According to a Bloomberg report on May 29, people familiar with the matter revealed that after consultations with advisers and investors, SpaceX has lowered its IPO target valuation from the previously sought over $2 trillion to at least $1.8 trillion. SpaceX formally submitted its S-1 prospectus to the U.S. Securities and Exchange Commission (SEC) on May 20, planning to list on the Nasdaq under the ticker SPCX. Roadshows are expected to begin as early as June 4, pricing is expected to be completed as early as June 11, and Nasdaq trading could start as early as June 12, although the actual timeline may be delayed by a few days. This IPO aims to raise up to $75 billion, which would surpass Saudi Aramco’s record of approximately $35.4 billion in 2019, making it the largest IPO in history. Goldman Sachs is the lead underwriter, with Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan Chase co-participating. Sources stressed that details such as the valuation are typically adjusted dynamically based on investor feedback during the roadshow, and there remains the possibility of a future upward revision.
As a core narrative of this IPO, SpaceX disclosed in the S-1 that the company is committed to establishing data centers in space orbit and has agreements with Amazon and Microsoft. The company’s full-year 2025 revenue was approximately $18.7 billion, an increase of about 33% year-over-year, with the main source of profitability being the Starlink satellite internet business. However, due to long-term liabilities of approximately $29 billion incurred after absorbing the xAI business, the financial structure remains under pressure. Notably, the IPO news contrasts with the static fire explosion accident of Blue Origin’s New Glenn rocket at Cape Canaveral on the same day — a direct competitor to SpaceX in the heavy-lift launch vehicle market, and this accident further tilts the competitive landscape in SpaceX’s favor.