On April 2, 2026, Bloomberg agency reported that SpaceX is increasing its valuation target in preparation for the initial public offering (IPO) to a level exceeding $2 trillion. The company and its advisors are already announcing this number to potential investors, before a series of meetings scheduled for the coming weeks.
A day earlier, on April 1, Bloomberg, CNBC, Reuters, and the Wall Street Journal confirmed that SpaceX submitted a confidential filing (draft registration) to the U.S. Securities and Exchange Commission (SEC). This is an official step that paves the way for conducting the IPO as early as June–July 2026.
If the offering takes place under the stated conditions, it will become the largest in global history — surpassing the IPO of Saudi Aramco in 2019.
Key Parameters of the Upcoming IPO
According to data from multiple sources, the main characteristics of the offering are as follows.
Valuation target: above $2 trillion (increased from the previously discussed $1.75 trillion). With such a valuation, SpaceX will surpass in market capitalization Meta and Tesla — two members of the "Magnificent Seven".
Capital raising volume: up to $75 billion, significantly exceeding the record of Saudi Aramco ($29 billion in 2019).
Target stock market listing date: June–July 2026. The confidential filing with the SEC has already been submitted; according to the rules of the regulatory body, the public prospectus (S-1) must be disclosed no later than 15 days before the start of the roadshow.
Underwriters: A syndicate of 21 banks has been formed. The main bookrunners are Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup.
Retail investor share: According to available data, up to 30% of the shares may be directed to retail investors.
The details of the offering continue to be discussed and may be modified as the regulatory process progresses.
What SpaceX Includes Today: Three Businesses in One Company
As a result of structural changes in recent months, SpaceX, entering the stock market, represents a complex of three major sectors.
Starlink — Satellite Internet
Starlink is the company's largest revenue generator. At the end of 2025, the service served over 9.2 million active subscribers and generated over $10 billion in annual revenue. By mid-February 2026, the number of subscribers exceeded 10 million.
Analysts from Bloomberg and Quilty Space project revenue for Starlink at the level of $15.9–24 billion in 2026. Precisely Starlink is the main driver of SpaceX's valuation — the subscription revenue model with global coverage creates predictable and scalable cash flow.
Launch Services — Falcon and Starship Rockets
SpaceX remains a global leader in the commercial launch sector. The company handles Falcon 9, Falcon Heavy rockets, and is developing the fully reusable Starship system.
In 2025, SpaceX conducted 25 Starship flights — continuing the series after the historic landing of the Super Heavy booster by the Mechazilla system in late 2024. The launch business secures contracts with NASA (Artemis program), the U.S. Department of Defense, and commercial satellite operators.
xAI — Artificial Intelligence
In February 2026, SpaceX completed the merger with xAI — Elon Musk's Artificial Intelligence company, the developer of the Grok model. The agreement was structured as a stock swap and valued SpaceX at $1 trillion, and xAI at $250 billion, forming a single company worth $1.25 trillion.
The integration of xAI into the SpaceX structure opens the idea of "orbital data centers" — using the Starlink infrastructure for distributed Artificial Intelligence computations in space, bypassing the energy and infrastructure constraints of terrestrial data processing centers.
SpaceX Financial Data: What is Known
Since SpaceX is a private company, its financial data is not officially disclosed. However, based on data from Reuters, Bloomberg, and industry sources, the following picture can be formed.
Total revenue for 2025: approximately $15–16 billion, of which over $10 billion comes from Starlink.
Net profit for 2025: Estimated at the level of up to $8 billion.
Pre-IPO valuation: $1.25 trillion (after the merger with xAI in February 2026); valuation target during the IPO — above $2 trillion.
The public prospectus S-1, which must be disclosed before the roadshow, will be the first document in which investors will see the full audited financial condition of SpaceX, including the financial performance of Starlink and details of the integration with xAI.
Valuation Evolution: From $1.5 Trillion to $2+ Trillion in Four Months
The dynamics of SpaceX's valuation target in preparation for the IPO reflect the speed of changes in the business.
December 2025: Bloomberg first reported plans for an IPO with an indicative valuation of about $1.5 trillion.
March 2026: After completing the merger with xAI and the growth of Starlink's subscriber base, the valuation increased to $1.75 trillion, and the capital raising volume — to $75 billion.
April 1, 2026: The confidential filing was submitted to the SEC.
April 2, 2026: Bloomberg reports an increase in the valuation target to a level above $2 trillion.
It is expected that in the context of "testing-the-waters" meetings with investors, scheduled for the coming weeks (after the Easter holidays), SpaceX and its advisors will present detailed justifications for the valuation.
What the SpaceX IPO Means for the Market
The SpaceX IPO is an event whose significance far exceeds the framework of a single company.
Volume record. With a $75 billion raise, SpaceX will more than double the record of Saudi Aramco. This fundamentally changes the scale of what is possible in the primary offering market.
New asset class. The combined SpaceX+xAI — this is simultaneously a space company, a satellite internet provider, and an Artificial Intelligence platform. Such a profile has no direct analogs in the public market and requires investors to adopt new approaches to valuation.
Signal for the entire IPO market. The successful offering of SpaceX can become a catalyst for an entire wave of IPOs of technology companies, which have so far delayed their entry into the stock market.
First public look at Starlink. The disclosure of the S-1 for the first time will show investors the full financial performance of Starlink — profit margins, customer acquisition cost, churn rate, capital intensity for the development of the satellite network. This data will affect the valuation of the entire satellite internet sector.
Risks Worth Considering
Despite all the great potential, the SpaceX IPO is accompanied by a series of significant risks.
The valuation may be excessive. $2 trillion — this is more than 125 times the revenue multiplier and more than 250 times the profit of 2025. Even with Starlink's growth rates, such multipliers assume an extremely optimistic scenario.
The integration of xAI is an unverified hypothesis. The idea of "orbital data centers" and the synergies between Artificial Intelligence and satellite network have not yet proven a business model. Investors are taking on significant risk premium for a capability that still needs to be realized.
Regulatory risks. The SEC and FAA will carefully review the application, especially considering the unprecedented nature of the merger with xAI and Elon Musk's history of regulatory interaction.
Control concentration. It is expected that Musk will retain the controlling stake with voting rights. For minority investors, this means limited influence on strategic decisions.
Market volatility. Macroeconomic uncertainty and trade risks in early 2026 may affect the offering conditions and the initial price dynamics.
What's Next: Key Dates
April 2026: The kickoff meeting of the bank syndicate is expected (preliminarily on April 6). In the coming weeks — "testing-the-waters" meetings with the largest institutional investors.
April–May 2026: Publication of the S-1 prospectus (no later than 15 days before the roadshow). This will be the first full disclosure of SpaceX's finances.
June–July 2026: Target date for the IPO and the start of trading on the stock exchange.
This information is for informational (familiarization) purposes only and does not constitute individual investment advice. AMCH is not a financial broker or trust management service. The company operates under the investment fund model. Investments involve risks. Past results do not guarantee future performance.