SpaceX, the rocket and satellite internet company led by Elon Musk, is moving toward a Wall Street debut that could rank among the largest stock listings in history, with bankers circling a potential 2026 initial public offering that may value the firm at more than 1 trillion dollars.
People familiar with the talks say SpaceX is sounding out major investment banks about an IPO that would aim to raise at least 25 billion dollars and possibly more than 30 billion dollars. Valuation estimates range from just above 1 trillion dollars to around 1.5 trillion dollars, according to recent reporting from Reuters and Bloomberg.
If those numbers hold, SpaceX would instantly sit in the same league as Saudi Aramco, which set the current record when it raised about 25.6 billion dollars at a roughly 1.7 trillion dollar valuation in 2019.
Starlink Is The Engine Behind The Valuation
The gravity behind this massive valuation is Starlink, SpaceX’s fast growing satellite broadband business. Analysts expect SpaceX to generate roughly 15 billion dollars in revenue in 2025, rising to about 22 to 24 billion dollars in 2026, with Starlink contributing the bulk of that growth.
Starlink already serves homes, ships, airlines, and remote businesses worldwide, including disaster zones and conflict areas where traditional infrastructure is weak. For investors, it looks less like a classic space hardware play and more like a recurring revenue communications platform that happens to live in orbit.
Musk has previously said Starlink could be spun off and listed once its cash flows became more predictable. The latest reporting suggests SpaceX now views the broader company as IPO ready, with Starlink giving Wall Street a clearer revenue story than rockets alone.
Space Based Data Centers And AI Ambitions
Proceeds from the offering are expected to fund the next wave of ambitious projects, including experiments with space based data centers that could one day host artificial intelligence workloads in orbit. The idea is to place powerful chips on satellites, combine them with abundant solar power, and reduce dependence on energy hungry data centers on Earth.
SpaceX is already upgrading Starlink satellites to accommodate more advanced computing payloads. Rival Blue Origin, backed by Jeff Bezos, is also working on orbital data center technology, signaling a future in which parts of the cloud literally sit above the clouds.
These concepts remain technically challenging. Radiation, cooling, maintenance, and data latency all pose serious hurdles. For now, they function as a long term upside story that could help justify premium tech style valuation multiples if investors buy into the vision.
From Private Giant To Wall Street Star
In private markets, SpaceX has already tested investor appetite. A recent secondary share sale was reported to value the company at around 800 billion dollars, effectively doubling its worth from a previous round. Musk has pushed back on some of these numbers in public posts, but he has not denied that SpaceX is now one of the most valuable private companies on the planet.
According to Crunchbase and other trackers, SpaceX currently sits just behind OpenAI among private startups by valuation. Going public at or above 1 trillion dollars would instantly make it one of the most valuable listed companies in the world, and a central player in any index dominated by US tech giants.
Why This Matters For New York And Wall Street
Although SpaceX is headquartered in California, the financial center of gravity for any mega listing of this scale will still run through New York.
A 25 to 30 billion dollar equity raise would mean enormous underwriting fees for top US banks and a scramble among institutional investors to secure allocations.
Index funds and ETFs tracking major benchmarks would need to add SpaceX, driving additional trading volume once the stock lists.
Hedge funds and active managers would immediately treat the company as a core holding for any portfolio exposed to space, telecoms, infrastructure or AI infrastructure themes.
If SpaceX chooses a dual listing that includes a New York based exchange, or if major US banks lead the syndicate, trading desks in Manhattan can expect one of the busiest IPO periods since the pre pandemic boom.
Global regulatory pressure on Musk’s companies is also shaping investor sentiment. Recent actions by Brussels, including the EU fine on X and why it matters far beyond Europe, highlight how European policymaking continues to influence Musk’s broader business ecosystem.
Musk Hints At IPO While Playing Down Hype
Elon Musk has not formally confirmed the IPO timeline, but he recently replied to online speculation about a 2026 listing, adding fuel to the market chatter. Reuters reports that discussions with banks point to an offering in mid-2026, potentially in June or July, although timing could slip depending on market conditions and progress on key projects like Starship.
At the same time, Musk has publicly dismissed some of the loftier valuation figures tied to secondary sales. He has reiterated that SpaceX is already cash flow positive and has pointed to Starlink expansion, global spectrum rights and successful Starship launches as the real drivers of long term value.
A Bet On The Space Economy Itself
For investors in New York and beyond, the SpaceX IPO is more than a story about one company. It is a referendum on the emerging space economy.
If the market is willing to pay a trillion dollar price tag for a business that blends reusable rockets, global satellite internet and experimental AI infrastructure in orbit, it will signal a strong belief that space based services are shifting from science fiction to mainstream infrastructure.
If sentiment turns and appetite for high growth tech cools before 2026, SpaceX could still list, but likely at a lower valuation and with a tighter investor base. Either way, when SpaceX finally rings the opening bell, Wall Street will be watching closely to see whether this is a one off spectacle or the moment the space industry fully joins the ranks of big tech.
