SpaceX Eyes Record-Breaking IPO as Valuation Approaches $400 Billion

SpaceX is eyeing a public offering that could rank among the largest initial public offerings in history, according to a report by Bloomberg published Tuesday, as the company's valuation approaches $400 billion based on recent secondary market transactions. An IPO at that scale would surpass the $34 billion raised by Saudi Aramco in 2019, currently the largest IPO on record, and would eclipse Facebook's $16 billion raise in 2012 and Alibaba's $25 billion raise in 2014. The specific timing and structure of any offering have not been announced, and SpaceX and its founder Elon Musk have previously deflected questions about public listing plans. SpaceX's business spans two primary divisions: its launch services arm, which operates the Falcon 9 and Falcon Heavy rockets and is developing the Starship vehicle for heavy-lift missions, and Starlink, the global low-earth orbit satellite internet service that has grown to more than four million subscribers and is generating substantial recurring revenue. The company reported earlier this year that Starlink reached profitability on a standalone basis, a milestone that materially strengthens the investment case for a public offering. Satellite internet services generate high-margin recurring revenue once infrastructure costs are amortized, and Starlink's subscriber base continues to grow internationally including in markets with limited terrestrial broadband alternatives. Any SpaceX IPO would come with significant attention to governance, given Musk's simultaneous leadership of Tesla, X, xAI, and The Boring Company, and his prominent role in the Trump administration's DOGE initiative. Institutional investors would likely scrutinize the allocation of his time and attention across competing enterprises. SpaceX did not confirm IPO plans in response to Bloomberg's inquiry.