SpaceX is preparing to file a prospectus for an initial public offering as soon as this week, according to reports from The Information, signaling what could become the largest stock market debut in history.
The aerospace manufacturer is reportedly seeking to raise more than $75 billion, a figure that significantly exceeds the $50 billion previously anticipated by market observers ahead of a rumored mid-June listing.
If realized, the capital raise would easily surpass the current global record of $29.4 billion set by Saudi Aramco in 2019.
Financial analysts at Morningstar suggest the company is being marketed as a diversified platform business with a target valuation of approximately $1.5 trillion, representing 94 times its estimated 2025 revenue.
However, sources cited by The Information suggest the potential valuation could reach as high as $1.75 trillion.
The primary engine behind this premium valuation is Starlink, SpaceX’s satellite internet constellation.
Estimates suggest the company generated nearly $16 billion in revenue and $7.5 billion in EBITDA in 2025, fueled almost exclusively by the rapid expansion of the Starlink subscriber base.
The IPO narrative also highlights long-term, high-capital projects, including orbital data centers and "Moonbase Alpha," a planned self-sustaining lunar colony.
The path to the public markets has been further complicated by SpaceX’s recent corporate restructuring.
In February, the company acquired Elon Musk’s artificial intelligence firm, xAI, in an all-share transaction that valued the combined entity at $1.25 trillion.
While the move positions SpaceX as a dual-threat AI and space infrastructure platform, it introduces integration complexities that investors must now weigh against the company’s ambitious growth targets.