SpaceX is advancing its IPO plan, with plans to raise much more than $30 billion, potentially becoming the largest IPO in history.

On December 9th, according to Bloomberg, Elon Musk's SpaceX plans to go public as early as mid to late 2026, with financing expected to far exceed $30 billion. According to sources familiar with the matter, the company's target valuation is approximately $1.5 trillion.

If SpaceX sells 5% of its shares as planned, the fundraising scale will reach about $40 billion, far exceeding Saudi Aramco's record. In 2019, Saudi Aramco raised $29 billion, becoming the world's largest IPO. It is worth noting that Saudi Aramco only sold 1.5% of its equity at that time, far below the liquidity ratio of most listed companies.

After the news came out, the stock prices of other space companies rose on Tuesday. EchoStar, which has agreed to sell spectrum licenses to SpaceX, rose 12% during trading and then fell back to close up about 6%. Space transportation company Rocket Lab rose 3.6%.

(Space concept stocks rise)

SpaceX is expected to use some of the IPO funds to develop space-based data centers, including purchasing chips needed for operation. However, the report points out that the listing time may be adjusted due to market conditions and other factors, and may be postponed to 2027.

Rapidly growing revenue supports valuation

According to reports citing informed sources, SpaceX expects to generate revenue of approximately $15 billion in 2025, which will increase to $22 billion to $24 billion in 2026, with the majority of revenue coming from the Starlink business.

The accelerated listing of the company is partly due to the strong growth momentum of Starlink satellite Internet service, including the prospect of direct connected mobile business, and the development progress of starship rockets for moon landing and Mars missions.

Musk posted on social platform X on December 6th, stating:

SpaceX has maintained a positive cash flow for many years, conducting two regular stock buybacks annually to provide liquidity for employees and investors.

He stated that the valuation growth is the result of the progress of Starship and Starlink, as well as the acquisition of global direct mobile spectrum, which significantly expands the company's potential market size.

SpaceX executives have repeatedly proposed the idea of splitting the Starlink business into an independent publicly traded company. The concept was first proposed by the company's president Gwynne Shotwell in 2020.

The advancement of the overall company IPO plan means that the spin off listing plan may be put on hold.

Internal stock trading takes precedence

While advancing its IPO plan, SpaceX has recently finalized its latest round of internal share sales.

According to reports citing sources familiar with the matter, SpaceX has set a price per share of approximately $420 in current secondary market transactions, making its valuation higher than the previously reported $800 billion.

The company allows employees to sell approximately $2 billion worth of stock, and SpaceX will participate in repurchasing some of its shares. According to reports, this valuation strategy aims to set the fair market value of the company before the IPO.

SpaceX's major long-term investors include Founder's Fund under Peter Thiel, 137 Ventures led by Justin Fishner Wolfson, and venture capital firms such as Valor Equity Partners.

Fidelity Investments is also an important investor, and Google's parent company Alphabet also holds shares.

SpaceX is advancing its IPO plan, with plans to raise much more than $30 billion, potentially becoming the largest IPO in history.

On December 9th, according to Bloomberg, Elon Musk's SpaceX plans to go public as early as mid to late 2026, with financing expected to far exceed $30 billion. According to sources familiar with the matter, the company's target valuation is approximately $1.5 trillion.

If SpaceX sells 5% of its shares as planned, the fundraising scale will reach about $40 billion, far exceeding Saudi Aramco's record. In 2019, Saudi Aramco raised $29 billion, becoming the world's largest IPO. It is worth noting that Saudi Aramco only sold 1.5% of its equity at that time, far below the liquidity ratio of most listed companies.

After the news came out, the stock prices of other space companies rose on Tuesday. EchoStar, which has agreed to sell spectrum licenses to SpaceX, rose 12% during trading and then fell back to close up about 6%. Space transportation company Rocket Lab rose 3.6%.

(Space concept stocks rise)

SpaceX is expected to use some of the IPO funds to develop space-based data centers, including purchasing chips needed for operation. However, the report points out that the listing time may be adjusted due to market conditions and other factors, and may be postponed to 2027.

Rapidly growing revenue supports valuation

According to reports citing informed sources, SpaceX expects to generate revenue of approximately $15 billion in 2025, which will increase to $22 billion to $24 billion in 2026, with the majority of revenue coming from the Starlink business.

The accelerated listing of the company is partly due to the strong growth momentum of Starlink satellite Internet service, including the prospect of direct connected mobile business, and the development progress of starship rockets for moon landing and Mars missions.

Musk posted on social platform X on December 6th, stating:

SpaceX has maintained a positive cash flow for many years, conducting two regular stock buybacks annually to provide liquidity for employees and investors.

He stated that the valuation growth is the result of the progress of Starship and Starlink, as well as the acquisition of global direct mobile spectrum, which significantly expands the company's potential market size.

SpaceX executives have repeatedly proposed the idea of splitting the Starlink business into an independent publicly traded company. The concept was first proposed by the company's president Gwynne Shotwell in 2020.

The advancement of the overall company IPO plan means that the spin off listing plan may be put on hold.

Internal stock trading takes precedence

While advancing its IPO plan, SpaceX has recently finalized its latest round of internal share sales.

According to reports citing sources familiar with the matter, SpaceX has set a price per share of approximately $420 in current secondary market transactions, making its valuation higher than the previously reported $800 billion.

The company allows employees to sell approximately $2 billion worth of stock, and SpaceX will participate in repurchasing some of its shares. According to reports, this valuation strategy aims to set the fair market value of the company before the IPO.

SpaceX's major long-term investors include Founder's Fund under Peter Thiel, 137 Ventures led by Justin Fishner Wolfson, and venture capital firms such as Valor Equity Partners.

Fidelity Investments is also an important investor, and Google's parent company Alphabet also holds shares.