According to Bloomberg on May 29, sources familiar with the matter said that after consulting with advisors and investors, SpaceX has lowered its target IPO valuation from over $2 trillion previously sought to at least $1.8 trillion. SpaceX formally submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on May 20, planning to list on the Nasdaq under the ticker SPCX. The roadshow is expected to begin as early as June 4, pricing as early as June 11, and Nasdaq trading as early as June 12, though 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 serving as the lead underwriter, with Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan also participating. Sources emphasized that details such as the valuation are typically adjusted dynamically based on investor feedback during the roadshow, and could still be revised upward in the future.
As the core narrative of this IPO, SpaceX disclosed in its S-1 that the company has committed to building data centers in space orbit and has agreements with Amazon and Microsoft. The company’s full-year 2025 revenue was approximately $18.7 billion, up about 33% year-over-year, with the primary profit source being its Starlink satellite internet business. However, due to long-term liabilities of approximately $29 billion incurred after absorbing the xAI business, its financial structure remains under pressure. Notably, this IPO news contrasts with an incident on the same day when Blue Origin’s New Glenn rocket suffered a static fire explosion at Cape Canaveral — the latter is SpaceX’s direct competitor in the heavy-lift launch vehicle market, and this accident further tilts the competitive landscape in SpaceX’s favor.