SpaceX lowers IPO valuation target to at least US$1.8 trillion

[SAN FRANCISCO] SpaceX is currently targeting a valuation of at least US$1.8 trillion in its initial public offering, according to sources familiar with the matter, as Elon Musk’s company promising data centres in space nears its debut.

Bloomberg News reported in April that the company was aiming for a valuation above US$2 trillion. The rocket, data and artificial intelligence firm’s target is settling lower after consultations with advisers and investors, the sources said, asking not to be identified as the information is not public.

Details of an IPO, such as size and valuation, are typically adjusted ahead of pricing based on feedback from stakeholders, the sources said. SpaceX is seeking to raise as much as US$75 billion, sources familiar with the matter have said, which would make it the biggest IPO of all time.

The company’s pitch to investors in its IPO filing on May 20 shows the company’s evolution, from focusing on making reusable rockets and a profitable business providing satellite internet, to an AI services and infrastructure giant dreaming of orbital data centres and conquering a total addressable market of US$28.5 trillion.

SpaceX is expected to start formal marketing of its IPO as soon as Jun 4 and to price as early as Jun 11, Bloomberg News has reported. The trading timeline could be delayed by a matter of days, the sources said.

Deliberations are ongoing and the company could decide to increase its target valuation depending on investor feedback during the marketing, the sources said. A spokesperson for SpaceX did not immediately respond to a request for comment.

SpaceX had US$18.7 billion in revenue in 2025, up from US$14 billion the previous year. During that period, the company swung from a profit of US$791 million in 2024 to a loss of US$4.94 billion last year, according to the filing.

The company announced in February that it had acquired Musk’s xAI, housing the Grok chatbot and social media platform X. The deal gave SpaceX a valuation of US$1 trillion at the time, and xAI a value of US$250 billion, Bloomberg News reported.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase are leading the IPO along with 18 other banks.

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The company, known formally as Space Exploration Technologies, expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX. BLOOMBERG