Key facts
- SpaceX has confidentially filed for an IPO, targeting a June 2026 listing.
- The potential IPO valuation could reach $1.75 trillion, making it the largest in history.
- SpaceX recently absorbed Elon Musk's AI venture, xAI.
- Starlink generated an estimated $16 billion in revenue in 2025.
- Elon Musk stated that space is vast and not at risk of crowding from satellites.
- SpaceX plans to deploy orbital data centers powered by AI compute.
SpaceX has confidentially submitted its S-1 filing to the U.S. Securities and Exchange Commission, signaling its intent to go public. The filing, codenamed "Project Apex," targets a listing as early as June 2026, with potential delays to July depending on market conditions. This move could result in the largest initial public offering in history, with valuations potentially reaching $1.75 trillion, placing SpaceX among the world's most valuable public companies.
The IPO follows SpaceX's absorption of Elon Musk's AI venture, xAI, a few weeks prior. Starlink, SpaceX's satellite internet constellation, is a significant revenue driver, generating an estimated $16 billion in 2025. The company's ambitions extend beyond connectivity, with plans for "AI1" satellites that function as orbital data centers, leveraging AI compute powered by solar arrays and cooled by the vacuum of space.
Elon Musk recently addressed concerns about space crowding, emphasizing the vastness of space and SpaceX's experience in safely managing large satellite constellations. He highlighted the advantages of orbital data centers, including constant sunlight and radiative cooling, which overcome limitations faced by ground-based facilities such as power shortages and water demands. Production of these AI satellites is slated to ramp up at an expanded "Gigasat" factory, with full output expected by the end of 2027, supported by Starship's high-volume launch capabilities.
Finance professor Aswath Damodaran noted that SpaceX's IPO represents a "recalibration of how the public markets value infrastructure companies," asking investors to price in future potential across connectivity, space colonization, and artificial intelligence.