SpaceX IPO Valuation Battle Heats Up: Lowered from $2 Trillion to $1.8 Trillion, Investors Signal Price Pressure

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SpaceX’s IPO valuation target has cooled somewhat, yet even so, its fundraising scale and market impact may still be epic.

According to Bloomberg, SpaceX has lowered its initial public offering (IPO) valuation target from the previously expected over $2 trillion to at least $1.8 trillion. This adjustment reflects more cautious revisions to pricing expectations after continued discussions with the company, its advisory team, and potential investors before the official roadshow begins. Despite the lowered valuation target, this IPO is still likely to become the largest listing transaction in history.

Citing sources, SpaceX plans to launch its official roadshow as early as June 4 local time, and could complete pricing as soon as June 11, though the transaction schedule could see several days of delay. Insiders also said that discussions are ongoing, and the company may raise its valuation target again during the roadshow, depending on real-time investor feedback. It should be noted that key details such as IPO scale and valuation are usually dynamically adjusted before pricing according to feedback from all parties, and this downward adjustment is a normal market-driven process.

SpaceX plans to raise up to $75 billion through this IPO. If completed as scheduled, it would set a new global record for IPO fundraising scale. The company intends to list on Nasdaq and the Nasdaq Texas Exchange, with the stock ticker “SPCX.” Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan are the lead underwriters for this IPO, with another 18 banks participating.

SpaceX's Cross-Sector Narrative: Rockets, Satellites, and Artificial Intelligence

According to SpaceX's IPO prospectus filed on May 20, the company’s 2025 revenue will reach $18.7 billion, up from $14 billion the previous year. However, profitability reversed: net profit in 2024 was $791 million, but is projected to turn into a net loss of $4.94 billion in 2025.

The prospectus shows that SpaceX’s business positioning has evolved from reusable rocket manufacturing and satellite internet services into the field of artificial intelligence services and infrastructure, introducing the concept of an orbital data center. The total addressable market for this business is estimated at up to $28.5 trillion.

In February of this year, SpaceX announced the acquisition of Elon Musk’s xAI, which owns the Grok chatbot and social media platform X. According to Bloomberg, at the time of the transaction, SpaceX was valued at around $1 trillion, while xAI was valued at around $250 billion.

This acquisition marks a further deepening of SpaceX’s strategic layout in the field of artificial intelligence and provides an important foundation for its narrative of transforming toward AI infrastructure.

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