When Is SpaceX Going Public?

Key takeaways

• SpaceX filed its confidential submission with the SEC.
• The company is targeting a valuation of $1.5 trillion to $1.75 trillion.
• Estimated proceeds range from $40 billion to $75 billion.
• It would be the largest IPO in history, surpassing Saudi Aramco.
• Starlink, xAI, and the space business support the growth thesis.
• The debut could reshape market appetite for mega-cap tech IPOs.

SpaceX SEC IPO Filing

On April 1, SpaceX confidentially filed its submission with the Securities and Exchange Commission (SEC), kicking off a process that could lead to the largest initial public offering of all time.

The filing, known internally as Project Apex, not only confirms the company’s intent to go public, but also sets an ambitious timeline for a debut that, barring delays, could take place between June and July 2026.

According to the information released, SpaceX is aiming for a target valuation of between $1.5 trillion and $1.75 trillion, with proceeds of between $40 billion and $75 billion.

The broader message is clear: SpaceX no longer wants to be viewed solely as a space company. It wants to be seen as an industrial, connectivity, and artificial intelligence platform with enough scale to support an unprecedented valuation.

What is the projected valuation for the SpaceX IPO?

Understanding SpaceX’s potential price tag requires separating its three business verticals, which explain why the market is willing to discuss such extreme numbers.

The first is the legacy business: launch services with Falcon 9 and Starship, the foundation of the company’s industrial dominance. SpaceX is currently the most active aerospace company in the world: in February 2026 alone, it launched 29 satellites.

The company has contracts with NASA and other U.S. defense agencies. It has lowered the structural cost of the business through advances in booster reusability. It is a real, high-profile, strategic business, but one that requires a constant infusion of capital.

The second, and more important, business vertical is Starlink, its satellite internet system and the asset that most clearly supports the valuation thesis. It is a low-Earth-orbit satellite network that, by early 2026, had around 9 million subscribers.

That gives the company a recurring revenue stream with greater visibility than many other expanding tech businesses. For many analysts, Starlink is the only asset that, on its own, could justify a market capitalization of $1.5 trillion.

The third business vertical is the most controversial: xAI. After the merger with SpaceX in February, Musk’s company added the artificial intelligence startup behind Grok, and the ambitious project to build data centers in orbit—a clear synergy with the other two business lines.

The issue, however, is not ambition but visibility into results: xAI reportedly requires about $1 billion per month to sustain its infrastructure and, like many other companies in the sector, remains far from a clearly profitable model.

SpaceX’s integration with xAI changes its risk profile: it’s now participating in the AI race, with a business that competes for capital against OpenAI and Anthropic and requires massive, continuous funding.

That mix explains why the expected valuation looks so demanding. SpaceX reportedly generated between $15 billion and $16 billion in revenue in 2025. Based on the valuation the company is seeking ($1.75 trillion), the price-to-revenue ratio would be between 109x and 113x. That is an extraordinary figure, even by tech market standards.

The growth thesis assumes Starlink expansion, future monetization of Starship, and the possibility that the AI and space-data-center layer becomes a meaningful new business line.

Under that framework, the top end of the valuation can only be sustained if the market is willing to buy into a multi-year narrative of near-perfect execution. PitchBook/Morningstar puts a more realistic valuation range at $1.10 trillion to $1.70 trillion, so the $1.75 trillion target already comes with a significant dose of optimism.

SpaceX IPO Share Structure

The deal is not being structured as a traditional placement, but rather as a transaction designed to absorb global demand, with distribution across multiple channels and a market structure intended to reach a very broad investor base.

One of the most sensitive points is the share structure. SpaceX plans to operate with a dual-class system. The purpose of that structure would be to allow Musk and other investors to retain control of the company even after it goes public. This model helps preserve strategic control.

For many institutional investors, however, it represents a structural discount, because it reduces minority shareholders’ ability to influence corporate governance.

There is also a detail that could change the demand profile: up to 30% of the offering could be reserved for retail investors. That would make SpaceX one of the most accessible IPOs for the retail segment in recent years.

The scale of the transaction is also reflected in the financial infrastructure built around the IPO. As of publication, the banking syndicate already includes 21 confirmed firms.

Among the lead investment banks managing the offering are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. These are the five biggest names on Wall Street working simultaneously on a single transaction.

They are joined by banks and firms serving institutional, retail, and high-net-worth segments: Allen & Co., BTG Pactual, Barclays, ING, Macquarie, Deutsche Bank, Mizuho, Needham, Raymond James, Royal Bank of Canada, among others.

The operational takeaway is that SpaceX wants to come to market with an unusual mix: strong founder control, broad distribution to generate demand, and a long-term story that ties the space business to satellite connectivity and AI infrastructure. This is not just an IPO to raise capital. It is a market architecture designed to establish a new asset class.

Market Impact of the SpaceX IPO

SpaceX’s IPO is part of a much larger cycle: a sequence of massive offerings that, taken together, amount to roughly $3.13 trillion. That group includes some of the world’s most important private names.

The market has spent several years accumulating capital. The combination of lower interest rates throughout 2025, enthusiasm around artificial intelligence as the dominant narrative, and the stock market re-rating of the last three years created a favorable window for giant companies to step into public markets.

In that context, Renaissance Capital estimates that more than 190 companies are in the process of launching IPOs in 2026, with expectations for at least 200 listings—the biggest wave in the past two decades.

But the market backdrop is not ideal. The S&P 500 is having its worst month since September 2022, crude is trading above $100, and uncertainty around the duration of the conflict with Iran is keeping volatility elevated in risk assets.

In addition, the Renaissance Capital IPO Index has fallen about 4% so far in 2026. In other words, market conditions are not ideal for a transaction of this magnitude.

Consensus suggests a 55% probability that the deal prices below the top end of the range, around $1.2 trillion to $1.5 trillion. Some of the factors behind that scenario are pressure on xAI’s performance and the dual-class share structure, which limits the corporate governance rights the company would otherwise have.

A 30% probability is assigned to a bullish scenario at the maximum valuation, in which Starlink exceeds projections and the thesis of placing data centers in orbit gains enough momentum.

The remaining 15% contemplates a much darker scenario for the IPO, including a delay or even a withdrawal of the offering if market conditions fail to support the process.

If SpaceX manages to debut while holding onto the valuation ceiling it is targeting, its success would have a spillover effect, lifting the valuations of the other companies in the 2026 IPO pipeline.

Conclusion

SpaceX’s IPO is poised to shake up the market. For investors, it represents a unique opportunity, especially for those with direct access to this market.

And with a Wallbit investment account, they do: it provides access to more than 12,000 assets, including shares of some of the world’s most recognized companies.

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