SpaceX trims IPO valuation target to $1.8 trillion as debut nears

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SpaceX trims IPO valuation target

Highlights

SpaceX is targeting an IPO valuation of at least $1.8 trillion, down from earlier expectations above $2 trillion.
The company may seek to raise as much as $75 billion, which would make the listing the largest IPO on record.
Formal marketing could begin as soon as June 4, with pricing possible as early as June 11.
SpaceX reported $18.7 billion in 2025 revenue but swung to a $4.94 billion loss from a $791 million profit a year earlier.

A lower target, but still a historic offering

According to Bloomberg, SpaceX has lowered its IPO valuation goal after discussions with advisers and investors. The company had previously been reported to be seeking a valuation above $2 trillion, but the current target is now at least $1.8 trillion.

Such adjustments are common before an IPO is priced, as companies refine the size and valuation of an offering based on demand during investor consultations. SpaceX is still seeking to raise as much as $75 billion, a figure that would exceed every prior IPO and give public investors access to one of the world's most closely watched private companies.

The company is expected to start formal marketing as soon as June 4 and price the deal as early as June 11, although the timetable could shift by several days. SpaceX plans to list on Nasdaq and Nasdaq Texas under the ticker SPCX. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are leading the offering alongside 18 other banks.

From rockets to AI infrastructure

The IPO filing highlights how SpaceX is presenting itself as more than a rocket and satellite-internet company. Its investor pitch describes a business expanding from reusable launch systems and Starlink into artificial intelligence services, infrastructure, and even orbital data centers, with a stated total addressable market of $28.5 trillion.

That ambition comes with financial pressure. SpaceX reported $18.7 billion in revenue in 2025, up from $14 billion a year earlier. But it also moved from a $791 million profit in 2024 to a $4.94 billion loss in 2025.

The company also announced in February that it had acquired xAI, the Musk-controlled artificial intelligence company behind Grok and the social media platform X. The transaction valued SpaceX at $1 trillion and xAI at $250 billion.

A test for public markets

The proposed listing would test whether investors are willing to value SpaceX as a combined space, communications, and AI infrastructure company rather than a conventional aerospace business. Even at $1.8 trillion, the valuation would place SpaceX among the world's most valuable public companies from its first day of trading.

The next signals will come from the roadshow, where investor demand will determine whether SpaceX keeps the lower valuation target, raises it again, or delays the timetable. With a potential $75 billion raise, $18.7 billion in annual revenue, and a $4.94 billion loss, the IPO will be watched as a benchmark for how far public markets are willing to stretch for AI-linked growth.

It was earlier reported that SpaceX and OpenAI IPOs could heighten risks in AI sector.

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