SpaceX targets 2026 IPO with valuation above $1tn, sources say

Elon Musk’s SpaceX is pursuing an initial public offering next year, looking to raise more than $25bn, with a valuation over $1tr, a source familiar with the matter told Reuters on Tuesday.

SpaceX has started discussions with banks about the public listing, which could be around June or July, the person said.

Musk had said in 2020 that SpaceX planned to list Starlink several years in the future once its revenue growth became “smooth & predictable”.

SpaceX did not immediately respond to a Reuters request for comment.

Saudi’s Aramco 2222.SE remains the only completed IPO to have achieved a valuation of $1tr or more—it debuted in December 2019 with an estimated market capitalization of $1.7tr.

SpaceX expects to use funds from the public listing to develop space-based data centers, including purchasing the chips required to run them, an idea Musk expressed interest in during a recent event with Baron Capital, according to Bloomberg News, which had reported the development earlier in the day.

The company is expected to make around $15bn in revenue in 2025, increasing to between $22bn and $24bn in 2026, with the majority coming from Starlink, Bloomberg reported.

Media reports last week said the rocket-maker is kicking off a secondary share sale that would value it at $800bn, pitting it against OpenAI for the title of the most valuable private company. However, Musk on Saturday dismissed the reports, calling them inaccurate.