According to Reuters sources, SpaceX may seek to raise over 50 billion USD in what is likely to be the largest IPO in history, surpassing Saudi Aramco's 2019 offering.

SpaceX, currently the world's most valuable private company with an 800 billion USD valuation after its merger with xAI, aims for a valuation over 1.750 billion USD with its listing plan. Shay Boloor, a strategist at Futurum Equities, attributes much of this value to Starlink, the company's satellite internet division. Boloor states, "Starlink is the sole reason this valuation becomes compelling", viewing it as a "recurring revenue driver" with 9 million subscribers, defense contracts, and a proprietary data network. Analysts note that valuing SpaceX is complex and tied to Elon Musk. Angelo Bochanis, an expert at Renaissance Capital, remarked, "Like Tesla, SpaceX's valuation can fluctuate significantly, based on public confidence in Musk's vision".

SpaceX logo against a portrait of billionaire Elon Musk. Photo: Reuters

SpaceX will host an analyst day on 21/4, encouraging in-person attendance. The company also offers analysts the option to tour xAI's "Macrohard" data center in Memphis, Tennessee, on 23/4, and an online session on 4/5 to discuss financial models. Angelo Bochanis of Renaissance Capital observed, "To date, investors seem eager for any form of investment in SpaceX".

Concerns have been raised regarding Musk's ability to simultaneously oversee multiple companies valued over 1.000 billion USD. Kat Liu, Vice President at IPOX, acknowledged investor apprehension, especially given the world's richest billionaire's controversial actions at times. However, Liu noted, "SpaceX appears distinct. This company has matured operationally, leads technology in key areas, and is profitable, creating a strong foundation".

According to Reuters, SpaceX reported approximately 8 billion USD in profit from 15-16 billion USD in revenue last year. Amid Wall Street's interest in artificial intelligence (AI), billionaire Elon Musk announced the merger of his two companies, SpaceX and xAI, in February.

This merger signifies that the satellite launch company, aiming to conquer the Moon and Mars; the Starlink telecommunications service, with 9.000 satellites covering the planet; the social media platform X (formerly Twitter); and AI centers with the Grok tool will all operate under one umbrella. The consolidation has also drawn investor attention to how Musk might leverage an integrated network of rockets, satellites, and AI systems, overcoming technical and capital barriers, to expand AI infrastructure beyond Earth. SpaceX has already sought permission to launch up to 1 million solar-powered satellites designed as in-orbit data centers.

Phien An (according to Reuters)