New York, May 31, 2026, 10:04 EDT
SpaceX is now eyeing a valuation of at least $1.8 trillion for its upcoming IPO, according to Bloomberg News on Friday—a step down from earlier hopes north of $2 trillion, but still a massive figure that will gauge just how much appetite investors have for Elon Musk’s rocket, satellite, and AI venture.
It’s a quick turnaround. SpaceX sent its S-1 to the U.S. Securities and Exchange Commission on May 20, and according to Reuters, the company could hit public markets as soon as June 12. The roadshow is reportedly set for June 4, with shares possibly going up for sale by June 11.
The problem isn’t rocket launches anymore. It’s whether SpaceX’s satellite internet arm, Starlink, can ramp up quickly enough to justify the company’s hefty valuation. Roth Capital’s Rohit Kulkarni zeroed in on the uncertainty during a CNBC interview last week, calling Starlink’s scaling “the biggest question.” YouTube
Starlink is doing the heavy lifting. According to Reuters, SpaceX’s connectivity business—driven by Starlink—stood out as the lone moneymaker among its three main units last quarter, posting $1.19 billion in operating profit. SpaceX overall recorded a $1.94 billion operating loss on $4.69 billion in revenue.
That profit machine is the reason the newest defense deals pack a punch. On Friday, the U.S. Space Force handed SpaceX a $4.16 billion contract to build a satellite system aimed at tracking and targeting threats in the air—just days after SpaceX picked up another $2.29 billion, this time for a secure military satellite communications network.
Opposition is mounting. On Friday, Danish pension fund Akademikerpension added SpaceX to its exclusion list ahead of the IPO, pointing to governance issues and describing the stock as overpriced. Market signals, the fund said, put SpaceX’s value at no less than $1.8 trillion, though it struggled to see justification for anything north of $1 trillion.
“The extreme concentration of power effectively prevents the board from exercising meaningful oversight and makes it impossible to remove Musk against his will,” Akademikerpension said. SpaceX didn’t respond right away to Reuters’ questions about the fund’s criticism. Reuters
Public investors get little say, according to the filing. Reuters noted that Musk will keep 85.1% of SpaceX’s overall voting power, with the company planning a dual-class setup: Class B shares, which Musk holds, come with 10 votes apiece. The Class A shares on offer to the public? Those carry just one vote per share.
Rocket risk remains a factor. After the Super Heavy booster from Starship Flight 12 plunged into the Gulf of Mexico during its May 22 test, the Federal Aviation Administration directed SpaceX to look into the crash. No injuries or property damage were reported, according to the FAA, but the agency will need to sign off on any future flights once fixes are in place.
SpaceX’s Starship isn’t just about big rockets—the company is counting on it to push launch costs down and scale up Starlink, according to Reuters. So when the booster ran into trouble, it raised more than engineering questions. Investors are now reconsidering what it means for a firm asking for money to bankroll an entire ecosystem built on satellites, AI infrastructure, and computing in orbit.
The competition is playing catch-up. Amazon reported on May 29 that it added 29 satellites to its Leo broadband network, pushing the total up to 331. Two days before that, Blue Origin’s New Glenn rocket blew up during testing. That rocket was slated to launch 48 Amazon Leo satellites into low-Earth orbit—a zone closer to Earth that helps reduce internet lag.
SpaceX remains out in front. According to Reuters, Starlink stands as the world’s biggest satellite operator—around 10,000 satellites now connect users from ordinary households to government agencies and corporate clients. The report also points out that private players, with SpaceX and Blue Origin at the forefront, are locked in a race to bring down launch costs, build out satellite constellations, and capture lucrative government deals.
“There is somewhat of a halo effect around Musk and his unconventional vision,” Georgetown finance professor Reena Aggarwal told Reuters. “It is difficult to value companies like this because there is no peer group for comparison.” Reuters
So, SpaceX is offering up a pretty unusual package: there’s a profitable satellite internet arm, a defense contract side, a money-losing AI venture, and the rocket division—still wrestling with some test setbacks. Investors looking at the filing will notice Starlink stands out as the most straightforward figure in the bunch. Ironically, it’s probably also the toughest to project forward.
