According to people with knowledge of the matter, SpaceX is targeting a valuation of no less than $1.8 trillion for its upcoming initial public offering, as Elon Musk’s aerospace and artificial intelligence company moves closer to going public, Bloomberg reported.
Bloomberg previously reported in April that the company had been pursuing a valuation exceeding $2 trillion. However, after discussions with advisers and prospective investors, the target has reportedly been revised downward, the sources said, requesting anonymity because the information remains private.
People familiar with the process noted that IPO terms, including valuation and deal size, are often adjusted before pricing in response to investor demand and market feedback. SpaceX is reportedly aiming to raise up to $75 billion in the offering, which could make it the largest IPO ever completed.
Documents presented to investors in the company’s May 20 IPO filing highlighted SpaceX’s transformation from a business centered on reusable rockets and satellite internet services into a broader AI infrastructure and services company. The filing outlined ambitions that include orbital data centers and a potential addressable market estimated at $28.5 trillion.
Bloomberg has also reported that SpaceX could begin formally marketing the IPO as early as June 4, with pricing potentially taking place around June 11. Sources said the timetable could still shift by several days.
The discussions are continuing, and the company may still decide to raise its valuation target if investor interest during the roadshow proves strong, according to the people.
Financial disclosures in the filing showed that SpaceX generated $18.7 billion in revenue in 2025, compared with $14 billion in the prior year. The company also moved from a $791 million profit in 2024 to a net loss of $4.94 billion last year.
In February, SpaceX announced the acquisition of Elon Musk’s xAI, the company behind the Grok chatbot and the social media platform X. Bloomberg previously reported that the transaction valued SpaceX at approximately $1 trillion and xAI at around $250 billion.
The IPO is being led by a group of major Wall Street banks, including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, alongside 18 additional underwriters. SpaceX, formally known as Space Exploration Technologies Corp., is expected to list on Nasdaq and Nasdaq Texas under the ticker symbol SPCX.