SpaceX IPO: Everything you need to know about the stratospheric listing
One of the year’s most talked-about IPOs could be just weeks away. How much could SpaceX be worth at its IPO, and what does it mean for investors?
SpaceX filed for its eagerly-anticipated stock market debut on 20 May following months of speculation over when – and at what price tag – the space exploration giant will go public.
The company, founded and managed by Tesla CEO Elon Musk, has been a key pioneer of the modern space economy. Its Starlink network consists of over 9,000 satellites that provide internet connectivity all over Earth, while its rockets performed more than 80% of the US’s licensed space launches in 2025.
SpaceX is currently a private company, but that is set to change within weeks now that it has filed its S-1 registration statement. This is a document that all companies looking to list on a US stock exchange must file with the Securities and Exchange Commission (SEC) ahead of their initial public offering (IPO).
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According to the filing, SpaceX is planning to list on the Nasdaq exchange under the ticker ‘SPCX’.
Dan Ives, head of global technology research at investment bank Wedbush Securities, said the listing could represent “the largest IPO in stock market history as the company remains at the centre of two of the largest growth opportunities over the coming decades”, referring to space and artificial intelligence (AI).
How much could SpaceX be worth at its IPO, where might its revenue come from, and what does it mean for investors?
When is SpaceX’s IPO happening?
The date of SpaceX’s IPO still hasn’t been confirmed. Its regulatory filing simply states that the IPO will take place “as soon as practicable after this Registration Statement becomes effective”.
According to investment administration business Computershare, the amount of time that passes between an S-1 being filed and the IPO taking place can vary, but is usually around 35 days.
If SpaceX’s IPO follows a similar timeline then it will likely take place in late June or early July. Prior to the S-1 filing’s publication, Reuters reported that the company was targeting 12 June as the listing date, citing unnamed sources familiar with SpaceX’s plans.
How much will SpaceX be worth when it lists?
It won’t be known until the day how much SpaceX will be worth when it lists, but there is speculation that it could instantly become one of the world’s most valuable companies.
Reports indicate that SpaceX is targeting a $1.75 trillion valuation at its IPO. That would put it in the top 10 (ninth, just ahead of Tesla) in the list of the most valuable companies in the world if it achieved that amount today.
London-listed investment trust Scottish Mortgage recently confirmed that it assumes a $1.25 trillion valuation for SpaceX when valuing its stake in the company.
The filing envisages a $28.5 trillion total addressable market (TAM), the vast majority of which ($26.5 trillion) is ascribed to AI. Within AI, even eye-catching segments like AI infrastructure are a relatively small portion of the total (expected to be worth $2.4 trillion); enterprise applications – in other words, AI products sold to businesses – are expected to account for $22.7 trillion, around 80% of SpaceX’s entire TAM.
Space-enabled solutions, by contrast, are expected to account for just $370 billion, or 1.3% of SpaceX’s TAM, while connectivity (Starlink Broadband and Starlink Mobile) are expected to make up another $1.6 trillion, or 5.6% of the TAM.
What could SpaceX’s IPO mean for the markets?
Many experts believe that if SpaceX’s IPO is a success, it could open the door for a fresh wave of mega-cap tech IPOs.
AI developers OpenAI and Anthropic could follow, along with other private tech giants like Databricks, Stripe and Anduril, “potentially creating a wave of new market capitalisation large enough to reprice growth equities more broadly” according to Stephen Dover, chief market strategist at investment manager Franklin Templeton.
However, there are risks posed by the prospect of so many huge private companies entering public markets at the same time.
“If several mega-cap IPOs come in the same window of time, they will compete for capital not only with each other, but also with existing publicly traded growth stocks,” said Dover. “That could create rotation pressure across software, semiconductors, fintech, defence tech and AI beneficiaries.”
Dover also cautioned that the increased scrutiny of public markets could test the valuations of these private companies, most of which have raised large amounts of money at very high valuations over the latest business cycle.
How can you invest in SpaceX’s IPO?
Before investing in SpaceX, either before or after its IPO, it is important to consider the risks involved. The company will be listing at a very high valuation – around 100 times sales (Nvidia, by comparison, trades at around 20 times sales) – and lost nearly $5 billion last year.
Until SpaceX lists, most individual investors won’t be able to buy its shares directly. There are, though, some ways you can gain exposure prior to the IPO.
It is held by some investment trusts, including Scottish Mortgage (LON:SMT) (where SpaceX accounts for 17.9% of its portfolio as of 30 April), Edinburgh Worldwide (LON:EWI) (18.9% of the portfolio as of 30 April) and Schiehallion (LON:MNTN) (11.8% of the portfolio as of 30 April).
After SpaceX’s IPO, most brokers that allow you to buy US-listed stocks ought to enable you to buy its shares like those of any other listed company.
If you haven’t bought US-listed stocks through your broker or investment platform already, you may need to complete a W-8BEN form – a simple form that entitles you to a reduced tax rate in the US on your investments. Your broker will prompt you for this if and when it is needed.
Depending on how quickly SpaceX is included in major indices, it could also be included in the relevant index tracker funds – so you may gain some exposure without having to do anything if you are already invested in funds that track major stock markets.
