New York, June 4, 2026, 05:09 EDT
SpaceX plans to offer 555.6 million shares at $135 each in its IPO, targeting a potential raise of $75 billion and valuing Elon Musk’s rocket-and-satellite firm just shy of $1.77 trillion. Pulling it off would unseat Saudi Aramco’s $26 billion debut in 2019 as the biggest IPO ever.
The timing here is direct: SpaceX kicks off its investor roadshow—the company’s sell to potential buyers—on Thursday. They’re aiming to price on June 11, with the Nasdaq debut a day later, skipping the usual market sounding before setting the price. “On the face of it, a ~90x+ revenue multiple is high by any standard,” said Tim Hatt, who runs research and consulting at GSMA Intelligence. Still, he pointed out, “no true public comparables” exist. Reuters
Starlink’s right in the spotlight here. The satellite broadband arm delivers internet straight from space, skipping cable and fiber entirely—and it’s really the only piece of SpaceX that public-market folks can crunch numbers on for now. On May 20, Roth Capital’s Rohit Kulkarni told CNBC Television that Starlink’s growth potential is still the elephant in the room.
On Wednesday, Oppenheimer took its argument further, projecting that SpaceX could shake up the $1.6 trillion U.S. communications sector as Starlink’s reach grows. According to the brokerage, AT&T stands to lose the most, with Verizon and T-Mobile also exposed to sharper subscriber and revenue declines. Oppenheimer bumped its 2035 space-revenue forecast up to $800 billion from $500 billion, and now sees Starlink’s 2030 U.S. broadband subscriber tally hitting 15 million, up from a previous 10 million.
The IPO brings in new funding for SpaceX, not an exit for early investors. According to Reuters, the deal is set up as all-primary; every share sold will be freshly issued, funneling all proceeds directly to the company—no existing investors cashing out this round. Starlink stands out as SpaceX’s sole profitable unit, sources told Reuters, while the rest of SpaceX’s ventures keep running at a loss.
That hefty cash requirement comes alongside a valuation that could give some investors pause. SpaceX booked a net loss of $4.94 billion in 2025 on revenue of $18.67 billion. Michael Hewson, senior market analyst at iForex, labeled the valuation “stratospherically high,” cautioning that certain investors “might baulk” at the price as the roadshow gets underway. The Guardian
The bigger worry isn’t price—it’s whether SpaceX can actually pull this off. Morningstar assigns a $780 billion valuation, which is less than half what the IPO aims for, and equity analyst Nicolas Owens points to shaky ground in the artificial intelligence division. He cites foggy economics, rivals like OpenAI and Anthropic, and unproven gambles such as putting data centers in orbit—literally servers in space. “We don’t see Grok as one of the leading AI labs today,” Owens said, referencing xAI’s chatbot. Reuters
The deal takes what was once a private-market narrative and throws it onto the public stage. SpaceX brings its brand, that launch history, and a sizable subscriber list. Now, buyers get a week to weigh whether all that justifies shelling out a record sum for a company whose main business still needs to show exactly how much it can deliver.
