SpaceX lowered its IPO target from a previous estimate of over $2 trillion following investor feedback, according to Bloomberg reporting from May 29. The revised figure of $1.8 trillion still makes this the most ambitious IPO ever attempted, by a wide margin.

The numbers behind the rocket

SpaceX plans to offer approximately 555.6 million shares priced at $135 each, aiming to raise around $75 billion in total. The company filed its S-1 registration with the SEC on May 20, 2026, and a formal roadshow is expected to kick off as early as June 4.

Trading is slated to begin on Nasdaq under the ticker SPCX on June 12.

SpaceX reported $18.7 billion in revenue for 2025, driven primarily by Starlink subscriptions. But the company also posted a net loss, partly due to costs tied to its xAI acquisition.

At the proposed $1.8 trillion valuation, investors would be paying roughly 94 times trailing sales.

A valuation that doubled in six months

In December 2025, SpaceX was valued at around $800 billion through private tender offers. By February 2026, following the xAI merger, that number jumped to $1.25 trillion.

Morningstar has been vocal in its criticism, noting the private valuation was already stretched at $780 billion and flagging a significant disparity between what private investors were willing to pay and what public market fundamentals might support.

Bulls point to Starlink’s rapidly expanding subscriber base as the real story. The satellite internet service has become SpaceX’s primary revenue engine, and its addressable market—providing broadband to underserved and remote regions globally—is genuinely enormous.

What this means for investors

A $75 billion capital raise would dwarf Saudi Aramco’s 2019 IPO, which brought in about $25.6 billion and held the record for years.

SpaceX is still unprofitable, and the xAI acquisition has added complexity and cost to the balance sheet. The 94x sales multiple leaves essentially zero room for execution stumbles.