Musk Races to Launch SpaceX Before the Next Guy – Moby
Rumors are circulating that the spaceman himself, Elon Musk, is about to get even richer with plans to take SpaceX public. Its valuation is estimated at more than $1.75 trillion at roughly $735 per share.
The company is targeting a $75 billion IPO, the largest in history, reports The Information.
In typical Musk “move fast and break things” fashion, he’s rushing to make this happen as soon as this week or the next, with the big exchanges considering various rule changes to make it happen.
Musk has plenty of reasons to take SpaceX public and launch his wealth and power even higher into the stratosphere. First, it’s one of the most successful rocket launch companies on the planet.
Sorry Jeff. We’re sure Blue Origin will get there.
SpaceX rivals all of China when it comes to orbital launch rates, which rose by 25% in 2025, and conducted more than half of orbital launch attempts in ‘24, per data from Jonathan McDowell, a prominent astrophysicist. China actually broke its single-year launch record last year, with a total of 72 orbital missions in 2025, reports Space.com, an industry publication. SpaceX doubled that with a reported 165 launches, with 123 of those 165 missions Starlink flights, “lofting more than 3,000 satellites” into space.
And SpaceX doesn’t just have a few satellites flying in space. It literally controls the skies. There are more than 10,000 active Starlink satellites in space, constituting about two-thirds of all satellites in orbit, reports Scientific American. SpaceX has launched some 11,529 Starlink satellites since May 2019, with more than 10 million users from rural communities, to Ukrainian battlefields, to remote Amazonian tribes,” the company says. In other words, Musk controls the keys to connection, power, and growth for billions of people.
It’s the perfect equation for markets. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue in 2025, Reuters reports, with Starlink its main revenue driver, pulling in more than half the total, or up to 80% per some estimates. Some quick math and you’re looking at an approximate EBITDA margin of 50-52% once the satellites are up and running. That’s huge.
So, if everything seems to be all good for SpaceX right now, the biggest question is why now?
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There is always a risk for any company to go public.
In Musk’s case, there is the obvious valuation hangover, as most IPOs are priced on hope rather than reality. Everyone who got in early wants to get out, leaving retail with the bag. Look no further than Tesla’s IPO back on June 29, 2010, which was nothing but volatile and took over ten years to eventually stabilize an up-and-to-the-right trajectory.
SpaceX, though, may not have that problem. Musk isn’t hawking roadsters this time, but cheaper rockets and satellites that clearly work, dominating the sky.
But the push to the finish line may be coming from the bankers, specifically the lineup that’s already put up the cash for this deal. We’re talking the big guys: Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, and Citigroup, potentially 30 banks total on the cover. Many of these banks already have clients filling up their books from large institutions, telling Musk himself they have “$40–$60 billion of demand lined up,” by way of a potential Dutch auction IPO, according to Ion Analytics. Google did the same thing in 2004.
With so much money on the table, this could trigger anxiety about going first, ahead of, say, Anthropic and OpenAI, two other big contenders set to IPO this year, which will suck liquidity out of the market. An anonymous cross-border ECM banker pitching for a spot on the SpaceX IPO syndicate (a slot as an underwriter) told Mergermarket that if they were running a company that wanted to be public this year, “I’d try to go first.”
The banker added, “I don’t love letting the behemoths set the tone.”
Then, there’s that pesky on-again, off-again, Iran War that President Trump continues to say the U.S. has “won,” which looks more like buying time. As reports show ground troops are on their way to the region, it seems like oil will skyrocket.
Which might not be so good for SpaceX, which needs a lot of demand — and a lot of rocket fuel — to stay in business. The clock is ticking.
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