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More Reading from MarketBeat

Valuation to the Moon? SpaceX Gears Up for IPO Liftoff With a Confidential Filing

Written by Jessica Mitacek. First Published: 4/2/2026. 

SpaceX rocket stands on a launch pad at night as investors weigh the company’s planned IPO and $1.25 trillion valuation.

Key Points

  • Elon Musk has confidentially filed for a SpaceX IPO that could debut as early as June 2026, seeking to raise up to $75 billion.
  • Following a February 2026 merger with xAI, SpaceX is valued at $1.25 trillion alongside a vertically integrated model combining its dominant launch services and Starlink’s recurring subscription revenue with advanced AI-powered computing.
  • The company boasts a robust balance sheet with minimal debt, over $15 billion in remaining government contract obligations through 2030, and a Starlink division projected to generate $8.1 billion in pro forma free cash flow by the end of 2026.
  • Special Report: Elon’s “Hidden” Company

All eyes are on the initial public offering (IPO) calendar as one of 2026’s most highly anticipated debuts prepares for liftoff.

On April 1, CNBC reported that Tesla (NASDAQ: TSLA) and Neuralink CEO Elon Musk confidentially filed an IPO for SpaceX with the U.S. Securities and Exchange Commission. The company could be listed on an exchange as soon as June.

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Founded in 2002, the aerospace manufacturerand space-transport services company is best known for deploying its subsidiary Starlink’s satellites.

SpaceX is reportedly seeking to raise up to $75 billion in its IPO, which would be roughly three times the size of the largest U.S. IPO to date. That record currently belongs to Alibaba Group (NYSE: BABA), which went public in September 2014 after raising $21.8 billion.

At that valuation, Musk would become the first CEO of two trillion-dollar publicly traded companies.

Here is what potential investors and Musk enthusiasts need to know.

A Massive Valuation and Vertically Integrated Business Model

While the satellite stock space may seem as crowded as low-Earth orbit (LEO), the combined market caps of publicly traded peers pale in comparison to SpaceX. Much of the gap reflects the company’s multi-layered, vertically integrated business model.

Following the company’s Feb. 2 merger with xAI—the artificial intelligence (AI) and tech firm also led by Musk—SpaceX’s valuation was placed at $1.25 trillion. Its core launch services business has positioned the company as the world’s leading launch provider, including the SmallSat Rideshare Program, which offers cost-effective access to space by launching multiple small payloads together on a single Falcon 9 rocket.

At the same time, SpaceX has garnered attention for deploying more than 10,000 Starlink satellites into LEO since May 2019, delivering high-speed, low-latency internet globally. Starlink, unlike launch services, provides subscription-based recurring revenue that can produce the steady cash flow investors reward.

Analysts’ year-end forecasts for Starlink in 2026 include:

  • 16.8 million subscribers, implying more than 33% year-over-year (YOY) growth
  • $11.3 billion in consumer revenue, implying more than 10% YOY growth, with roughly 85% recurring revenue
  • About 133 Starlink mission launches, up more than 11% YOY, deploying a total of 3,500 satellites—more than 23% YOY growth
  • $20 billion in total revenue, $14 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), and $8.1 billion in pro forma free cash flow

The merger with xAI adds another element: a potential unified balance sheet for prospective investors ahead of the IPO. The combined company gives xAI access to SpaceX’s infrastructure and cash flow, while allowing SpaceX to accelerate integration of AI-powered, space-based computing.

SpaceX’s Massive Government Contracts Provide a Baseline of Revenue

Beyond Starlink and its recurring-revenue model, SpaceX has grown into a large defense contractor.

Since 2008, the company has been awarded more than $24.4 billion in federal government contracts. Of that total, roughly $9 billion has been paid out so far, leaving about $15.4 billion in remaining obligations for missions through 2030.

Many of those contracts come from NASA and the Department of Defense, including work for the Space Force, Air Force, and several U.S. intelligence agencies.

SpaceX’s NASA work includes the commercial crew program, which transports astronauts to the International Space Station (ISS) via Crew Dragon, participation in the Artemis Program, commercial resupply services to the ISS, and development of the ISS deorbit vehicle, which is scheduled to escort the research laboratory safely into the Pacific Ocean in 2031.

Wall Street’s SpaceX Expectations

Despite the size of the IPO, SpaceX’s public valuation could be more than 90 times its 2025 revenue. Early estimates suggest a debut per-share price around the $400 level, or possibly higher.

That stock price could be justified if SpaceX maintains a low debt load. After the xAI merger, the company has emphasized presenting a clean balance sheet leading up to the IPO. That approach, combined with the company’s diversified business model, could support strong margins and healthy cash flow—unlike some of Musk’s other firms that have carried large amounts of debt.

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Published by RJ Hamster

I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis. I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God. I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree. Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons. I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA. While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon.. In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God. We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987). From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting. Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982. I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects. In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston. In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018. Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia. In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey. As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova. Love and God Bless, Peter – aka RJ Hamster Jo hi

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