SpaceX's IPO Target Valuation Exceeds $2 Trillion, Trailing Only Five S&P 500 Companies

SpaceX has increased its target valuation for its IPO to over $2 trillion, according to people familiar with the matter cited by media outlets. The world's most highly valued startup is preparing to advance what could be the largest listing in history.

The rocket, satellite, and artificial intelligence company founded by Musk and its advisers are communicating this valuation level to potential investors and plan to hold meetings in the coming weeks. These roadshow communications, known as "testing-the-waters," are expected to provide more details supporting this valuation.

If SpaceX's valuation exceeds $2 trillion, it implies a nearly two-thirds increase in value within just a few months. In February, media reported that the company's valuation was approximately $1.25 trillion after its acquisition of xAI.

At this valuation, SpaceX would be larger than all but five companies in the S&P 500 index – trailing only NVIDIA, Apple, Google's parent Alphabet, Microsoft, and Amazon. By this measure, its market value would also surpass Meta and Musk's Tesla, both of which are part of the "Magnificent 7."

Bloomberg reported earlier on Wednesday that SpaceX has confidentially filed for its IPO, with a potential listing as early as June this year. This offering would be the first in a series of mega-IPO deals, potentially including OpenAI and Anthropic, whose chatbots compete with SpaceX subsidiary xAI's Grok.

Discussions are ongoing, and the details of the offering may still change, according to people familiar with the matter.

Media analysis suggests that SpaceX's leading position in launch services and low-Earth orbit communications/broadband, along with the merger with xAI and the proposed IPO, will support its investments in larger launch vehicles and space data centers. Currently, launch services and Starlink contribute the majority of the company's revenue, projected to approach $20 billion by 2026, while xAI's revenue may be less than $1 billion. Launch services and Starlink are industry leaders in their respective fields, with a significant advantage over competitors.

Media previously reported that SpaceX's IPO could raise as much as $75 billion. At this scale, it would far exceed the largest IPO in history – Saudi Aramco's $29 billion offering in 2019. SpaceX plans to use the proceeds to fulfill Musk's vision, including building AI data centers in space and constructing a factory on the moon.

Musk's ambitious plans require unprecedented capital and synergistic support across his multiple companies. Musk stated in March that his Terafab project (which will produce proprietary chips for robots, AI, and space data centers in the future) will be jointly pursued by Tesla and SpaceX.

SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to serve as lead underwriters for the IPO, and has added more banks to the underwriting syndicate, according to people familiar with the matter. SpaceX has scheduled a call with a larger syndicate of banks for Monday and will hold an analyst call later in April.