SpaceX, the private space company controlled by Elon Musk, is preparing an initial public offering that could be the largest in history, with bankers and advisers working towards a mid-to-late 2026 listing at a valuation of around $1.5 trillion.
If achieved, the transaction would surpass the $29 billion raised by Saudi Aramco in 2019 and place SpaceX among the world’s most highly valued publicly traded companies.
According to reports citing people familiar with the discussions, SpaceX aims to raise significantly more than $30 billion in fresh capital through the flotation, potentially by selling about 5% of the company. At a $1.5 trillion valuation, such a stake sale would generate roughly $40 billion, eclipsing Saudi Aramco’s record listing and setting a new benchmark for global equity markets. The timing, pencilled in for the middle or second half of 2026, could slip into 2027 depending on market conditions. Bloomberg+2Goodreturns+2
The move marks a shift from earlier indications that SpaceX might list only its satellite internet subsidiary Starlink, leaving the core launch business in private hands. Musk had repeatedly stated that Starlink would be taken public once its cash flows became stable and predictable. Current planning, however, points towards listing the entire group, with Starlink remaining an integral division rather than being spun off at this stage.
Starlink has become central to the company’s investment case. Forecasts cited in the reports suggest SpaceX expects revenue of about $15 billion in 2025, rising to between $22 billion and $24 billion in 2026, with Starlink accounting for the majority of turnover. The service, which already provides satellite broadband in multiple markets, is expanding into direct-to-mobile connectivity, enabling ordinary smartphones to connect via satellite. That planned direct-to-cell offering is viewed by investors as a key driver of future growth and a major justification for the targeted valuation.
A substantial portion of the IPO proceeds is expected to be directed towards capital-intensive infrastructure, including so-called space-based data centres and large purchases of advanced chips. Musk has recently spoken in public about the idea of orbital data centres, which would combine SpaceX’s launch capability with Starlink’s global connectivity and support artificial intelligence workloads for his xAI venture and other customers. The listing is therefore seen not only as a financing event for rockets and satellites, but also as part of a broader strategy to build a vertically integrated space, connectivity and computing platform.
Ahead of the flotation, SpaceX is running a secondary share sale that values the company at more than $800 billion. In that transaction, insider shares are being offered at around $420 each, with employees permitted to sell roughly $2 billion of stock while the company simultaneously buys back some shares. The process is described by people involved as a way of setting a reference price and “levelling” the firm’s fair market value in advance of a public offering.
Musk has said SpaceX has been cash-flow positive for several years and routinely organises such liquidity events twice a year to allow staff and early investors to realise part of their holdings without an exchange listing. He has also argued that increases in the internal valuation reflect technical progress on the company’s fully reusable Starship launch system, as well as the commercial expansion of Starlink and the securing of spectrum rights for direct-to-cell services in multiple jurisdictions.
The group’s shareholder register is dominated by long-term institutional backers from the venture capital and asset-management sectors. Major investors include Peter Thiel’s Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity and Google’s parent company, Alphabet. These investors, along with thousands of employees holding stock options, would gain access to public-market liquidity once SpaceX lists, while Musk is expected to retain tight voting control. Public filings and reports indicate that he currently holds around 42% of the equity and almost 80% of the voting rights.
News of the planned IPO has already affected other listed space-related companies. Shares in EchoStar, which has agreed to sell spectrum licences to SpaceX, rose by about 12% after the reports emerged, while Rocket Lab, a smaller launch provider, gained more than 4% during the same session. The reaction illustrates how investors view a SpaceX listing as a potential catalyst for the wider commercial space sector, even as the company’s scale and technology position it as a dominant competitor.
If the targeted valuation is achieved, SpaceX would join the small group of companies – alongside Saudi Aramco – that have debuted on public markets at or near the $1 trillion threshold. It would also deepen the presence of space and satellite businesses in mainstream equity indices, following the earlier listings of firms such as Rocket Lab and Virgin Galactic. In contrast to those smaller peers, SpaceX would arrive with a diversified business spanning government launch contracts, commercial satellite deployment, global broadband and prospective data-centre operations.
The plans remain contingent on market conditions over the next 18 to 24 months, regulatory approvals in the jurisdiction where the shares will be listed, and internal decisions by SpaceX’s board and senior management. Musk’s past statements show some caution about public markets, particularly over the risk that quarterly earnings pressure could affect long-term engineering priorities. For the moment, however, the company’s advisers are working on the assumption that a 2026 flotation of SpaceX as a whole – rather than a standalone Starlink listing – is the preferred route to raising the tens of billions of dollars required for its next phase of expansion.
