- SpaceX is targeting a valuation of at least $1.8 trillion for its IPO, down from an earlier goal of over $2 trillion, according to people familiar with the matter
- Investor marketing is set to begin June 4, with pricing expected as early as June 11; the company is seeking to raise $75 billion
- Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan are leading the offering
- The revised target still makes SpaceX’s IPO one of the largest in history, surpassing Saudi Aramco’s $1.7 trillion debut
What Happened?
SpaceX has dialed back its initial public offering ambitions, now aiming for a valuation of at least $1.8 trillion rather than the $2 trillion-plus figure that had been floated earlier this year. The company is moving quickly: investor roadshows begin June 4 and shares could price as early as June 11. SpaceX is looking to raise $75 billion in what would be one of the most consequential IPOs in market history. Goldman Sachs, Morgan Stanley, Bank of America, Citi, and JPMorgan are leading the deal.
Why It Matters?
Even at a reduced target, a $1.8 trillion valuation would surpass Saudi Aramco’s $1.7 trillion debut and make SpaceX the most valuable company to ever go public. The downward revision signals that Elon Musk and advisers are prioritizing a clean, oversubscribed book over maximizing headline valuation — a pragmatic move given recent market volatility and elevated rates. For investors, the IPO represents a rare chance to buy into the dominant commercial launch provider and Starlink’s fast-growing satellite internet business. The timeline compression — marketing to pricing in under two weeks — suggests strong pre-marketing demand and a desire to move before any macro deterioration.
What’s Next?
All eyes turn to June 4 when SpaceX formally kicks off investor meetings. If demand is robust, pricing could land at or above $1.8 trillion, with the final number known by June 11. A successful SpaceX listing would likely energize the broader IPO market, which has been cautiously recovering, and could trigger a wave of large private-tech offerings waiting in the wings. Musk has historically been reluctant to take companies public; a clean debut here would set a template for how megacap private firms approach the public markets going forward.
Source: Bloomberg
