SpaceX maps record-sized IPO plans

SpaceX is preparing for an initial public offering that would rank among the largest ever, targeting a $1.75 trillion valuation including a greenshoe option. According to information communicated to banks, the company plans to raise at least $75 billion in the deal.

The offering is expected to be structured as an all-primary share sale, meaning all proceeds would go to SpaceX rather than existing shareholders. Such a structure would provide the company with substantial new capital while keeping current investors from selling in the IPO itself.

Reporting indicates that SpaceX is working toward a tight IPO timetable. The company is reported to plan a roadshow beginning on June 4, 2026, during which executives would meet prospective investors to present the business and discuss valuation.

A possible Nasdaq debut could follow as early as June 12, 2026, with SpaceX expected to trade under the ticker symbol "SPCX." If executed on that schedule and at the indicated size, the listing would be a major event for global equity markets.

SpaceX has lined up a group of leading global investment banks to manage the transaction. Goldman Sachs (GS), Morgan Stanley (MS), BofA Securities, Citigroup (C) and J.P. Morgan (JPM) are named as joint book-running managers for the offering.

As joint book-runners, these banks would coordinate marketing, bookbuilding and pricing for the IPO, as well as help structure the greenshoe option embedded in the $1.75 trillion valuation target.

While SpaceX is signaling a $1.75 trillion target for its flotation, at least one independent research provider has issued a significantly lower estimate. Morningstar has published a valuation of SpaceX at $780 billion.

That figure is roughly half of the company’s reported IPO valuation goal, highlighting a wide gap between the level implied by SpaceX’s fundraising plans and one major public-market assessment.

The divergence between the $1.75 trillion IPO target and Morningstar’s $780 billion valuation underscores a broader debate over how to price SpaceX ahead of its public debut. Market participants are weighing multiple businesses within the company.

SpaceX generates revenue from launch services and its Starlink satellite connectivity business, and it has stated ambitions in areas such as AI and orbital computing. As investor meetings proceed, these lines of business are central to how different analysts and institutions arrive at their valuation views.

With a large, all-primary deal and a prominent bank syndicate, the company’s targeted terms are likely to draw close scrutiny from institutional investors comparing SpaceX’s own goals with third-party assessments like Morningstar’s.