SpaceX is moving forward with plans for an initial public offering that aims to raise more than $30 billion, in a deal that could become the largest IPO of all time. The valuation target for the entire company stands at about $1.5 trillion — a level that would bring it very close to Saudi Aramco, which raised $29 billion in 2019.

According to sources, SpaceX and its advisors are considering conducting the IPO sometime between mid- and late-2026, with a possible shift into 2027 depending on market conditions.

News of the IPO preparations sent sector stocks soaring. EchoStar Corp., which has agreed to sell spectrum licenses to SpaceX, jumped as much as 12%, while Rocket Lab rose more than 4%.

Momentum for the IPO is tied to the ongoing expansion of Starlink — the rapidly growing satellite internet service — and to the Starship program, the rocket aimed at missions to the Moon and Mars.

SpaceX expects about $15 billion in revenue in 2025 and $22–24 billion in 2026, with Starlink serving as the main source of income. Some of the IPO funding will go toward developing space-based data centers, including the purchase of specialized chips — an idea Musk recently endorsed publicly.

In secondary markets, the company has set the share price at $420, pushing its valuation above $800 billion, while allowing employees to sell up to $2 billion in stock.

Musk has stated that SpaceX has been “cash-flow positive for years” and that rising valuations reflect progress in Starship and Starlink, as well as the securing of spectrum for direct-to-cell services that open up a massive new market.

The potential Starlink spin-off and key investors

The scenario of a future standalone IPO of Starlink has surfaced before, first mentioned by President Gwynne Shotwell in 2020. However, Musk himself has noted that such a move is not expected anytime soon, while the company’s CFO has pushed the possible IPO “several years out.”

Major investment forces such as Peter Thiel’s Founders Fund, 137 Ventures, and Valor Equity Partners remain key shareholders, as do Fidelity and Google (Alphabet). If SpaceX offers just 5% of the company in the IPO, it would need to sell roughly $40 billion worth of shares — an amount that would break all previous records, even that of Saudi Aramco. The comparison is striking: Aramco offered just 1.5% of its equity in its historic public offering.