SpaceX Targets Historic Public Offering with Lofty Valuation Ambitions

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SpaceX has initiated a mandatory regulatory quiet period, signaling the final procedural step before filing its registration for what could become the largest initial public offering in history. The space exploration company, led by Elon Musk, is preparing for a potential 2026 debut with a targeted valuation of $1.5 trillion, a figure that would place it among the most valuable public companies alongside giants like Amazon and Alphabet.

The staggering valuation target is supported by robust operational performance. The company's Starlink satellite internet division reported over 8.5 million subscribers as of November 2025, generating an annual revenue run rate between $11.8 billion and $15.5 billion. This unit is widely viewed as the cash engine that will fund SpaceX's more capital-intensive interplanetary ambitions.

In a related logistical move, SpaceX is modernizing its ground operations with an order for 1,000 to 2,000 Tesla Cybertrucks. With an estimated base price of $80,000 per vehicle, the total transaction value ranges from $80 million to $160 million. This deal also provides a notable boost to Tesla's fourth-quarter delivery figures.

Funding the Next Frontier

The anticipated influx of $30 to $40 billion in capital from the IPO is earmarked to finance three colossal projects. These include scaling up the Starship launch program, constructing a network of orbital data centers for artificial intelligence processing, and establishing the foundational infrastructure for a permanent lunar base.

Anticipation for the offering is already triggering significant capital movements. The ERShares Private-Public Crossover ETF (XOVR), which holds stakes in SpaceX through special purpose vehicles, recorded inflows exceeding $470 million in December alone. The current private secondary market valuation of approximately $421 per share, which places the company's worth around $800 billion, has also pushed Elon Musk's net worth beyond the $600 billion threshold.

Banking Consortium Takes Shape

Morgan Stanley has emerged as the frontrunner to lead the underwriting syndicate, leveraging its 15-year advisory relationship with Elon Musk that includes steering Tesla's IPO and the acquisition of X, formerly known as Twitter. Goldman Sachs and JPMorgan are expected to assume other senior roles within the banking group. A final decision on the consortium is anticipated before the end of the year.

The upcoming critical milestones involve the formal submission of the S-1 registration statement to the U.S. Securities and Exchange Commission, likely in early 2026. The company must then demonstrate to the market that the growth trajectory of Starlink and its pioneering technology initiatives can justify the monumental leap in valuation from its current private worth to its public ambition.