SpaceX just put a price on the biggest IPO in history.
The target: a valuation of at least $1.8 trillion. The raise: as much as $75 billion. That would make it the largest IPO ever — bigger than Saudi Aramco's $29 billion record from 2019.
A few weeks ago, the reported target was above $2 trillion. Now it's settling a little lower at $1.8 trillion. The change comes after SpaceX executives met with its advisers and investors.
That's not a red flag. It's how these deals work. The number gets adjusted based on real feedback before pricing — and SpaceX could still push it back up if demand is strong during the roadshow.
The timeline is firming up too. Formal marketing of the IPO is expected to start as soon as June 4. Pricing could come as early as June 11 – although it’s possible that the timeline could slip by a few days.
The stock is expected to trade on Nasdaq under the ticker SPCX.
Go here to invest now – before IPO day.
The numbers behind the valuation are a mixed bag. SpaceX did $18.7 billion in revenue last year, up from $14 billion the year before.
But it swung from a $791 million profit in 2024 to a $4.94 billion loss in 2025 — driven by Starship development costs and losses associated with the xAI acquisition.
SpaceX is now leasing its AI datacenter to Anthropic. That deal will generate $1.25 billion in monthly revenue – and should help the company return to profitability.
So why would investors value SpaceX at $1.8 trillion?
Because the pitch isn't about last year. SpaceX is selling investors on a $28.5 trillion total addressable market — rockets, Starlink, and orbital AI data centers all in one company.
One detail worth holding onto: SpaceX has a kind of moat that's hard to find anywhere else. It accounts for more than 80% of the world's "mass to orbit" since 2023. One analyst flat-out called its launch share "monopolistic."
Compare that to OpenAI, racing toward its own IPO at the same time. ChatGPT is popular, but Google, Anthropic, and others are crowding in fast. SpaceX has a market of one. OpenAI is fighting in a crowd.
That's the real difference between these two deals.
Twenty-three banks are participating in the offering – with Goldman Sachs and Morgan Stanley leading the transaction.
There’s a limited window of time to secure a stake in SpaceX – before it trades on Nasdaq.
Ian Wyatt
Editor, IPO Watch