SpaceX lowered its initial public offering valuation target to at least $1.8 trillion on Thursday, down from the $2 trillion-plus figure Bloomberg reported in April, after consultations with advisers and investors prompted the company to revise its ambitions.
Bloomberg reported, citing people familiar with the matter who asked not to be identified, that SpaceX plans to raise as much as $75 billion in the offering, with roadshows expected to begin as early as June 4, pricing on June 11, and a Nasdaq debut under the ticker SPCX on June 12 — though the final figures could shift based on investor feedback.
Even at $1.8 trillion, SpaceX would break both of Saudi Aramco‘s 2019 records — the $1.7 trillion IPO valuation and the $25.6 billion raised — making it the largest public offering in history by both measures.
SpaceX filed its public prospectus with the SEC on May 20 after submitting it confidentially in April. The filing covers the combined entity created by SpaceX’s February 2026 all-stock acquisition of xAI — Elon Musk’s AI company, which had already absorbed X in March 2025 — and discloses the full financials of that merged business for the first time.
Read: SpaceX Files For IPO, xAI Losses Loom Large
The numbers present a company with a profitable core and a loss-making AI operation pulling it into the red. The S-1 shows the combined entity generated $18.67 billion in revenue in 2025 on a net loss of $4.94 billion — compared with an estimated $791 million net profit for standalone SpaceX in 2024, before the xAI merger. Adjusted EBITDA came in at $6.58 billion for 2025.
The first quarter of 2026 deepened the loss: $4.30 billion in the red on $4.70 billion in revenue, with capital expenditure hitting $10.10 billion — $7.72 billion of it attributed to AI infrastructure alone.
Read: SpaceX S-1 Reveals Anthropic Is Paying $1.25 Billion a Month for AI Compute
Morningstar’s breakdown of the S-1 shows Starlink as the sole segment generating consistent GAAP profit, with $11.4 billion in revenue and $4.42 billion in operating profit in 2025. The satellite internet service crossed 10 million subscribers across 160 countries in February 2026, though average revenue per user fell as cheaper consumer plans expanded the base.
The launch business contributed $4.1 billion in revenue but posted an operating loss of $657 million. The AI segment — covering Grok, xAI’s data center infrastructure, and X — generated $3.2 billion in revenue against a $6.36 billion operating loss for 2025. The segment’s cash burn exceeded the combined output of SpaceX’s other two divisions, and its Q1 2026 operating loss reached $2.47 billion in a single quarter.
Starlink’s cash generation funds the AI deficit while Musk builds out what he has described as the infrastructure for advanced model training and, eventually, multi-planetary settlement.
Goldman Sachs leads a 23-bank underwriting syndicate that includes Morgan Stanley, Bank of America, Citigroup, and JPMorgan. Musk holds 42% of SpaceX’s equity and 85% of voting rights. SpaceX allocated 30% of the float to retail investors — three times the standard for large-cap IPOs.
Once SPCX begins trading, Nasdaq’s fast-entry rule adds it to the Nasdaq-100 after 15 days, compelling index funds and ETFs tracking the benchmark to buy in.
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