SpaceX lowers IPO valuation target to $1.8 trillion

According to Bloomberg, SpaceX's latest target valuation for its IPO has been adjusted to at least $1.8 trillion, lower than the previously reported target of over $2 trillion by Bloomberg, with this reduction being the result of communications with underwriters and institutional investors.

A source close to the matter revealed that SpaceX plans to raise up to $75 billion through the IPO, which, if successful, would set a new record for the world's largest IPO. According to current plans, the company could start the formal roadshow on June 4th, complete pricing on June 11th, and list on NASDAQ with the ticker symbol "SPCX". There is a浮动ation period of a few days for the listing time, and the final valuation will be dynamically adjusted based on feedback from investors during the roadshow.

This adjustment in valuation reflects the prudent attitude of institutional investors toward SpaceX's financial performance. The company's revenue for 2025 was $18.7 billion, representing a year-over-year increase of about 34%, but its net profit turned from $791 million in 2024 to a loss of $4.94 billion in the same period, which may cause some investors to be reserved about high valuation.

From a Rocket Company to an AI Infrastructure Giant

In the IPO prospectus filed by SpaceX on May 20th, the company showed a significant shift in strategic focus. In addition to reusable rockets and Starlink satellite internet services, the company has made orbital data centers and AI services its new core narratives, defining its addressable total market size as $28.5 trillion.

In February of this year, SpaceX announced the acquisition of Musk's AI company, xAI, which owns the Grok large model and social media platform X. At that time, the transaction valued SpaceX at $1 trillion, and xAI at $25 billion. This listing implies that SpaceX's valuation has at least doubled in less than four months.

Strong Underwriting Lineup, Dual Listing on NASDAQ

This IPO is jointly underwritten by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with another 18 banks participating, making the underwriting lineup scale rare. SpaceX plans to list on NASDAQ and NASDAQ Texas Exchange simultaneously, with the ticker symbol SPCX for both.

A source close to the matter emphasized that the arrangements are still in the discussion stage, and the final outcome depends on roadshow feedback. SpaceX has not commented on this matter at the moment.