SpaceX is preparing to file confidential IPO paperwork with the SEC as soon as this week, according to Reuters. If the timeline holds, the company could price its shares and begin trading as early as mid-June 2026 — making this the most anticipated public offering in years.
Advisers on the deal believe SpaceX could raise more than $75 billion in the offering, shattering Saudi Aramco’s $29 billion record set in 2019. The company is targeting a valuation somewhere between $1.5 trillion and $1.75 trillion, which would make it the second-most valuable company to ever go public.
The rocket for this valuation is Starlink. SpaceX’s satellite internet unit reached 9.2 million active subscribers by the end of 2025 and surpassed $10 billion in annual revenue. Analysts project that figure could hit $18.7 billion in 2026, representing roughly 79% of SpaceX’s total expected revenue of $23.8 billion.
SpaceX: The xAI wildcard
As CNBC reported, the picture got considerably more complicated in February, when SpaceX completed an all-stock acquisition of Elon Musk’s xAI, valuing the rocket company at $1 trillion and the AI startup at $250 billion. The deal folded xAI into SpaceX as a wholly owned subsidiary — just weeks before Musk publicly admitted xAI “was not built right” and needed to be rebuilt from the ground up.
Since then, 9 of xAI’s 11 co-founders have left the company. The startup also faces a widening legal front over its Grok chatbot generating AI deepfakes of minors, with 35 state attorneys general pressing for action. French prosecutors have separately submitted reports to both the SEC and the DOJ alleging Musk may have used the Grok controversy to artificially inflate xAI’s valuation — which was then folded directly into SpaceX’s books ahead of the IPO.
SpaceX is reportedly considering a dual-class share structure that would give insiders, including Musk, enhanced voting rights — meaning retail investors would own stock but not meaningful control. That’s a feature, not a bug, for some investors. For others, it’s exactly the kind of governance structure that makes record-setting valuations feel like a leap of faith.
This IPO would land at a strange moment for private market mega-deals. OpenAI just raised $120 billion in total at an $850 billion post-money valuation — itself a record. The race to claim the largest private-to-public transition in history is now very much on.