SpaceX IPO could put a stratospheric valuation on Musk's Mars dream

SpaceX could become the IPO event of the decade

SpaceX is expected to start its bookbuilding process during the week of 8 June, with final pricing likely on 11 June and a Nasdaq debut on 12 June under the ticker "SPCX". Goldman Sachs is reportedly leading the deal alongside Morgan Stanley, Bank of America, Citigroup and J.P. Morgan.

That alone would make the listing one of the most closely watched IPOs in years. But the real market test will be whether investors are prepared to pay a valuation that reflects not only today's operating businesses, but also Musk's much bigger strategic narrative around global connectivity, artificial intelligence and, ultimately, Mars.

A valuation that could place SpaceX among the world's biggest companies

The valuation talk is already extraordinary. Financial Times has estimated that SpaceX could raise about $75bn at a valuation near $1.75tn, while The Wall Street Journal has pointed to a deal worth more than $80bn and a valuation of at least $1.5tn.

If those numbers hold, SpaceX would enter public markets straight into the global top tier, competing for a place among the world's largest listed corporations. That helps explain why this IPO is being framed less as a normal listing and more as a verdict on how far Wall Street is still willing to go in pricing the biggest technology narratives of the future.

Starlink, launch services and AI form three very different growth pillars

Starlink is currently the financial engine of the group. The satellite-connectivity business generated about $11.4bn in revenue in 2025 and benefits from a major structural advantage: SpaceX designs, launches and operates its own satellite network. That gives it tighter control over costs and deployment than most rivals.

The legacy space business contributed roughly $4.1bn in 2025, with Falcon 9's reusability still giving SpaceX a powerful edge in launch economics. A third pillar is the artificial-intelligence division tied to xAI and X, which generated about $3.2bn in revenue in 2025 but remains loss-making. The broader investment case is that these businesses could eventually reinforce one another through shared infrastructure, data and scale.

The real question is whether investors will price vision or fundamentals

Using a valuation range of $1.5tn to $1.75tn against estimated 2025 revenue of $18.7bn, SpaceX would debut on roughly 80 to 93 times sales. On a traditional industrial or aerospace basis, that looks extreme. But the market is unlikely to value the company like a normal aerospace stock if it believes Starlink, Starship and Musk's AI ambitions create optionality that competitors cannot easily match.

That is what makes the IPO so important. Investors will have to decide whether SpaceX is the next great platform story - spanning space, connectivity and AI - or whether too much of that future has already been priced in before the shares even begin trading.