SpaceX is targeting a valuation of at least $1.8 trillion in its initial public offering, down from an earlier goal above $2 trillion, according to Bloomberg.
The lower figure emerged from talks with investors and advisers, Bloomberg reported, citing unnamed sources. A fundraising target of up to $75 billion would surpass every prior public offering in history. Formal investor marketing could kick off as soon as June 4, with share pricing potentially following around June 11, although both dates remain subject to adjustment.
SpaceX filed for its IPO on May 20, pitching investors on the company's evolution from a reusable rocket maker and satellite internet provider into an AI services and infrastructure company. The filing identified a total addressable market of $28.5 trillion and floated plans for orbital data centers. The company expects to list on Nasdaq $NDAQ and Nasdaq Texas under the ticker symbol SPCX.
The company's IPO filing showed full-year 2025 revenue of $18.7 billion, a jump from the $14 billion posted in 2024. Over that same stretch, SpaceX's bottom line shifted dramatically, moving from a $791 million profit to a $4.94 billion net loss. Earlier this year, SpaceX folded Elon Musk's xAI into its portfolio, bringing along the Grok chatbot and the X $TWTR social media platform. At the time of that transaction, Bloomberg reported the terms placed a $1 trillion value on SpaceX and a $250 billion value on xAI.
Goldman Sachs $GS, Morgan Stanley $MS, Bank of America $BAC, Citigroup $C, and JPMorgan $JPM Chase are leading the offering alongside 18 other banks.