SpaceX IPO valuation exceeds 1.75 trillion, expected to submit confidential application as early as March

Bloomberg reported on Friday, citing sources familiar with the matter, that Musk’s SpaceX plans to secretly file for an initial public offering (IPO), with a potential valuation exceeding $1.75 trillion, making it one of the largest IPOs in history. The sources told Reuters that the IPO is most likely to take place in June, assuming SpaceX files a confidential application in March, aligning with this schedule.

Basis for the $1.75 Trillion Valuation: Starlink Profits and xAI Integration

According to a report by Reuters last month, SpaceX generated approximately $8 billion in profit in 2025, with annual revenue reaching $15 to $16 billion. The core driver is Starlink satellite internet services, accounting for 50% to 80% of SpaceX’s total revenue, while actively expanding new product lines such as direct-to-device network services and Starlink-branded phones.

Earlier this year, SpaceX completed its acquisition of Elon Musk’s AI startup xAI through a stock-for-stock deal, with the combined entity valued at $1.25 trillion. This integration of xAI positions SpaceX in both space infrastructure and AI computing sectors, which are high-growth areas, and is significant for attracting institutional investors with higher valuation expectations during the IPO.

Core Valuation Pillars for SpaceX IPO

Starlink Profitability: Accounts for 50–80% of total revenue, with an annual profit of about $8 billion, demonstrating sustained high growth potential.

xAI Synergy: Merged with Musk’s AI startup, the valuation reaches $1.25 trillion, opening cross-sector growth opportunities.

Starship Rocket Development: Next-generation Starship planned for test launch in March, featuring hundreds of upgrades to support long-term commercial space transportation.

Direct-to-Device Services: Starlink’s direct-to-phone plan aims to cover telecom blind spots, expanding the potential user base.

IPO Timeline and the 2026 Tech Listing Wave

Sources confirmed to Reuters that SpaceX’s IPO is most likely to occur in June 2026, assuming a secret application is filed in March. Musk also plans to test the next-generation Starship in March, which includes hundreds of upgrades after a pause of several months due to engineering challenges. Since 2023, SpaceX has conducted 11 test launches, some attended by key figures, though some ended in complete or partial failure.

If the IPO application is successful, SpaceX will join the core lineup of the 2026 tech IPO wave. High-profile tech companies like OpenAI and Anthropic are also preparing to go public, and industry experts expect 2026 to set a record for the scale of tech IPOs. Institutional investors are deploying unprecedented amounts of capital in anticipation of this IPO boom.

Frequently Asked Questions

Why might SpaceX’s valuation exceed $1.75 trillion?

In 2025, SpaceX earned about $8 billion, with Starlink satellite internet making up 50–80% of total revenue, and the company has completed its integration with xAI, which is valued at $1.25 trillion post-merger. Strong profitability combined with cross-industry growth potential in space and AI makes a valuation above $1.75 trillion reasonable in investors’ eyes.

What is the timeline for SpaceX’s IPO?

Bloomberg reports that SpaceX could file a confidential IPO application as early as March 2026, with the IPO most likely happening in June 2026 if all goes smoothly. However, plans could change, and SpaceX may choose to delay the listing; the company has not officially confirmed these details.

What impact will SpaceX’s IPO have on the 2026 tech market?

SpaceX could become one of the largest IPOs of 2026, alongside high-valuation tech firms like OpenAI and Anthropic, forming the core of the 2026 IPO wave. This surge is expected to bring historic scale and market attention to the tech capital markets.