Space Exploration Technologies Corp. (SpaceX) has formally initiated the process for an initial public offering (IPO) on the NASDAQ stock exchange, targeting a record-breaking valuation of $2 trillion. According to confidential filing documents and reports emerged on April 20, 2026, the aerospace manufacturer intends to raise approximately $75 billion in capital, which would represent the largest public offering in financial history. The filing follows a period of rapid expansion for the company, which has transitioned from a private launch provider into a global telecommunications and artificial intelligence conglomerate.
The $2 trillion valuation target is largely underpinned by the financial performance of Starlink, SpaceX’s satellite internet constellation. For the 2025 fiscal year, Starlink generated between $15 billion and $16 billion in revenue, yielding approximately $8 billion in profit. The division currently serves over 10 million global users, providing high-speed internet across residential, maritime, and aviation sectors. This growth was further accelerated by a strategic partnership with telecom provider US Mobile, which expanded Starlink's reach into the domestic mobile market. Internal projections cited in the filing suggest that Starlink now accounts for nearly 80% of the company’s total revenue, overshadowing its traditional launch services business.
A significant precursor to the IPO filing was the February 2026 merger between SpaceX and xAI, the artificial intelligence firm founded by Elon Musk. The private transaction valued xAI at $250 billion and SpaceX at $1 trillion, creating a combined entity that streamlined the company’s technological roadmap. This merger has enabled SpaceX to pursue the development of space-based data centers, which are intended to be powered by solar energy and hosted on next-generation Starlink satellites. The company stated that proceeds from the IPO will be used to launch up to one million of these data center satellites to bypass terrestrial electricity and water constraints.
Operationally, SpaceX has achieved significant milestones leading up to the listing. The company has now completed over 600 successful rocket landings and maintains a launch cadence that has significantly lowered the cost of access to orbit. The integration of the Starship launch system remains a central component of the company’s long-term strategy, specifically for NASA’s Artemis program and the eventual establishment of infrastructure on Mars. In the first quarter of 2026 alone, the company conducted 45 missions, demonstrating the scalability of its reusable rocket technology which now supports the rapid deployment of Starlink V3 satellites.
The proposed IPO structure includes a dual-class share system designed to maintain existing leadership’s voting control. The company plans to list only a small fraction of its total value—approximately 3.75%—resulting in a low free float. This strategy ensures that the majority of the company remains in the hands of early private investors and founder Elon Musk. While a specific date for the commencement of trading has not been set, the company has retained major financial institutions, including Morgan Stanley and Goldman Sachs, to manage the offering.