Elon Musk’s SpaceX is said to be preparing for an initial public offering that would be one of the biggest public listings to date.
SpaceX’s leaders and advisers are pursuing a listing of the rocket maker as soon as next year that would target a valuation of about $1.5 trillion, Bloomberg News reported. That valuation would put it close to Saudi Aramco’s record when it listed in 2019 at a valuation of $1.7 trillion.
Musk, 54, who heads Tesla, the electric carmaker, and X, the social media platform, launched SpaceX in 2002 with ambitions to make travelling to space more affordable and accessible.
The company designs, manufactures and launches advanced rockets and spacecraft. It also runs Starlink, the internet satellite service.
The proposed flotation would seek to raise significantly more than $30 billion, according to the report.
Musk said in June that he expected SpaceX to record revenue of about $15.5 billion this year. As the rocket maker becomes increasingly dominant in the commercial space sector, Musk said he expected the company’s commercial revenue from space to exceed Nasa’s budget of roughly $1.1 billion next year.
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SpaceX is developing a 400ft tall Starship rocket system, which Musk has said will play a crucial part in sending humans to Mars.
The SpaceX Starbase facility in south Texas
GABRIEL V CARDENAS/REUTERS
SpaceX’s reusable Falcon 9 and Falcon Heavy rockets have significantly reduced launch costs, enabling the company to secure a substantial share of the global launch market.
In 2024, SpaceX achieved a record-breaking year with 134 Falcon launches, making it the most active launch operator globally.
SpaceX aimed to beat that record with 170 launches by the end of the year, as it attempts to meet growing demand for satellite deployment. SpaceX’s revenue is driven largely by Starlink.
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In early November 2023, Musk reported that Starlink had achieved breakeven cashflow. Under the Starlink banner, SpaceX has deployed thousands of satellites to deliver broadband internet globally.
SpaceX is reported to be a frontrunner to win a crucial part of President Trump’s “Golden Dome” missile defence shield. The company would develop satellites that can track missiles and aircraft under the project.