SpaceX Targets Summer IPO with Potential $1.75 Trillion Valuation

SpaceX is reportedly targeting an initial public offering (IPO) this summer, with some estimates suggesting a valuation as high as $1.75 trillion. This would represent a substantial increase from the $1.25 trillion valuation established during its merger with Elon Musk's AI venture, xAI, earlier this year. The company is expected to reveal a public IPO prospectus by late May, followed by a major investor event scheduled for June 11. Notably, reports indicate that SpaceX may allocate a significant portion of shares to retail investors, broadening ownership beyond institutional players and secondary markets. Despite the high valuation targets, the combined entity reported a net loss of approximately $5 billion in 2025. While the Starlink division remains a primary driver of profitability and growth, losses from xAI and X (formerly Twitter) have weighed on the overall bottom line. Market analysts remain divided on the pricing. Morningstar described a $1.5 trillion valuation as 'expensive and risky, but not irrational,' while PitchBook estimated a fair value range between $1.1 trillion and $1.7 trillion. PitchBook's analysis suggests a premium multiple based on 50% EBITDA margins and a 50% three-year revenue CAGR. The valuation is largely predicated on future milestones, specifically the commercialization of the Starship megarocket and the scaling of direct-to-cell services. If successful, these ventures could expand the company's reach into lunar bases and space-based AI data centers, opportunities that are not yet reflected in historical financial performance.