SpaceX targets 2026 IPO at $800 billion valuation

SpaceX is currently expected to launch an IPO in 2026, valuing it at $800 billion. With the current investor interest in the Musk-led venture, SpaceX could raise more than $25 billion with its potential public offering expected to launch next year. 

According to a letter from SpaceX CFO Bret Johnsen reviewed by Reuters, the company has approved an arrangement where investors can buy shares at $421 each, raising its value to approximately $800 billion. The company is also moving forward with its plans to go public in 2026.

Industry analysts project Starlink will generate between $11.8 billion and $15 billion in revenue for 2025. The service operates through a constellation of over 7,500 satellites in low Earth orbit, making it the largest active satellite network ever deployed.

Back in July 2025, the company sold shares at $212 each and held a $400 billion valuation. The new valuation would place SpaceX among the top 20 publicly traded companies globally and make it the most valuable private startup in the world, surpassing OpenAI’s recent $500 billion valuation.

Elon Musk’s SpaceX valuation

In the shareholder letter dated December 12, Johnsen acknowledged that it’s still uncertain whether the IPO will happen and at what valuation, but said that the offering could raise significant capital if the company executes well and markets cooperate.

SpaceX could raise over $25 billion in an IPO that could come as early as June 2026.

SpaceX’s soaring value is due to its satellite internet business, Starlink. The service grew from 1 million subscribers in December 2022 to over 8 million active customers worldwide as of November 2025, according to multiple reports. This rapid expansion has made Starlink SpaceX’s largest revenue stream, generating $7.7 billion in 2024, approximately 58% of the company’s total revenue.

Government contracts contributed about $2 billion in Starlink revenue in 2024, and it’s expected to contribute $3 billion in 2025. The military version, called Starshield, has been extensively used in Ukraine and represents a growing revenue stream for the company.

SpaceX is a leader in the commercial launch market thanks to its Falcon 9 rocket and Starship, which is still in development but is described as the most powerful rocket ever built.

According to the shareholder letter, SpaceX plans to use IPO capital to increase Starship’s flight rate, deploy AI data centers in space, build Moonbase Alpha, and send missions to Mars.

The company recently purchased over $17 billion in wireless spectrum licenses from EchoStar, enabling direct-to-cell service and allowing standard smartphones to connect directly to Starlink satellites without special equipment. SpaceX has partnered with T-Mobile on this technology.

Is there an IPO craze?

After reaching a peak of 1,035 IPOs in 2021, the public offering market declined sharply, with just 154 IPOs in 2023 and 225 in 2024. The downturn was driven by higher interest rates, inflation concerns, and general market uncertainty.

However, after improving financial conditions, easing monetary policy, and strong performance from recent IPOs, the global deal volume of IPOs has increased by 19% YoY. The market has also witnessed an 89% surge in proceeds in the third quarter of 2025.

Through the first nine months of 2025, 176 IPOs generated over $30 billion, marking a 20% increase compared to the previous year. September 2025 was the busiest month for new listings since November 2021 as investors poured nearly $8 billion in that single month.

Artificial intelligence and digital infrastructure companies have generated particularly strong investor interest in the IPO market this year. The technology, media, and telecommunications sector represented a third of IPO deals and more than half of the proceeds raised in the third quarter of 2025.

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