According to reports, SpaceX plans to go public as early as mid-2026. If SpaceX sells 5% of its shares as planned, the fundraising scale will reach approximately $40 billion, far exceeding the record of $29 billion set by Saudi Aramco in 2019. Following the news, EchoStar, which agreed to sell spectrum licenses to SpaceX, saw its stock rise by 12% during trading, before retreating to close up about 6%.
Written by: Bao Yilong
Source: Wall Street Journal
SpaceX is advancing its IPO plan, with a fundraising scale expected to far exceed $30 billion, potentially becoming the largest IPO in history.
On December 9, Bloomberg reported that Elon Musk's SpaceX plans to go public as early as mid-2026, with financing expected to far exceed $30 billion. The report cited insiders revealing that the company's target valuation is approximately $1.5 trillion.
If SpaceX sells 5% of its shares as planned, the fundraising scale will reach about $40 billion, far surpassing the record set by Saudi Aramco. In 2019, Saudi Aramco raised $29 billion, becoming the largest IPO in the world. Notably, Saudi Aramco only sold 1.5% of its equity at that time, which is much lower than the circulation ratio of most listed companies.
Following the news, shares of other space companies rose on Tuesday. EchoStar, which agreed to sell spectrum licenses to SpaceX, saw its stock rise by 12% during trading, before retreating to close up about 6%. Rocket Lab, a space transportation company, rose by 3.6%.
（Space concept stocks rise）
SpaceX is expected to use part of the IPO proceeds to develop a space-based data center, including purchasing the chips needed for operation. However, reports indicate that the listing timeline may be adjusted due to market conditions and other factors, potentially delaying it until 2027.
Rapidly Growing Revenue Supports Valuation
According to reports citing insiders, SpaceX expects revenue of about $15 billion in 2025, increasing to $22 billion to $24 billion in 2026, with most of the revenue coming from the Starlink business.
The company's accelerated IPO pace is partly attributed to the strong growth momentum of the Starlink satellite internet service, including the prospects for direct mobile business and the development progress of the Starship rocket for lunar and Mars missions.
On December 6, Musk posted on social media platform X:
SpaceX has maintained positive cash flow for years, conducting two regular stock buybacks each year to provide liquidity for employees and investors.
He stated that the valuation growth is a result of the progress of Starship and Starlink, as well as obtaining global direct mobile spectrum, which significantly expands the company's potential market size.
SpaceX executives have previously suggested the idea of spinning off the Starlink business into a separately listed company. The company's president, Gwynne Shotwell, first proposed this concept in 2020.
The advancement of the overall company IPO plan suggests that the spin-off listing scheme may be shelved.
Internal Share Transactions Proceed First
While advancing the IPO plan, SpaceX has recently finalized a new round of internal share sales.
According to reports citing insiders, in the current secondary market transactions, SpaceX has set a share price of about $420, valuing the company above the previously reported $800 billion.
The company allows employees to sell about $2 billion worth of stock, and SpaceX will participate in repurchasing some shares. Reports indicate that this valuation strategy aims to set the company's fair market value ahead of the IPO.
SpaceX's main long-term investors include Peter Thiel's Founder’s Fund, 137 Ventures led by Justin Fishner-Wolfson, and venture capital firms like Valor Equity Partners.
Fidelity Investments is also a significant investor, and Google's parent company Alphabet also holds shares.
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