported valuation of more than $800 billion, with employees permitted to sell roughly $2 billion of stock while the company also buys back some shares.

One person described this secondary process as a way to reset fair market value ahead of any SpaceX IPO. The person added that it comes as insiders complete another private share sale, giving early investors and staff a chance to realise gains without a formal listing.

"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 in a post Dec. 6 on his social media platform X.

"Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market," he said.

SpaceX IPO driven by Starlink growth

People briefed on company forecasts said SpaceX expects about $15 billion in revenue in 2025. That figure could rise to between $22 billion and $24 billion in 2026, with Starlink satellite internet services providing most of the turnover, including plans for a direct-to-mobile offering alongside the wider launch portfolio.

Executives have long discussed making Starlink a separate listed business after any broader SpaceX IPO. President Gwynne Shotwell first raised the idea in 2020, but Musk has questioned the timing several times, while Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely "in the years to come."

SpaceX IPO funding plans and investors

Two people familiar with internal planning said SpaceX expects to put part of future SpaceX IPO proceeds into space-based data centres, including buying specialised chips needed to run those facilities, an idea Musk also mentioned at a recent Baron Capital event, as the company looks to support Starlink and other data-heavy services.

Long-term backers that could benefit from any SpaceX IPO include Peter Thiel's Founder's Fund, 137 Ventures led by Justin Fishner-Wolfson and Valor Equity Partners, according to people tracking the shareholder base. Fidelity is also a major investor, alongside Alphabet Inc.'s Google, which invested in earlier funding rounds.

Bloomberg and other outlets reported that SpaceX had been studying a SpaceX IPO as early as late 2025. One person familiar with recent board discussions said Musk and directors have stepped up work on the potential deal, including decisions on key hires and possible uses for new capital, while sources insisted on anonymity because the talks remain confidential.

If the company reaches a valuation near $1.5 trillion and sells even a small stake, a SpaceX IPO would rank above Saudi Aramco's 2019 share sale and set a new record, though the precise timing and structure still depend on broader market conditions and internal progress on Starship, Starlink and the planned data centre projects.