SpaceX targets $75B IPO, faces skepticism over multitrillion-dollar growth projections

SpaceX is plotting what would be the largest IPO in history, aiming to raise $75 billion by selling 555.6 million shares at $135 each. If it pulls this off, the post-money valuation would land somewhere around $1.77 trillion, placing SpaceX in the same neighborhood as the most valuable public companies on the planet.

The offering is slated for June 2026, and demand has reportedly already outstripped available shares within hours of the roadshow’s announcement.

The numbers behind the hype

Analyst estimates suggest the IPO pricing implies valuation multiples exceeding 90 times trailing or forward sales. To justify that price tag, SpaceX would need to deliver sustained revenue growth of roughly 40% annually.

SpaceX reported a net loss of nearly $2.6 billion in the most recent fiscal year, driven in large part by investments in xAI, the company’s artificial intelligence venture. The Starlink satellite internet division has shown signs of profitability on its own, but the broader company is still burning cash.

SpaceX’s private valuation roughly doubled from approximately $400 billion in mid-2025 to about $800 billion by late 2025, largely on the back of Starlink’s growing revenue potential. The IPO pricing would more than double it again.

Retail investors get a seat, with strings attached

SpaceX is setting aside up to 30% of shares for retail investors, a meaningful departure from the typical tech IPO playbook where institutional investors gobble up the overwhelming majority of supply before individual buyers ever get a look.

CEO Elon Musk faces a 366-day lock-up period, meaning he can’t sell his shares for over a year after the IPO.

The crypto angle: capital rotation and pre-IPO futures

The conversation among traders has shifted toward whether retail capital currently parked in Bitcoin and other digital assets might rotate into SpaceX shares, especially given the accessible 30% retail allocation.

Cryptocurrency trading platforms have started listing SpaceX-linked pre-IPO perpetual futures products. Binance is among the platforms offering these instruments, allowing crypto-native traders to speculate on SpaceX’s future valuation without ever touching a traditional brokerage account.

Starlink’s addressable market covers rural broadband, maritime connectivity, aviation, and government contracts. But converting addressable market into actual revenue at a 40% annual growth rate means overcoming regulatory hurdles across dozens of countries, managing satellite constellation costs, and fending off competitors investing billions in their own low-Earth-orbit networks.

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