#GatePreIPOs首发SpaceX Elon Musk Sets a New Record: SpaceX Aims for the Largest IPO in History Globally

The listing of SpaceX is expected to drive the space economy into a turning point, with increased competition in low Earth orbit satellites!
The world's largest IPO (Initial Public Offering) may be imminent.
According to foreign media reports, on April 2, Elon Musk's SpaceX (Space Exploration Technologies Corporation) secretly filed an IPO application with the U.S. Securities and Exchange Commission (SEC), with a target valuation of $1.75 trillion.
Two months ago, SpaceX merged with Musk's other AI company, xAI, reaching a valuation of $1.25 trillion, potentially becoming the largest IPO in history worldwide.
It is understood that SpaceX has selected five underwriters—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—with several other banks participating in the underwriting. The company submitted its IPO application confidentially, planning to raise $75 billion through the offering to fund Starship development, space AI data centers, and other strategic projects, surpassing Saudi Aramco's $29 billion record set in 2019. The listing could be completed as early as July 2026. Additionally, because SpaceX filed its IPO application confidentially, investors will only see its full financial data when SpaceX approaches its listing. This process allows regulators and the company to communicate and revise disclosure content multiple times before the official disclosure.
Previously, reports indicated that SpaceX's revenue in 2025 was approximately $15-16 billion, with Starlink accounting for the largest share, about 50% to 80% of total revenue, or roughly $7.5-12.8 billion; launch services and other businesses contributed about $7.5-8.5 billion. Meanwhile, SpaceX has achieved profitability, with an estimated profit of around $8 billion in 2025. "SpaceX, which plans to go public this June, could become the largest IPO in history. Since SpaceX's first crewed flight of the Falcon Dragon in May 2020, and the successful fourth test flight of Starship in June 2024—marking the first complete flight cycle—by 2025, SpaceX can now launch twice a day. There may also be a 12th Starship launch by the end of April.
From commercial spaceflight to deep space exploration, the pace is clearly accelerating. Launch frequency is increasing, heavy-lift capabilities are iterating, infrastructure is scaling up, and the ecosystem is gradually taking shape. The space economy is entering a true turning point," said Zhang Lu, founder of Fusion Fund, an investor in SpaceX.
Public information about SpaceX's business model shows that SpaceX, also known as Space Exploration Technologies Corporation, was founded by Elon Musk in June 2002 as a private aerospace rocket technology company headquartered in Texas, USA. It has developed partially reusable Falcon 1 and Falcon 9 launch vehicles, as well as the Dragon spacecraft, and is working on the fully reusable super-heavy Starship transport system.
SpaceX is one of the earliest companies worldwide to master reusable rocket launch technology. In 2015, it successfully recovered the first stage of the Falcon 9 rocket for the first time, and in 2017, it achieved the first reuse of a recovered first stage, enabling rockets that were previously single-use to be recycled and reused, greatly reducing launch costs. To date, the Falcon 9's highest reuse count for a single booster is 18 times, with a 90% reduction in per-launch costs, officially ushering in a profitable commercial space era and fundamentally changing the rules of the space economy.
Currently, SpaceX's business is mainly divided into three segments: first, providing low-cost rocket launch services for NASA (National Aeronautics and Space Administration) and commercial satellite companies, which was also its initial revenue source. During its early years from 2006 to 2008, SpaceX nearly went bankrupt due to repeated launch failures. In December 2008, NASA awarded SpaceX a $1.6 billion contract, which became a "lifeline." Today, SpaceX is NASA's largest commercial partner, with a total contract value reaching $15 billion. In 2025, its launch services contributed about $7.5-8.5 billion, accounting for roughly 20% to 50% of revenue. The second major segment is its Starlink business.
As one of the few companies worldwide to master reusable rocket technology, SpaceX has low-cost, high-frequency, stable launch capabilities, leading the world in the number of launches and low Earth orbit satellite deployments. By the end of 2025, SpaceX will have completed over 300 Falcon 9 launches, with about 170 launches in 2025 alone, setting a new record. In 2026, SpaceX entered a routine of launching every two to three days on average. By the end of March 2026, it had launched 34 Starlink missions, deploying a total of 865 satellites, with the number of Starlink satellites in orbit surpassing 10k, reaching 10,049. The number of Starlink users is also growing exponentially, with over 10 million active users worldwide. Therefore, Starlink is currently SpaceX's "cash cow." In 2025, Starlink's revenue is estimated to account for 50% to 80% of SpaceX's total income, or roughly $7.5-12.8 billion, making it the company's largest revenue source.
The third major segment is its Starship, regarded as the future core. Unlike Falcon 9, which can only recover the first stage and has a standard payload capacity of 22.8 tons, Starship is designed as a fully reusable super-heavy transport system with a near-Earth orbit capacity of 150 to 250 tons, targeting Mars colonization, lunar landings, and broader space tourism markets. However, Starship has not yet been fully successful; it has completed 11 test flights. During the 11th test flight on October 13, 2025, it achieved the milestone of "flying back," completing a full cycle from launch to controlled water landing. SpaceX is currently planning its 12th Starship test flight in April 2026.
Previously, SpaceX CFO Bret Johnsen stated that the IPO would help fund the "crazy launch frequency" needed for the still-in-development Starship rocket and support future lunar base plans.