SpaceX is reportedly lowering its IPO valuation target as it prepares to begin marketing what could become the largest public offering in history.

According to reports, the company is now targeting a valuation of at least $1.8 trillion, down from the $2 trillion-plus figure that had been discussed earlier this year. The adjustment comes after consultations with investors and advisers ahead of the formal roadshow, which could begin as soon as June 4, with pricing potentially arriving by June 11.

Despite the lower target, the offering would still rank among the largest and most valuable IPOs ever attempted.

SpaceX Seeks Up to $75 Billion

The company is reportedly looking to raise as much as $75 billion, which would make it the biggest IPO in market history. The stock is expected to trade under the ticker SPCX on Nasdaq and Nasdaq Texas.

The deal is being led by major Wall Street banks, including: Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, JPMorgan

Revenue Is Growing Fast, But Profitability Remains a Challenge

SpaceX’s financials show rapid expansion, but also highlight the costs of its ambitious AI strategy.

Revenue increased from $14 billion in 2024 to $18.7 billion in 2025. However, the company swung from a $791 million profit to a $4.94 billion loss after acquiring xAI and investing heavily in AI infrastructure.

The acquisition of xAI transformed SpaceX’s story from primarily a space and satellite company into a broader AI and infrastructure business.

Management now argues that the company is targeting a much larger market opportunity that includes:

  • Satellite internet
  • AI infrastructure
  • Orbital data centers
  • Space-based computing

Starlink Remains the Core Business

While AI attracts most of the headlines, Starlink continues to generate the majority of revenue.

The satellite internet business produced $10.6 billion in revenue during 2025 and now serves more than 10 million subscribers worldwide.

That scale is one reason investors continue showing interest despite concerns about profitability.

Valuation Still Reflects Massive Expectations

Even at $1.8 trillion, SpaceX would be valued at roughly 96 times 2025 revenue, a level that reflects expectations for future growth rather than current earnings. Investors are effectively betting that SpaceX can turn its leadership in launch services and satellite internet into a much larger AI and computing platform over the coming decade.

The lower valuation target does not necessarily signal weaker demand.

Instead, it reflects the typical IPO process, where companies adjust expectations based on investor feedback before final pricing. The next few weeks will reveal whether investors are willing to back one of the most ambitious growth stories ever brought to public markets.

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