SpaceX has raised its IPO valuation target to more than $2 trillion, according to people familiar with the discussions. The world’s most valuable startup is preparing a pitch that could become the largest offering in history.
According to those sources, Elon Musk’s rocket, satellite and AI company, together with its advisers, is already discussing that figure with prospective investors as it prepares for the listing. In the coming weeks, it will hold a series of so-called early-look briefings, where more data will be presented to justify such a valuation.
If the $2 trillion target is confirmed, SpaceX’s valuation would rise by nearly two-thirds in a matter of months. After the acquisition of xAI, the combined entity was valued at $1.25 trillion.
At that level, SpaceX would rank behind only five companies in the S&P 500 by market capitalization—Nvidia, Apple, Alphabet, Microsoft and Amazon—and would surpass Meta, as well as Tesla, Musk’s other company and a member of the so-called Magnificent Seven.
The company has confidentially filed for an IPO that could take place as early as June. A SpaceX listing could become the first of three major stock-market debuts, with IPOs by OpenAI and Anthropic PBC also under consideration, as their chatbots compete with Grok, developed by xAI’s subsidiary.
Discussions are ongoing, and the terms of the deal could still change, the sources said, speaking on condition of anonymity because the information is not public. A SpaceX representative did not respond to a request for comment.
The offering could raise as much as $75 billion. At that size, it would far surpass the biggest IPO in history—Saudi Aramco’s $29 billion debut in 2019. The proceeds are expected to fund Musk’s broader ambitions, including building data centers for AI in space and establishing an industrial base on the Moon.
Those plans would require unprecedented amounts of capital and close coordination of resources across several of Musk’s companies. In March, he said that the Terafab project, which is ultimately intended to produce its own chips for robotics, AI and space-based data centers, would be a joint venture between Tesla and SpaceX.
As sources previously told reporters, SpaceX has enlisted Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase & Co. and Morgan Stanley to prepare the IPO, while also broadening the syndicate of participating banks. According to those sources, a call with the expanded banking syndicate is scheduled for Monday, and an analyst briefing is planned for late April. IFR and Reuters had earlier reported those steps.