According to Bloomberg Business, SpaceX is moving ahead with plans for an initial public offering that aims to raise significantly more than $30 billion. The company, led by Elon Musk, is targeting a valuation of about $1.5 trillion for the entire business. That figure would put it near the market value of Saudi Aramco, which set the record with its $29 billion listing in 2019. Management and advisers are reportedly pursuing a listing as soon as mid-to-late 2026, though the timing could slip to 2027 based on market conditions. A representative for SpaceX did not immediately comment on the plans.
The Staggering Scale
Let’s just sit with that number for a second: $1.5 trillion. That’s more than the current market caps of Tesla and Netflix combined. It’s aiming to be the biggest IPO of all time, full stop. The ambition here is absolutely galactic, which, for SpaceX, is the point. But here’s the thing: that valuation isn’t based on today’s financials from launching Starlink satellites or NASA crews. It’s a bet on a future where Starship is routinely flying, point-to-point Earth travel is a thing, and Mars isn’t just a dream. They’re asking public markets to fund the sci-fi vision upfront.
Why 2026, And Why Now?
The reported 2026-2027 timeline isn’t random. That’s roughly when the development arc of Starship—the fully reusable, Mars-bound rocket—is supposed to hit a critical inflection point. The idea is to go public not as a satellite internet company, but as a multi-planetary transportation company. But can they prove it by then? Starship has had spectacular, explosive tests. Turning that into a reliable, weekly flight rhythm is a monumental engineering challenge. If that timeline slips, and it very well might, does the IPO get pushed again? Probably. Market conditions will also be everything. Trying to float a $1.5T company in a bear market is a non-starter.
The Musk Factor and Governance Questions
And then there’s Elon. He’s famously resistant to taking SpaceX public, fearing the quarterly earnings pressure would kill long-term, risky innovation. So what changed? The capital needs for Starship and a global Starlink network are colossal. Even with huge revenue growth, going public might be the only way to fund the Mars ambition without constant private raises. But investors will have questions. How much control does Musk retain? What’s the actual governance structure? Look at Tesla’s volatility—a SpaceX stock would be the ultimate “Musk stock,” for better and worse. Can public market investors really stomach the “failure is an option” testing philosophy when billions in market cap evaporate after a test flight anomaly?
A Reality Check on Valuation
Let’s be skeptical for a minute. A $1.5 trillion valuation would mean SpaceX is worth about 15 Boeings. It assumes flawless exection for a decade. The risks are almost comically large: technical hurdles, regulatory nightmares for global operations, and the sheer physics of making life multi-planetary. One major Starship setback post-IPO could crater the stock. Basically, this isn’t an IPO for the faint of heart. It’s a vote of confidence in a future that doesn’t exist yet. If you think Tesla’s valuation has been a wild ride, just wait. This would be investing in a dream, with all the breathtaking reward and catastrophic risk that entails.
