SpaceX Files for IPO Targeting Up to $1.75 Trillion Valuation

TL;DR: SpaceX has filed for an initial public offering that could value the company at up to $1.75 trillion, with Gibson Dunn and Davis Polk advising on the deal. The move would place SpaceX among the largest U.S. public companies by market cap.

SpaceX, founded by Elon Musk in 2002, develops rockets, satellites, and spacecraft. It has remained private, raising funds through venture rounds and government contracts.

In 2025, SpaceX raised $2 billion in a Series J round led by Andreessen Horowitz. An IPO would allow public investors to buy shares and provide SpaceX with capital for Starship development and Mars ambitions.

The filing indicates a target valuation range up to $1.75 trillion. If priced at that level, SpaceX would rank just below Apple and Microsoft in market capitalization, exceeding Amazon and Alphabet. For reference, Lockheed Martin’s market cap is about $115 billion and Boeing’s is roughly $130 billion.

As of early May 2026, Lockheed Martin (LMT) trades around $465 per share, up 2.3% year‑to‑date, while Boeing (BA) sits near $190, down 1.1% YTD. Pure‑play space stocks such as Rocket Lab (RKLB) and Virgin Galactic (SPCE) have market caps of $5.5 billion and $2.1 billion respectively, showing the scale gap a SpaceX IPO would fill. The largest recent tech IPO, Arm Holdings (ARM), debuted at a $55 billion valuation in September 2023.

An IPO at this scale would inject significant liquidity into the space sector, potentially lowering the cost of capital for satellite constellations and launch services. It would also subject SpaceX to quarterly earnings disclosures and shareholder oversight, which could influence its long‑term project timestones. Investors will watch the pricing roadshow, the final offer price, and the first day of trading to gauge market demand for a pure‑play space company.

The SEC’s review of the registration statement, the underwriter syndicate announcement, and the eventual listing date, expected sometime in late 2026, will be key milestones to monitor.