SpaceX accelerates towards a historic stock market listing, with a record-breaking IPO of over $40 billion in 2026

In the global financial landscape, SpaceX is preparing to make a historic move. According to early December reports, Elon Musk’s company aims for a stock market listing as early as the second half of 2026, with fundraising exceeding $30 billion significantly. If the plan to sell 5% of the company materializes, the funds raised could reach around $40 billion, setting a new world record for an IPO.

For comparison, Saudi Aramco set the previous world record in 2019 with $29 billion, although it only sold 1.5% of its shares. SpaceX’s target valuation is around $1.5 trillion, reflecting the company’s growing strategic importance on the global stage.

Starlink and earning prospects support an extraordinary valuation

The company’s willingness to go public is grounded in solid economic fundamentals. SpaceX estimates revenues of about $15 billion in 2025, with projections to expand further to $22-24 billion in 2026. The main driver of this growth remains Starlink, the satellite internet service that has attracted the interest of global investors.

In addition to satellite connectivity, the company’s portfolio is expanding thanks to advances in the development of the Starship rocket, intended for lunar and Martian missions, as well as the acquisition of spectral licenses for direct mobile device connections. These combined factors have significantly expanded the company’s market potential, transforming SpaceX from a pure aerospace company into a tech conglomerate.

Last December, Musk publicly stated on X that the company’s valuation growth is a direct result of progress with Starship and Starlink, as well as the acquisition of global spectrum to connect mobile devices. The company has also maintained positive cash flow for years, executing semiannual share buybacks to ensure liquidity for employees and investors.

The path to the stock market: from internal sales to market transactions

Alongside the IPO plan, SpaceX recently completed a new round of internal share transactions. Market sources indicate that the per-share price set by the company in current secondary market negotiations is about $420, bringing the overall valuation above the previously announced $800 billion. This internal pricing strategy aims to establish a fair market value before going public.

The company has allowed employees to sell shares for approximately $2 billion, while simultaneously participating in selective buybacks. This approach highlights how SpaceX is creating optimal market conditions for a potentially extraordinary listing.

Major long-term investors include Peter Thiel’s Founder’s Fund, the 137 Ventures fund led by Justin Fishner-Wolfson, and investment vehicles like Valor Equity Partners. Fidelity Investments and Alphabet, Google’s parent company, also hold significant stakes in the company.

The market reacts enthusiastically, while a possible delay looms

The news of an imminent stock market debut has generated positive waves in the space sector. EchoStar, which agreed to license spectrum to SpaceX, saw an intraday increase of 12% and closed up 6%. Rocket Lab, a space transportation operator, rose by 3.6%, demonstrating the sector’s overall attractiveness.

However, the plan is not entirely set in stone: sources suggest that timing could be delayed if market conditions turn unfavorable, with a potential postponement to 2027. Despite this flexibility, the push toward a public listing appears increasingly inevitable.

Moving toward a new paradigm: Starlink spin-off on hold

An interesting aspect involves previous considerations of spinning off Starlink as a separate publicly traded entity. SpaceX President Gwynne Shotwell proposed this scenario as early as 2020. The current progress of the company’s IPO plan suggests that the option of a separate listing may have been set aside in favor of a unified strategy, allowing investors to access the entire SpaceX ecosystem through a single market transaction.

This development marks a turning point not only for SpaceX but for the entire space exploration and satellite technology sector, with potential ripple effects across the global high-tech economy.