Elon Musk’s SpaceX is preparing for what could become the largest initial public offering in history, reportedly targeting a valuation exceeding $2 trillion, according to Bloomberg sources familiar with the matter
The confidential SEC filing positions the offering to raise between $50 billion and $75 billion, destroying Saudi Aramco’s previous record of $29 billion IPO from 2019, with major banks like Goldman Sachs and JPMorgan competing for lead roles and a June debut targeted.
The valuation reflects SpaceX’s transformation from rocket startup to aerospace enterprise, driven primarily by Starlink, the satellite internet division generating approximately $10 billion in 2025 revenue with a 54% profit margin and over 10 million subscribers.
Combined with launch services and a recent $5.9 billion Pentagon contract, SpaceX projects $15-16 billion in total 2025 revenue. With Musk retaining approximately 42% ownership and his current net worth at roughly $823 billion, a successful offering would almost certainly make him the world’s first trillionaire.
However, the deal raises unusual red flags; insiders can reportedly sell shares immediately rather than waiting the typical six months, and up to 30% of shares may go to everyday investors instead of big institutions, suggesting the company needs extra incentives to attract buyers at such a massive valuation. The offering also intensifies inspection over conflicts of interest, as SpaceX has secured approximately $6 billion in federal contracts over five years while Donald Trump holds shares through 1789 Capital, a firm that has been acquiring federal contractors since President Trump’s return to office. The White House denies any wrongdoing, but the combination of extreme private wealth and government power will likely face ongoing regulatory investigation as the offering moves forward.
