SpaceX is preparing to take a scaled-down valuation target to the public markets, setting its IPO goal at a minimum of $1.8 trillion, according to people familiar with the plans. While this figure represents a reduction from earlier internal ambitions, it still leaves open the possibility that the company could execute one of the largest offerings on record.
The company is proposing to raise as much as $75 billion in the planned share sale. Preparations for formal investor roadshows are could begin as soon as June 4, with potential pricing of the deal by June 11, signaling an accelerated timeline for marketing to institutional buyers.
Those involved in the process have discussed the valuation and offering size with advisers and investors, and the current target reflects revisions made after those consultations. The final valuation and the amount raised could still shift during the marketing period based on investor interest and demand.
Financial filings referenced in reporting show SpaceX recorded $18.7 billion in revenue in 2025, an increase from $14 billion the prior year. The company reported a net loss of $4.94 billion in the most recent year after posting a profit of $791 million in 2024. The filings attribute the swing primarily to accelerated spending on artificial intelligence initiatives and expanded infrastructure investment.
Presenting a lower headline valuation than previously considered suggests a recalibration between internal expectations and the feedback received from prospective investors and advisers. At the same time, the targeted $75 billion fundraising would be a notable capital event if executed as proposed.
Summary
SpaceX has revised its IPO valuation target to at least $1.8 trillion and is planning to seek up to $75 billion in proceeds. Formal investor presentations may begin in early June, with pricing possibly set by June 11. The company reported revenue growth to $18.7 billion in 2025 but recorded a net loss of $4.94 billion amid increased AI and infrastructure spending.
Key Points
- Valuation target lowered to at least $1.8 trillion after adviser and investor discussions - impacts capital markets and aerospace-equipment financing.
- Planned proceeds could reach $75 billion, with investor roadshows potentially starting June 4 and pricing as early as June 11 - relevant for equity markets and large institutional allocations.
- Revenue rose to $18.7 billion in 2025 from $14 billion in 2024, but the company reported a net loss of $4.94 billion as spending accelerated on AI and infrastructure - pertinent to technology and AI investment narratives.
Risks and Uncertainties
- The final valuation and size of the IPO remain contingent on investor demand during the marketing process - affects equity issuance and market reception.
- The company moved from a profit of $791 million in 2024 to a $4.94 billion net loss in 2025 due to increased spending on AI and infrastructure expansion - presents financial performance risk for prospective shareholders.
- The updated $1.8 trillion target is lower than previously discussed figures, indicating potential volatility in pricing expectations between company ambitions and market feedback - impacts pricing dynamics in the offering and related sectors.
Note: This article reports the valuation target, proposed fundraising amount, potential roadshow and pricing dates, and the revenue and profit/loss figures as stated in the referenced filings and discussions. The described items remain subject to change based on investor demand and final decisions made during the IPO process.