SpaceX, led by Elon Musk, is preparing for a public listing that could reshape the history of global initial public offerings. Reports indicate the company plans to raise up to $80 billion or more through its IPO. If it achieves a final valuation of approximately $1.71 trillion, it would surpass the record set by Saudi Aramco in 2019, becoming the world's most valuable newly public company. Concurrently, the fundraising scale of this IPO is also expected to far exceed the roughly $26 billion raised by Saudi Aramco at the time, potentially reaching about three times that amount based on current market estimates. Analysts note this would not only mark the listing of another high-profile technology firm but could also serve as a significant test for Wall Street's acceptance of "mega-sized private technology enterprises." In recent years, numerous highly valued tech companies have remained in the private market for extended periods, relying on ample private capital for funding rather than entering public markets earlier as was common in the past. A successful SpaceX IPO could reignite enthusiasm in the global IPO market and further drive valuation reassessments in the aerospace, artificial intelligence, and broader technology sectors. The market also views this as potentially creating a more favorable environment for AI unicorns like OpenAI and Anthropic, which are also considering public listings. Financial data shows SpaceX generated approximately $16 billion in revenue last year. Beyond its core businesses in rocket launches, satellite internet, and government space contracts, the company recently expanded its artificial intelligence footprint through the acquisition of xAI, an AI firm also founded by Musk. Investors are particularly optimistic about SpaceX's dominant position in commercial spaceflight and the long-term growth potential that AI may unlock. SpaceX's development trajectory is somewhat unique in Silicon Valley. Founded in 2002, earlier than Meta (META.US) (formerly Facebook) and Uber, it has remained privately held to this day. In contrast, while there have been large IPOs in recent years, such as those of Rivian Automotive (RIVN.US), Arm Holdings (ARM.US), Airbnb (ABNB.US), and Porsche (POAHY.US), their scale is still difficult to compare with SpaceX's potential offering. Analysts point out that abundant private capital in recent years has enabled a growing number of technology companies to remain unlisted for long periods while still achieving extremely high valuations. The rise of companies like SpaceX, OpenAI, and Anthropic is also transforming the traditional financing and public listing pathways for global technology firms.
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