SpaceX said to cut IPO value goal to at least $1.8 trillion

SpaceX has revised its initial public offering (IPO) valuation target to at least $1.8 trillion, according to people familiar with the matter, marking a reduction from its previous goal of exceeding $2 trillion. The company remains on track to raise up to $75 billion, which would surpass any prior IPO in size. Deliberations with advisers and investors led to the adjustment, though SpaceX may increase its valuation target based on investor feedback during the marketing phase. The IPO filing in May highlighted SpaceX’s expansion beyond reusable rockets and satellite internet, positioning it as an AI services and infrastructure giant with ambitions for orbital data centers. The company reported $18.7 billion in revenue for 2025, up from $14 billion in 2024, though it shifted from a $791 million profit in 2024 to a $4.94 billion loss in 2025. SpaceX also announced in February that it had acquired Elon Musk’s xAI, which operates the Grok chatbot and social media platform X, valuing the combined entity at $1 trillion and xAI at $250 billion. The IPO is being led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, alongside 18 other banks. SpaceX plans to list on Nasdaq and Nasdaq Texas under the ticker symbol SPCX, with formal marketing set to begin as soon as June 4 and potential pricing by June 11. Elon Musk responded to the valuation adjustment on X, denying the report with a simple “False.” The company’s spokesperson did not provide a comment on the matter. The IPO timeline could face minor delays, though the process remains on track for a mid-June debut.