Elon Musk’s SpaceX is poised to file for an initial public offering this week, targeting a market debut that could become the largest in history. The company seeks to raise more than $75 billion, surpassing earlier estimates of $50 billion.
Valuation projections exceed $1.75 trillion, fueled primarily by Starlink’s explosive subscriber growth. In 2025, SpaceX generated nearly $16 billion in revenue and $7.5 billion in EBITDA, almost entirely from Starlink.
The IPO narrative also includes ambitious goals: space-based data centers and Moonbase Alpha, a self-sustaining lunar city-though the latter lacks a clear revenue path.
Following its February acquisition of xAI, SpaceX now operates as a combined AI and space infrastructure platform, raising complexity for investor underwriting. The company has never filed public financials, relying instead on analyst estimates and secondary data.