TL;DRSpaceX has lowered its IPO valuation target from above $2 trillion to at least $1.8 trillion after investor consultations. Marketing begins as soon as 4 June with pricing as early as 11 June. The company reported $18.7 billion in 2025 revenue but swung to a $4.94 billion loss after acquiring xAI.
SpaceX is targeting a valuation of at least $1.8 trillion in its initial public offering, down from the $2 trillion-plus it was aiming for as recently as April, according to Bloomberg. The target was adjusted after consultations with advisers and investors, and could still move higher depending on feedback during the formal marketing period, which is expected to begin as soon as 4 June. Pricing could come as early as 11 June.
The company is seeking to raise as much as $75 billion in the offering, which would make it the largest IPO in history. SpaceX will trade on Nasdaq and Nasdaq Texas under the ticker SPCX. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan are leading the deal alongside 18 other banks.
The numbers behind the pitch
SpaceX’s S-1 filing on 20 May revealed a company that has grown rapidly but is not yet profitable at its current scale. Revenue rose from $14 billion in 2024 to $18.7 billion in 2025. But the company swung from a profit of $791 million in 2024 to a loss of $4.94 billion last year, driven by the costs of integrating xAI and expanding AI infrastructure.
