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Elon Musk’s SpaceX is preparing to file a prospectus for an initial public offering as soon as this week, in what could become the largest stock market debut in history, according to the Information, a US technology news outlet known for well-placed industry sources.
The company could seek to raise more than $75 billion (€69 billion), the publication reported, citing a person with direct knowledge of the plans — significantly more than the $50 billion (€46 billion) raise previously anticipated ahead of a potential summer listing.
That earlier figure alone would have shattered the record set by Saudi Aramco’s $29.4 billion (€27.1bn) offering in 2019.
Ahead of a rumoured mid-June debut, SpaceX is expected to be marketed to investors as a platform business targeting a valuation of about $1.5 trillion (€1.38tn), or roughly 94 times its 2025 revenue, Morningstar according to Morningstar.
The Information puts the potential valuation even higher, at more than $1.75 trillion (€1.61tn).
The engine of that valuation is Starlink, the company’s satellite internet service.
Morningstar estimates SpaceX generated nearly $16 billion (€14.7bn) in revenue and $7.5 billion (€6.9bn) in EBITDA in 2025, driven almost entirely by explosive subscriber growth in the Starlink segment.
The IPO narrative also encompasses two highly aspirational capital deployment targets, including data centres in space and Moonbase Alpha, a self-sustaining lunar city, though analysts note the latter has no clear revenue pathway.
SpaceX’s path to market has grown more complex following its acquisition of Musk’s artificial intelligence company xAI in February, structuring it as a wholly owned subsidiary in an all-share deal that valued the combined entity at about $1.25 trillion (€1.15tn).
While the move broadened the company’s narrative as an AI and space infrastructure platform, it adds business integration complexity that is difficult for investors to underwrite.
SpaceX has never filed a public financial statement, meaning investors have so far had to rely on secondary data and analyst estimates.
