SpaceX is stepping up preparations for an initial public offering that could be the largest in history, seeking to raise 75 billion U.S. dollars as early as late June, according to three people familiar with the plan. The deal would value the company at between 1.75 and 2 trillion U.S. dollars, immediately placing it among the world’s ten most valuable publicly traded companies if completed at the top of that range.
Closed-door meetings to support valuation case
The company has organized a three-day series of closed-door meetings this week in Texas and Tennessee to brief Wall Street and institutional analysts ahead of the listing.
Sessions began Tuesday at SpaceX’s Boca Chica launch site in Texas, where aerospace and technology analysts received presentations and toured the facilities. On Wednesday, representatives from large mutual funds and pension institutions attended a separate private session at the same location.
The roadshow is scheduled to conclude Thursday with a visit to a Memphis data center project known internally as “Macrohard,” where participants are being shown the company’s expanding data infrastructure.
People familiar with the discussions said the briefings are intended to demonstrate SpaceX’s launch capabilities and data operations while giving analysts a deeper look at the businesses underpinning the proposed valuation. Executives also outlined potential internal restructuring, including the possible merger of certain affiliated entities before the IPO.
From shifting valuations to a 75 billion dollar raise
SpaceX’s prospective valuation has swung widely in recent years, with early reports suggesting figures near 800 billion U.S. dollars and later estimates climbing as high as 1.75 trillion U.S. dollars.
The current plan focuses on raising 75 billion U.S. dollars in fresh capital from the listing, rather than implying that 75 billion reflects the total worth of the company. Recent indications suggest the firm is targeting a total equity valuation between 1.75 and 2 trillion U.S. dollars once shares begin trading.
Market analysts attribute the shifting expectations to changing financial conditions and to evolving internal projections for SpaceX’s launch and communications businesses.
If the deal prices at the upper end of the current range, the offering would surpass Saudi Aramco’s 29.4 billion U.S. dollar IPO in 2019, setting a new global record for funds raised.
Stress test for global liquidity
A late-June debut of this scale would provide a major test of global market liquidity at a time when capital flows remain cautious.
Under the direction of chief executive Elon Musk, the company is working to align institutional demand with its near-term funding needs. The closed-door sessions are described by people involved as a standard step before launching a large equity sale, giving major market participants the opportunity to probe operational metrics and forward-looking financial scenarios in private.
Such meetings are typically used to refine assumptions about revenue growth, margins and capital expenditure before a formal prospectus and broader marketing campaign are launched to the public.
Satellite internet growth underpins bullish outlook
A central pillar of the ambitious valuation is the rapid growth of SpaceX’s satellite internet service, which has emerged as one of the company’s most important business lines.
The service reported more than 10 million active subscribers worldwide as of early April 2026, up from 4 million in September 2024 and 9 million in December 2025.
Within that business, management has highlighted direct-to-smartphone connectivity as a key driver, with internal projections targeting 25 million active users in that segment alone by the end of 2026. Analysts say such adoption, if realized, would position SpaceX as a major global data carrier and justify premium pricing in the IPO.
Sector-wide ripple effects already visible
The scale and visibility of SpaceX’s planned listing are already reverberating across the broader space and satellite communications sector.
Publicly traded companies involved in satellite manufacturing, launch services and in-orbit operations have seen their share prices rise in recent weeks, as markets anticipate a potential re-rating of the entire industry once SpaceX becomes publicly listed.
Some market strategists argue that a successful debut at a multi-trillion dollar valuation could reset benchmarks for revenue multiples and growth expectations across the sector.
Bitcoin holdings add a digital asset twist
Another aspect drawing attention is SpaceX’s position in digital assets. The company holds 8,285 bitcoins on its balance sheet, according to people familiar with its finances, placing it among the largest corporate holders of Bitcoin globally.
A strong IPO for a firm with such holdings could influence how corporate finance teams think about using digital assets as part of their treasury strategy. Musk has previously expressed public support for Bitcoin and other cryptocurrencies, and traders are watching to see whether SpaceX’s public disclosures will prompt further adoption of similar policies by other large companies.
Next steps toward the public markets
Following this week’s analyst meetings, SpaceX is expected to finalize structural adjustments and move toward filing detailed offering documents with regulators.
The timing and final size of the IPO will depend on market conditions, regulatory review and the response from the institutions currently being briefed behind closed doors.
For now, the company’s target remains a late-June listing, a 75 billion U.S. dollar capital raise and a potential multi-trillion dollar valuation that, if achieved, would mark a defining moment for both global equity markets and the commercial space industry.
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