Elon Musk’s SpaceX is reportedly planning an IPO (Initial Public Offering) in 2026 that could raise more than $25 billion. The move could reshape the space, satellite, and global tech investment landscape.
SpaceX plans to expand its Starlink satellite internet business, including plans for direct-to-mobile service and progress in its Starship rocket program for moon and Mars missions.
The company's move towards a public listing could rank it among the largest global IPOs. SpaceX has started discussions with banks about launching the offering around June or July, according to sources. This move could boost the rocket-maker's valuation to over $1 trillion.
SpaceX ranks as the world's second most valuable private startup after ChatGPT maker OpenAI. Meanwhile, OpenAI and rival Anthropic are also reportedly in talks for an IPO next year.
SpaceX expects to use funds from the public listing to develop space-based data centers, including purchasing the chips required to run them, according to Bloomberg News.
Talks over a listing plan are unfolding against the backdrop of a resurgence in the IPO market in 2025 after a three-year dry spell.
Several billionaires and private firms are competing in the space race in the US, pouring money into rockets, satellites, and lunar missions. The frontiers are SpaceX and Jeff Bezos' Blue Origin.
The space industry is becoming a high-stakes arena for technological dominance, national security, and economic opportunity, as NASA is relying more on commercial partnerships.
The news of the potential IPO comes days after a media report that said SpaceX is kicking off a secondary share sale that would value the rocket-maker at $800 billion. However, Musk dismissed the report, calling it inaccurate.
"SpaceX represents one of the most exciting opportunities in the global IPO market and has been on the dream-list of several investors for years," said Samuel Kerr, head of equity capital markets at Mergermarket.
"If all these deals come through the US IPO market will experience a genuine revival, the green shoots of which have already been seen this year," Kerr said.
"SpaceX could be one of the most divisive stocks to join the market in years," said Dan Coatsworth, head of markets at AJ Bell.
"If SpaceX did float, expect growing pressure on Musk to commit to only one of his listed entities – Tesla or SpaceX. It's hard to see how one individual could run two $1 trillion+ companies at the same time," he added.
Several big startups have stayed private for longer and continued to raise capital in private markets, and a listing from a company like SpaceX could prompt more of them to move toward public offerings.
Wall Street's top executives expect the momentum to carry into 2026, boosted by a pipeline of high-profile companies preparing to test investor demand.
Saudi Aramco is the only completed IPO to achieve a more than $1 trillion valuation. The state-owned petroleum and natural gas giant debuted in December 2019 with an estimated market capitalization of $1.7 trillion.
Will SpaceX be able to beat the record? Only time will tell.