SpaceX to File IPO Application as Soon as This Week: Raising $75 Billion, the Largest IPO in Human History Underway

According to The Information, SpaceX plans to submit an IPO prospectus to the SEC either this week or next, with an estimated valuation range of $1.5 trillion to $1.75 trillion. If the fundraising target of $75 billion is met, it will become the largest IPO in human history.
(Background: Musk clears the biggest obstacle in SpaceX’s IPO by settling with the SEC and paying a €1.2 billion fine to the EU; I love Huang Renxun, continuing to buy Nvidia chips)
(Additional context: OpenAI announces the closure of Sora App; Disney’s $1 billion partnership falls through: social platform positioning a major failure)

According to The Information, SpaceX plans to file its IPO prospectus with the U.S. Securities and Exchange Commission (SEC) as early as this week or next, officially launching its listing plan with a valuation of $1.5 trillion to $1.75 trillion. Bloomberg and Reuters have also subsequently confirmed the news.

The lead underwriters are equally notable: Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley, working together to ensure a smooth process, with the listing expected in June 2026.

Starlink Is the Real Engine Behind the Valuation

Breaking down the $1.75 trillion valuation, the core driver is Starlink. Although SpaceX has a rocket launch business, the market views Starlink as the main revenue source. As the low Earth orbit satellite constellation expands, Starlink has achieved scalable service capabilities.

By the end of 2025, Starlink will have 9.2 million active users worldwide, doubling from 15 months prior, with annual revenue exceeding $10 billion. Analysts’ forecasts for 2026 range from $15.9 billion to $24 billion.

This time, SpaceX is choosing to go public as a whole, without splitting off Starlink. This decision is noteworthy: a unified structure means that high-margin satellite operations are bundled with the capital-intensive heavy-lift launch business, offering investors a hybrid asset rather than a pure high-growth stock.

The market’s willingness to assign a high P/E ratio depends on its belief in how quickly Starlink can continue to dilute the costs of the launch business.

SpaceX’s Growth Flywheel

The fundamentals supporting SpaceX’s IPO are solid: increasing Starlink users, $10 billion annual revenue, backing from four major banks. However, the implied assumptions behind the $1.75 trillion valuation are that Starlink will continue rapid growth, Musk’s political relationships will sustain contract premiums, and the cost curve of launch operations will decline as expected.

Whether these three assumptions can all hold true remains to be seen.