SpaceX is preparing for what could become one of the largest stock market debuts ever.
According to reports, Elon Musk’s company is targeting an IPO price of around $135 per share and plans to raise nearly $75 billion, implying a valuation of roughly $1.75 trillion.
If achieved, the listing would rank among the biggest public offerings in history. But beyond the size, what sets SpaceX apart is the way investors are viewing the company.
Not a conventional IPO
Most companies launch an IPO through a book-building process.
Typically, they:
- Announce a price range.
- Conduct roadshows.
- Gauge investor demand.
- Finalise the issue price shortly before listing.
Reports suggest SpaceX is taking a different route by indicating a price of $135 per share before the usual roadshow process is completed.
A fundraising size of $75 billion would also be significantly larger than most high-profile IPOs.
Investors are looking beyond rockets
SpaceX’s valuation is not based solely on its launch business.
Investors are assigning value to several businesses, including:
- Rocket launches.
- Starlink satellite internet.
- Government contracts.
- Defence-related opportunities.
- Space infrastructure.
- xAI.
The company’s reusable rocket technology has helped it become a dominant player in commercial launches.
However, many investors see Starlink as the larger long-term opportunity because it provides recurring subscription revenue.
Businesses attracting investor interest
- Launch services.
- Satellite broadband.
- Artificial intelligence.
- Data centres.
- Long-term space infrastructure.
As a result, SpaceX is increasingly being viewed as a broader technology platform rather than a pure aerospace company.
Starlink remains the key growth engine
According to reported figures, SpaceX generated around $18.7 billion in revenue in 2025.
Despite the growth, the company reportedly remained loss-making because of heavy investments.
That means investors are placing greater emphasis on future opportunities than on current profitability.
Growth expectations are tied to:
- Expansion of Starlink.
- Continued leadership in launches.
- AI initiatives through xAI.
- Emerging space-based businesses.
Valuation debate remains intense
Not everyone agrees with the reported valuation.
According to reports, Morningstar values SpaceX at around $780 billion, less than half of the proposed IPO valuation.
The wide gap highlights the difficulty of valuing a business whose future opportunities are still evolving.
The debate centres on whether SpaceX can build large businesses in areas that are still in their early stages.
Retail investors could play a larger role
Another feature that may distinguish the offering is retail participation.
Reports suggest the company could reserve a larger allocation for individual investors compared with most large IPOs.
This could:
- Increase public participation.
- Boost investor enthusiasm.
- Lead to higher volatility after listing.
Why this IPO stands out
The market is effectively valuing SpaceX as more than a rocket company.
Investors are gaining exposure to:
- Reusable launch systems.
- Global satellite internet.
- Government and defence demand.
- Artificial intelligence.
- Data infrastructure.
- Future space-related businesses.
That makes SpaceX different from a traditional IPO.
Instead of being valued on current earnings alone, the company is being priced on expectations that it could evolve into a much broader technology platform.
Whether that proves to be a historic opportunity or an expensive bet will ultimately depend on the company’s ability to convert those ambitions into sustainable profits.
TL;DR
SpaceX’s proposed IPO differs from traditional listings because investors are valuing the company as a technology platform spanning rockets, Starlink, AI and future space infrastructure. Reports suggest the company could seek a valuation of around $1.75 trillion.
AI Summary
- SpaceX is reportedly targeting a $75 billion IPO.
- The proposed valuation is around $1.75 trillion.
- Investors are valuing Starlink and AI businesses alongside launches.
- SpaceX generated about $18.7 billion in revenue in 2025.
- Morningstar reportedly values the company at around $780 billion.
