According to The Information , SpaceX plans to file its IPO prospectus with the U.S. Securities and Exchange Commission (SEC) as early as this week or next week, officially launching its IPO with a valuation of $1.5 trillion to $1.75 trillion. Bloomberg and Reuters subsequently confirmed the news.
The lineup of lead underwriters is equally impressive: Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley, the four major investment banks, are working together to ensure the listing date is June 2026.
Starlink is the real engine supporting the valuation.
Breaking down the $1.75 trillion valuation, the core lies in Starlink. Although SpaceX has a rocket launch business, the market considers Starlink to be the main source of revenue. With the expansion of its low-Earth orbit satellite constellation, Starlink has already achieved large-scale service capabilities.
By the end of 2025, Starlink had 9.2 million active users worldwide, doubling its number in 15 months, and its total revenue for 2025 exceeded $10 billion. Analysts' forecasts for 2026 are between $15.9 billion and $24 billion.
SpaceX's decision to list the entire company instead of splitting Starlink is noteworthy: a unified structure means that the high-profit satellite business is tied to the capital-intensive nature of heavy launches, meaning investors are getting a hybrid, not just a pure high-growth stock.
The price-to-earnings ratio the market is willing to give depends on how quickly it believes Starlink can dilute the costs of its launch business.
SpaceX's growth flywheel
The fundamentals supporting SpaceX's IPO are real: Starlink user growth, $10 billion in annual revenue, and the backing of the four major investment banks. However, the $1.75 trillion valuation implicitly assumes that Starlink continues to grow rapidly, Musk's political connections bring sustained contract premiums, and the launch cost curve declines as expected.
Whether all three assumptions can hold true remains to be seen.
