SpaceX IPO Could Reach $1.5 Trillion Valuation With 2026-27 Timeline

SpaceX is working on an initial public offering that could raise well above $30 billion, according to people aware of internal talks, which would value the Elon Musk-led company near $1.5 trillion and potentially create the largest stock market debut so far if conditions allow the transaction to proceed as planned.

At a valuation of around $1.5 trillion, people familiar with the plans said that selling roughly 5% of SpaceX would involve issuing about $40 billion of shares, which would top the about $29 billion raised by Saudi Aramco during its record 2019 listing, when the oil producer divested close to 1.5% of its equity.

Forecasts shared with selected investors suggest SpaceX is expecting revenue of around $15 billion in 2025, rising to between $22 billion and $24 billion in 2026, with most of that income expected from the Starlink satellite broadband unit, which also plans a direct-to-mobile service alongside the group’s existing launch contracts and related activities.

Executives have for years weighed a separate listing of Starlink after any wider SpaceX IPO, and President Gwynne Shotwell first floated the idea in 2020, although Elon Musk later questioned the timing several times, while Chief Financial Officer Bret Johnsen said in 2024 that a Starlink offering would more likely come "in the years to come."

Several people briefed on the discussions said management and advisers are targeting a SpaceX IPO sometime between the middle and end of 2026, though the schedule could move depending on market sentiment, and one person cautioned that the deal might slip into 2027, while a SpaceX representative did not immediately respond to questions about these expectations.

To underpin the potential SpaceX IPO valuation, the company has started a secondary share sale that prices stock at about $420 a share, according to people involved, which places the implied valuation above the previously reported figure of more than $800 billion and allows employees to sell about $2 billion of stock while the company also repurchases some shares.

One person familiar with the process described the secondary transaction as helping to reset fair market value before any SpaceX IPO, and noted that the move comes as insiders complete another private sale, which offers early investors and staff a chance to realise gains without waiting for a formal stock market listing to take place.

SpaceX IPO valuation drivers and Musk’s comments

"SpaceX has been cash-flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors," Musk said in a post Dec. 6 on his social media platform X. "Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market," he said.

The revenue projections and Musk’s comments highlight how much of the proposed SpaceX IPO valuation rests on the growth path for Starlink, as well as progress with the Starship launch system and new direct-to-cell services, which together could widen the company’s addressable market and support investor expectations for future cash generation.

The company’s internal revenue expectations around the planned period of the SpaceX IPO can be summarised as follows.

Year	Expected Revenue (USD)	Main Driver
2025	$15 billion	Starlink and launch services
2026	$22–$24 billion	Starlink, including direct-to-mobile

SpaceX IPO funding plans, investors and board work

Two people aware of internal planning said SpaceX expects to use part of any SpaceX IPO proceeds to build space-based data centres and buy specialised chips needed to operate those facilities, an idea Musk also mentioned at a recent Baron Capital event, as the company looks to support Starlink and other data-intensive services that may emerge.

Long-term investors that could gain from any SpaceX IPO include Peter Thiel's Founder's Fund, 137 Ventures led by Justin Fishner-Wolfson and Valor Equity Partners, according to people tracking the ownership register, while Fidelity is also a major shareholder alongside Alphabet Inc.'s Google, which took part in earlier funding rounds for the company.

Bloomberg and other outlets previously reported that SpaceX had been examining a SpaceX IPO as early as late 2025, and one person familiar with recent board discussions said Musk and directors have increased work on the possible transaction, including choices on senior hires and ways to deploy new capital, although the sources requested anonymity because the talks remain confidential.

If SpaceX ultimately reaches a valuation near $1.5 trillion and sells even a relatively small stake, any SpaceX IPO would sit above Saudi Aramco's 2019 share sale and set a new listing record, although the final timing and structure will depend on wider market conditions and internal progress on Starship, Starlink and the planned data centre projects.