SpaceX Eyes $2 Trillion Valuation for IPO

SpaceX, the aerospace and artificial intelligence company led by Elon Musk, said it is preparing for an initial public offering that it describes as potentially the largest ever, with an intended valuation of $2 trillion. The company’s timetable calls for marketing to start in June, with outreach designed for both institutional and retail audiences.

As part of that process, SpaceX plans to brief analysts from 21 banks on June 7. It is also scheduling a separate event for 1,500 retail investors on June 11, a step that highlights an unusually prominent role for non-professional investors in a listing of this scale.

Officials said the company is considering allocating a substantial portion of the offering to retail buyers, potentially up to 30% of the shares. That would differ from common IPO distribution patterns, which often concentrate allocations among large institutional investors. Chief financial officer Bret Johnsen said the retail emphasis is intentional and pointed to what he described as long-standing support from retail investors for both SpaceX and Musk.

SpaceX also plans to make shares available outside the United States, including to investors in the UK, EU, Australia, Canada, Japan, and Korea. The company’s international distribution plan signals an effort to broaden demand across multiple capital pools as it seeks a valuation that would place it at the top end of global equity markets.

The company is described as a conglomerate that merged with Musk’s xAI in February. In recent months, SpaceX’s valuation increased from $1.25 trillion to $2 trillion, according to the information provided. As it prepares to market the IPO, the company is highlighting both its current revenue base and longer-term initiatives it says could support future growth.

SpaceX generated about $15 billion to $16 billion in revenue last year, with the largest contributions coming from its Starlink satellite internet service and government contracts tied to defense and space travel. Analysts project revenue could reach $20 billion by 2026, with growth expected from satellite and space ventures. The company has also been exploring space-based data centers, but it has described that concept as early-stage and technologically difficult.

SpaceX said the data-center idea would require further advances, including progress on the Starship rocket. A recent Starship test launch was delayed, underscoring execution risks alongside the company’s expansion plans. SpaceX has not detailed how technical milestones such as Starship development would align with the timing of an IPO, leaving key operational uncertainties as marketing begins.