SpaceX is reportedly targeting a valuation of at least $1.8 trillion in its planned IPO, keeping Elon Musk’s rocket, satellite and AI company on track for one of the largest public listings in history.
The reported target follows earlier expectations around a $1.75 trillion valuation and a record $75 billion raise. SpaceX’s latest IPO materials show an offering of 555,555,555 Class A shares at $135 per share, with the stock expected to trade on Nasdaq and Nasdaq Texas under the ticker SPCX.
At $135 per share, the disclosed post-offering share count places SpaceX’s equity value around $1.77 trillion before rounding and over-allotment effects. If underwriters exercise their option to buy an additional 83,333,333 shares, gross proceeds could rise from roughly $75 billion to about $86.25 billion.
SpaceX Demand Is Already Running Hot
The valuation push comes as SpaceX’s order book has become one of the most watched stories in global markets. The company’s planned IPO is already drawing roughly $150 billion in demand, about twice the base offering size, as investors chase exposure to Starlink, reusable rockets, AI compute and Musk-linked growth.
The demand figure is still early and may change before final pricing. IPO order books can shift quickly, especially when large institutions wait until the later stages of the roadshow to submit final indications. Still, the scale of interest shows how rare the SpaceX listing has become: a private technology company large enough to enter public markets near the same valuation zone as the world’s biggest listed firms.
SpaceX is also breaking from normal IPO mechanics. The offering is expected to be all-primary, meaning the proceeds go to the company rather than existing shareholders selling stock in the listing. That structure keeps the capital raise focused on expansion, including AI computing resources and Starlink network growth.
Starlink And AI Carry The Valuation
The $1.8 trillion target is not only a rocket-launch valuation. SpaceX is being priced as a combined launch, broadband, defense, satellite, robotics and AI infrastructure company.
Starlink remains the cleaner business case. It gives SpaceX recurring connectivity revenue and a global user base, while the company’s reusable launch system supports lower satellite deployment costs than most competitors can match. That vertical integration is a major reason investors are willing to price SpaceX far above traditional aerospace peers.
The more aggressive part of the valuation is AI. SpaceX’s investor pitch leans heavily on future AI compute, including satellite infrastructure and longer-term space-based data-center ambitions. That gives the IPO a direct link to the broader AI capital cycle, where investors have been willing to pay extreme multiples for companies tied to compute, chips, networking, power and model infrastructure.
That same rotation has already affected crypto markets, with risk capital moving toward AI mega-raises while Bitcoin and altcoins face weaker sentiment. SpaceX now sits directly inside that capital fight.
Crypto Markets Are Already Trading The IPO
Crypto-native platforms have moved quickly to turn the SpaceX listing into a tradable theme before public shares begin trading. Bybit has opened a tokenized SpaceX IPO subscription through xStocks, giving eligible users exposure through a tokenized securities structure rather than direct share ownership.
Coinbase has also launched SpaceX pre-IPO perpetual futures, while Trade.xyz’s earlier SPCX pre-IPO perpetual showed how onchain traders were willing to price the company above $2 trillion before final IPO terms landed.
That gap matters. Official IPO expectations are now clustering around roughly $1.75 trillion to $1.8 trillion, while crypto-native derivatives have at times priced a larger Musk premium. The spread between those markets will be one of the first tests of whether tokenized and perpetual products are providing useful price discovery or simply amplifying pre-IPO hype.
Valuation Risk Remains High
SpaceX’s public-market debut will arrive with major momentum, but also with unusual valuation risk. The company is asking investors to price not only what already exists, but also what may exist later: bigger Starlink adoption, larger launch volume, defense contracts, AI compute, robotics, lunar infrastructure and future space-based data centers.
That gives the stock a powerful growth story and a narrow margin for disappointment. If public investors accept the $1.8 trillion valuation, SpaceX will need to keep converting ambition into revenue, cash flow and execution across several capital-intensive businesses at once.
The next key dates are pricing and first trading. The stock is expected to price around June 11 and begin trading under SPCX around June 12 if the schedule holds. Until then, SpaceX remains the center of a rare market crossover: Wall Street is preparing for a record IPO, crypto exchanges are trading the pre-listing hype, and investors are deciding how much of Musk’s space-and-AI future is already priced into a nearly $1.8 trillion company.
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