SpaceX, before landing on Mars, prepares the most ambitious landing: the one on Wall StreetElon Musk's creature is preparing an IPO which, according to sources close to the dossier, could exceed $30 billion raised gains momentum, a milestone never achieved by any company at its debut. The target is a monster valuation of $1,5 trillion, equal to that reached by Saudi Aramco in 2019 with its historic $29 billion placement. If the numbers are confirmed, it will be the largest IPO ever, destined to redefine the market perimeter.
Il the project is already on the table of management and advisors. The arrival on Wall Street is expected between mid and late 2026, even if the plan could slip to 2027 depending on market conditions. In recent weeks, SpaceX is finalizing the transaction structure, capital requirements, resource allocations, and key role profiles.
Valuations taking off and the market in turmoil
SpaceX's value trajectory has become very steep. According to rumors from Wall Street Journal it emerges that the company would have been valued at around $400 billion, but internal communications to investors were already talking about possible capitalizations in the order of 800 billionA recent secondary market sell-off priced the stock at $420, pushing the valuation above that mark.
The operation also includes a employee-dedicated program, with the option to sell up to $2 billion in stock. A move that, according to sources cited by Bloomberg, serves to "level out" the private market valuation ahead of the listing. Musk recalled in a December 6 post on X that "SpaceX has been cash flow positive for many years" and that the valuation adjustments stem from progress on Starship, Starlink, and the expansion of frequency spectrum for the direct-to-mobile business.
The mere news of the progress of the IPO has the whole sector was moved: EchoStar rises above 14% while Rocket lab marks a +6% intraday.
Starlink, Starship, and the Future of Space Data Centers
The strongest push for the listing comes from Starlink boom, the satellite constellation that is becoming one of the most dynamic technology businesses in the world. According to sources, SpaceX is expected to generate $15 billion in revenue in 2025, which could rise to 22-24 billion in 2026, with Starlink as the main driver. Furthermore, Musk's giant is developing Starship, the rocket designed for the Moon and Mars, now a strategic axis for SpaceX's industrial positioning.
But the vision doesn't stop there. Part of the funds raised in the IPO will be used to build space data centers and purchase the chips needed to operate themA frontier on which Musk has already spoken publicly, implying that it will be a pillar of the company's future.
The listing scenario and the Starlink node
The idea of separating Starlink from the rest of the group and listing it as an independent company has been circulating for years, since 2020. However, it has always remained in a sort of limbo, a possible project but never truly imminent. Today the picture seems to have changed: the direction chosen by Musk and the management aims at a listing of the entire SpaceX conglomerate, avoiding splits and maintaining the critical mass that is needed for support the most ambitious programs, from the enhancement of Starlink to the development of Starship.
In this scenario, too a minimal capital transfer would have a huge impact. If SpaceX decides to place only 5% of its shares at the assumed valuation, would gross around 40 billion dollars, breaking all previous records for an IPO.
- historical investors, from venture funds like Founders Fund, 137 Ventures, and Valor Equity Partners to giants like Fidelity and Google, are following the game closely. A listing would change the very nature of the company: it would mean greater transparency, new governance rules, but above all, broader access to the capital needed for the next expansion. It would, in other words, mark the beginning of a new era for Musk's space empire.
The race for the largest IPO ever has just begun.If the $1.500 trillion valuation is confirmed, SpaceX's IPO will not only be a stock market debut but a market test of the sustainability – and appeal – of one of the most audacious industrial projects of our time.
