SpaceX moves toward IPO in potential record-breaking listing

SpaceX is preparing to go public for the first time, in a move that could become one of the largest IPOs in history and significantly reshape the space and tech investment landscape.

Reports indicate the company has quietly filed for an initial public offering that could take place as early as June or July. The listing is expected to raise up to $75bn, potentially surpassing previous IPO records.

The scale of the offering reflects years of investor interest in SpaceX’s core businesses — particularly satellite communications and launch services — as well as confidence in its long-term ambitions.

“Investors could use a sum-of-the-parts analysis, but, like with Tesla, SpaceX’s valuation could very much fluctuate wildly based on how much the public believes in Musk’s vision,” said Angelo Bochanis of Renaissance Capital.

“So far, investors seem to be clamouring for any sort of exposure to SpaceX.”

The company is already the world’s most valuable privately held firm, a position strengthened by its recent merger with Musk’s artificial intelligence venture xAI. Its Starlink division has also become the largest satellite communications network globally, providing a strong revenue base.

At the same time, SpaceX’s valuation remains closely tied to Elon Musk’s broader narrative — including ambitious goals such as establishing a lunar base and sending humans to Mars. Some of those timelines remain uncertain, with Musk himself acknowledging the risks of delays.

Despite that uncertainty, analysts say the company stands apart from other Musk-led ventures due to its operational maturity and profitability.

“It is understandable that investors would be concerned with Musk overseeing multiple significant enterprises, especially given his polarising public profile at times. However, SpaceX appears somewhat differentiated,” said Kat Liu of IPOX.

“The business is operationally mature, technologically ahead in several key areas, and profitable, which provides a solid fundamental underpinning.”

Estimates suggest the IPO could push SpaceX’s valuation close to $1.5 trillion — a level that would place it among the most valuable companies globally and move Musk closer to becoming the world’s first trillionaire.