SpaceX Targets $25bn IPO in 2025 as Valuation Aims to Exceed $1 Trillion

SpaceX is preparing for a potential initial public offering next year that could raise more than $25 billion and value the company at over $1 trillion, according to a source familiar with the discussions. The move, which would mark one of the largest public listings in history, positions Elon Musk’s space venture among a select group of companies seeking trillion-dollar valuations.

The company has begun early talks with major banks about structuring the offering, with a tentative timeline targeting June or July 2025, the source told Reuters. The discussions follow years of speculation over when SpaceX might take part of its fast-growing business to public markets.

Musk had previously signalled that Starlink — the company’s satellite internet division — would eventually be listed once revenues demonstrated consistent and predictable growth. Those comments, made in 2020, set expectations that any public offering would depend on the maturity of the division’s financial performance.

Saudi Aramco remains the only company to have completed an IPO with a valuation exceeding $1 trillion. The oil giant entered public markets in December 2019 with an estimated market capitalization of $1.7 trillion, a benchmark that potential mega-listings have since been measured against.

SpaceX is expected to direct proceeds from the public offering toward building space-based data centres, including investment in the chips required to operate them. Musk discussed the concept during a recent event hosted by Baron Capital, signalling that the company sees large-scale orbital computing infrastructure as a key area of expansion. Bloomberg first reported the latest developments, including the expected fundraising target and valuation range.

Revenue projections suggest SpaceX could generate around $15 billion in 2025, rising to between $22 billion and $24 billion in 2026, with most of the growth attributed to Starlink’s expanding global footprint. The satellite network has become a central source of income as demand for low-Earth-orbit broadband services continues to increase.

Reports last week indicated that SpaceX was preparing a secondary share sale that would value the company at approximately $800 billion, placing it in close competition with OpenAI for the title of the world’s most valuable private firm. Musk denied those reports on Saturday, saying they were inaccurate, but did not elaborate on details.

SpaceX did not respond to requests for comment on the potential IPO. If confirmed, the offering would be one of the most anticipated market events of 2025, drawing intense interest from investors seeking exposure to the space industry’s expanding commercial and technological landscape.