SpaceX filed plans late June 3 for an initial public offering at a valuation of $1.78 trillion, a price that would eclipse Saudi Aramco’s 2019 float as the largest in history and put the company’s founder Elon Musk on track to become a trillionaire.
The company plans to raise $75 billion in the offering, according to the filings, a figure that could rise to $86 billion if underwriters take up an option to sell additional shares.
SpaceX posted a net loss of $4.94 billion in 2025, Reuters reported, while revenue rose 33% to $18.67 billion. The targeted valuation represents more than 90 times annual revenue, a multiple that some analysts have flagged as excessive.
Financial data firm Morningstar warned earlier this week that the company is “significantly overvalued,” the Guardian reported. Morningstar’s discounted cash flow valuation — an assessment based on projected future cash flows — placed SpaceX’s worth at $780 billion, less than half the IPO price.
“We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,” Morningstar said, according to the Guardian.
The public listing will give SpaceX access to a fresh source of capital and allow early investors and insiders to cash out some of their holdings by selling shares to ordinary investors. Index fund trackers and pension funds are expected to provide some of that “exit liquidity,” as the Guardian put it, meaning the company’s ambitions could soon be reflected in many household investment portfolios.
MSI previously reported that SpaceX set an IPO share price of $135 with a valuation of $1.75 trillion as of June 3. The company’s IPO prospectus, filed in May, detailed its massive spending on Starship development, a goal of sending one million people to Mars, and lockup agreements restricting when insiders can sell.