SpaceX Eyes IPO Filing as Early as March at $1.75 Trillion Valuation

SpaceX has built its growth story around the Starlink satellite network and commercial launch services, using reusable rockets to lower the cost of putting infrastructure into orbit. Early investor Peter Diamandis says markets still substantially undervalue that platform and sees a high probability that the company will eventually exceed a $10 trillion valuation, a scale that would move it far beyond conventional aerospace benchmarks.

The company’s latest ambitions extend into AI infrastructure. SpaceX has signed large AI computing contracts and is planning chip-fabrication capacity and orbital AI data centers, though counterparties, contract values and construction dates have not been disclosed. Elon Musk has predicted that AI could account for 99% of SpaceX’s valuation within five years, with launch systems, chips and computing capacity combined in an unusually integrated operating model.

SpaceX’s post-IPO performance has become a key test of investor appetite for richly valued commercial-space and artificial-intelligence businesses. The company’s premium had reflected expectations for its launch operations, satellite network and place in the broader AI ecosystem. Geopolitical uncertainty, concern over technology valuations and the prospect of newly unlocked shares are now prompting investors to reassess those assumptions.

SpaceX shares have fallen about 20% from their IPO price, wiping more than $1.2 trillion from the company’s market value, according to the latest report. Short sellers have amassed nearly $8 billion in paper gains. Morgan Stanley warned that a drop below $100 would effectively imply that investors assign no value to SpaceX’s AI business, while the share lockup expiration could add further selling pressure.

SpaceX, whose core businesses are rocket launches and the Starlink satellite network, briefly surpassed a $2 trillion valuation after going public. Debate has shifted to its plan for orbital AI data centers. The massive upfront investment could create a long-term computing advantage but would also squeeze cash flow, leaving Wall Street analysts divided over the company’s growth potential and execution risks.

SpaceX shares surged on their first day of trading and rose another 6% to $170 in Monday premarket trading, but have since fallen below their IPO opening price, drawing attention to potential future buying from passive funds. Analysts’ price targets range from $63 to $165. The divide centers on the company’s first-quarter capital expenditure of $10.1 billion and whether near-term losses from its orbital AI business can deliver long-term returns.

SpaceX has long focused on rocket launches and satellite communications, but its acquisition of xAI has expanded its operations into artificial intelligence. The prospectus shows that Starlink has become its main revenue driver and only profitable business. Whether Starlink’s cash flow can support rocket development and investment in AI infrastructure will be a key factor in the company’s valuation.

SpaceX has filed a roughly 300-page prospectus with the U.S. Securities and Exchange Commission and plans to go public in June 2026. Market reports point to a June 12 Nasdaq listing. First-quarter 2026 data show AI spending surged following the xAI acquisition and the construction of computing infrastructure. SpaceX has also secured revenue from a compute contract with Anthropic, although the values of the acquisition and contract have not been disclosed.

SpaceX operates rocket-launch and Starlink satellite-internet businesses while also pursuing AI-related initiatives. Its operations involve U.S. national security and are subject to International Traffic in Arms Regulations, or ITAR. Excluding capital from China and Hong Kong signals that U.S. technology and aerospace companies are moving faster to reduce participation by investors from those markets, reshaping funding sources for major Silicon Valley startups.

As of July 20, 2026, SpaceX had instructed its IPO underwriters to reject subscriptions from investors in China and Hong Kong. The listing date, fundraising target and underwriting syndicate have yet to be announced. Investment banking analysts view AI technology and its growth potential as a key pillar supporting a SpaceX valuation of up to about $1.8 trillion.

SpaceX is preparing an initial public offering following its merger with artificial intelligence company xAI. Measured by the amount raised, the deal could become the world's largest IPO and would give retail investors their first opportunity to invest directly in the growth of Elon Musk's space transportation and satellite network businesses.

As of July 20, 2026, Tuttle Capital had reportedly relinquished the “SPCX” ticker for SpaceX to use in its listing. The company is said to be planning to raise $75 billion and reserve 20% to 30% of the shares for retail investors, but it has yet to announce a formal filing or listing date.