Analysts estimate SpaceX could target a valuation of up to 1.7 trillion dollars in its initial public offering, potentially making it the largest company ever to debut on public markets by market capitalization at listing.
The figure exceeds Saudi Aramco’s roughly 1.7 trillion dollar valuation when it went public in 2019, though Aramco raised about 29 billion dollars in proceeds compared with reports of a 75 billion dollar raise for SpaceX. The gap between valuation and cash raised reflects how much existing shareholders sell in an IPO.
SpaceX’s filing highlighted Starlink’s growth, Starship development and ambitions in satellite-enabled AI services. Revenue reached 18.7 billion dollars in 2025, but operating losses persisted as the company invested heavily in next-generation launch capacity and constellation expansion.
Some estimates have ranged as high as 2 trillion dollars depending on how investors price future cash flows from Starlink subscriptions, government contracts and potential Mars-related ventures. Skeptics note that unprecedented valuations require sustained profitability that SpaceX has not yet demonstrated on an operating basis.
SpaceX reported 18.7 billion dollars in 2025 revenue against operating losses of 2.6 billion dollars. Saudi Aramco remains the largest IPO by proceeds at about 29 billion dollars even if SpaceX’s market cap exceeds it. Musk will retain control through a super-voting share structure outlined in the registration statement.
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Sources:
https://www.euronews.com/business/2026/05/21/ahead-of-the-spacex-ipo-a-look-at-the-biggest-stock-market-debuts-ever