With a valuation exceeding $1.5 trillion, SpaceX is reportedly planning an IPO next year, potentially raising over $30 billion and becoming the largest in history.

SpaceX is poised to launch the largest IPO in history. According to foreign media citing sources familiar with the matter, Elon Musk's SpaceX is moving forward with its initial public offering (IPO) plan, expected to be completed in mid-to-late 2026, raising "far more than $30 billion" with a target valuation of approximately $1.5 trillion.

If the plan proceeds smoothly, this IPO will significantly break existing records, becoming the largest IPO in history.

The sources also indicated that the IPO timing may be adjusted depending on market conditions, and a delay to 2027 is not ruled out.

According to disclosures, SpaceX plans to sell approximately 5% of its shares. Based on a $1.5 trillion valuation, the fundraising amount could reach $40 billion, far exceeding Saudi Aramco's $29 billion IPO in 2019—the latter currently holds the record for the world's largest IPO. It's worth noting that Saudi Aramco only sold 1.5% of its equity that year, a much smaller allocation than SpaceX's current plan.

Strong business growth supports SpaceX's high valuation. Sources familiar with the matter revealed that the company expects revenue of approximately $15 billion in 2025, further growing to $22-24 billion in 2026. The rapid expansion of its satellite internet business, particularly the promising prospects of its direct mobile device service, coupled with the continued progress of the Starship lunar landing and Mars exploration projects, constitutes a significant factor driving the company's accelerated IPO.

Elon Musk's recent remarks on the social media platform X also reflect the company's sound operational status. On December 6th, he clarified market rumors that "SpaceX is raising funds at an $800 billion valuation," pointing out that the information was inaccurate. Musk also mentioned that SpaceX has maintained positive cash flow for many years, conducting regular stock buybacks twice a year to provide liquidity for employees and investors. He emphasized that the company's rising valuation is mainly due to technological breakthroughs in Starship and Starlink, as well as obtaining global direct mobile spectrum licenses, which significantly expand the company's potential market space.

Prior to its formal IPO, SpaceX has paved the way for its listing through internal share transactions. It is reported that the company set the price per share at approximately $420 in a recent existing share transfer transaction, corresponding to a valuation exceeding the previously rumored $800 billion. The company is allowing employees to sell approximately $2 billion worth of stock, while also participating in some share buybacks. This move is seen as an important step in calibrating the company's fair market value before the IPO.

Regarding the use of the raised funds, sources familiar with the matter revealed that part will be used to develop a space data center, including purchasing the chips needed for its operation. Musk recently expressed strong interest in this concept in discussions with Barron's Capital.

Following the announcement, space-related concept stocks have already reacted positively: EchoStar, which has agreed to sell spectrum licenses to SpaceX, saw its stock price surge by as much as 12% intraday on Tuesday, closing up approximately 6%; Rocket Lab, a space transportation company, also saw its stock price rise by 3.6%.

Furthermore, as long-term major investors in SpaceX, Peter Thiel's Founders Fund, Justin Fishner-Wolfson's 137 Ventures, Valor Equity Partners, Fidelity Investments, and Google's parent company Alphabet are all expected to reap substantial returns from this IPO.

It is noteworthy that the progress of this overall IPO plan may indicate that the company's previously considered separate listing of its satellite internet business has been temporarily shelved.