SpaceX Just Trimmed Its IPO Target — But $1.8 Trillion Is Still a Record in the Making

TLDR

• SpaceX has lowered its IPO valuation target to at least $1.8 trillion, down from an earlier goal above $2 trillion
• The company is seeking to raise up to $75 billion, which would make it the largest IPO in history
• Formal investor roadshows are expected to begin June 4, with pricing as early as June 11
• SpaceX posted $18.7 billion in revenue in 2025 but swung to a $4.94 billion net loss
• Goldman Sachs, Morgan Stanley, JPMorgan, and others are leading the deal; shares will trade on Nasdaq under ticker SPCX

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Elon Musk’s SpaceX has revised its IPO valuation target down to at least $1.8 trillion, according to Bloomberg, citing people familiar with the matter. That figure is lower than the $2 trillion-plus target the company was reportedly pursuing in April.

The revision came after consultations with advisers and investors. The final valuation could still move higher depending on demand during the investor roadshow period.

A Record-Breaking IPO on the Horizon

SpaceX is aiming to raise as much as $75 billion in the offering. If achieved, that would make it the largest IPO ever recorded.

Formal marketing is expected to kick off as soon as June 4. Pricing could happen as early as June 11, though the timeline may shift by a few days.

The company plans to list on Nasdaq and Nasdaq Texas under the ticker symbol SPCX.

Revenue Growth but a Widening Loss

SpaceX filed its IPO prospectus on May 20. The filing showed revenue of $18.7 billion in 2025, up from $14 billion the year before.

Despite that growth, the company swung from a profit of $791 million in 2024 to a net loss of $4.94 billion in 2025. The increased spending was tied to AI infrastructure and expansion.

The filing describes SpaceX as more than a rocket company. It now positions itself as an AI services and infrastructure business, with ambitions including orbital data centers.

The company puts its total addressable market at $28.5 trillion.

xAI Acquisition Adds to the Story

In February, SpaceX announced it had acquired Musk’s xAI, which operates the Grok chatbot and social media platform X.

At the time of that deal, SpaceX was valued at $1 trillion and xAI at $250 billion.

The acquisition added to SpaceX’s AI-focused narrative heading into the IPO.

Banks and Timeline

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are among the 23 banks leading the offering.

The IPO is one of the most closely watched market events in years. Final terms will be set based on investor feedback during the marketing process.

SpaceX has not commented publicly on the revised valuation target.

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