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Corporate Score 45 Bullish

SpaceX Eyes Historic $2 Trillion IPO as Rocket Lab Scales Operations

Apr 18, 2026 18:43 UTC
RKLB
Medium term

SpaceX is preparing for a potentially record-breaking public offering while Rocket Lab continues to expand its launch capabilities. The two firms represent diverging strategies in the race for space economy dominance.

  • SpaceX targeting $2 trillion valuation for IPO
  • Starlink contributes over $10 billion to SpaceX revenue
  • Rocket Lab revenue grew 38% to $602 million in 2025
  • Rocket Lab maintains $1.85 billion order backlog
  • Neutron rocket seen as key catalyst for Rocket Lab competitiveness

SpaceX is moving toward what could be the largest initial public offering in history, targeting a valuation of $2 trillion. The company's expansive ecosystem, which now integrates xAI and X, positions it as a diversified conglomerate rather than a simple aerospace firm. In 2025, SpaceX reported revenue of $18.5 billion, with its Starlink satellite constellation contributing over $10 billion. The company achieved an EBITDA of $8 billion, reflecting significant operational scale and profitability. In contrast, Rocket Lab (RKLB) operates as a pure-play space entity. The company posted $602 million in revenue for 2025, representing a 38% year-over-year increase. Despite a $1.85 billion backlog, Rocket Lab continues to operate with a negative EBITDA. Market valuations for both firms remain elevated. SpaceX's implied price-to-sales ratio stands at 108, while Rocket Lab trades at a P/S ratio of 67 with a market capitalization of $37 billion. While SpaceX maintains a dominant market position, Rocket Lab is betting on its upcoming Neutron rocket to compete more effectively with larger launch vehicles at a lower cost, potentially offering investors a different growth trajectory.

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