According to media reports citing informed sources, SpaceX has increased its target valuation for its initial public offering to over $2 trillion. The world's most valuable startup is preparing to advance what could become the largest listing in history. Sources indicate that the rocket, satellite, and artificial intelligence company founded by Elon Musk, along with its advisors, is communicating this valuation level to potential investors and will hold meetings in the coming weeks. These types of preliminary roadshow communications, often referred to as "testing-the-waters," are expected to provide further details supporting the valuation. Should SpaceX achieve a valuation exceeding $2 trillion, it would represent an increase of nearly two-thirds in just a few months. In February of this year, media reported that the company was valued at approximately $1.25 trillion following its acquisition of xAI. At this valuation, SpaceX's size would surpass all but five companies in the S&P 500 index—ranking only behind Nvidia, Apple, Google's parent company Alphabet, Microsoft, and Amazon. By this measure, its market capitalization would also exceed that of Meta and Elon Musk's Tesla, both of which are members of the "Magnificent Seven" group of stocks. A Bloomberg report from the prior Wednesday stated that SpaceX has confidentially submitted IPO documents and could go public as early as June this year. This listing would be the first in a series of potential mega-IPOs, which may later include OpenAI and Anthropic, companies whose chatbots compete with SpaceX subsidiary xAI's Grok. Sources mentioned that discussions are ongoing, and offering details are still subject to change. Media analysis suggests that SpaceX holds a leading position in launch services and low-Earth orbit communications/broadband. The merger with xAI and the proposed IPO are expected to support its investments in larger launch vehicles and space-based data centers. Currently, launch services and Starlink still contribute the majority of the company's revenue, projected to approach $200 billion by 2026, while xAI's revenue is likely under $10 billion. The launch business and Starlink are each industry leaders in their respective fields, maintaining a significant advantage over competitors. Previous media reports indicated that the SpaceX IPO could raise up to $75 billion. At that scale, it would far surpass the largest IPO in history—Saudi Aramco's $29 billion listing in 2019. SpaceX plans to use the raised capital to fund Musk's vision, which includes building AI data centers in space and constructing facilities on the Moon. Musk's ambitious plans require unprecedented funding and coordinated resource support across his various companies. In March of this year, Musk stated that his Terafab project—which will eventually produce custom chips for robotics, artificial intelligence, and space data centers—will be advanced jointly by Tesla and SpaceX. According to sources, SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley for senior underwriting roles in the IPO and has added more banks to the underwriting syndicate. SpaceX has scheduled a conference call with a broader group of underwriters for Monday and will hold an analyst briefing later in April.
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