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SpaceX is preparing for what could be the largest Initial Public Offering in history.
The company is targeting a valuation of around $1.5 trillion, with proceeds of up to $50 billion. That would surpass Saudi Aramco’s 2019 listing as the biggest ever.
Here’s how to invest – ahead of the Nasdaq IPO.
There’s plenty of skepticism about the price tag. But here’s why I think the bull case is worth taking seriously.
1. Starlink is a cash machine.
Starlink satellite internet and SpaceX’s launch services are the two segments that could justify the $1.5 trillion valuation that’s currently being explored. Starlink alone generated over $12 billion in revenues last year — and it’s still expanding extremely quickly.
2. Revenue growth is accelerating.
Analysts at Payload Space estimate that SpaceX revenue is growing at a 50% or greater pace and is likely to reach $22 billion to $24 billion in 2026. That’s not slowing-down growth — that’s speeding up.
3. The xAI merger broadens the story.
In February, SpaceX acquired Elon Musk’s AI company xAI in an all-stock deal. The combined entity now includes Starlink broadband, Grok AI and related AI products, SpaceX rockets and satellite innovation. That makes this an AI-plus-space platform play — not just a rocket company.
4. The IPO creates a war chest for growth.
With $50 billion in fresh capital, plus direct access to public capital markets, SpaceX will be able to pursue opportunities it couldn’t fund before — including orbital data centers, Starship commercialization, and international Starlink expansion.
5. The valuation is expensive but not irrational.
My analysis validates the IPO as expensive but not irrational, provided Starlink commercializes on schedule and Starship scales as projected. Frankly, I think the risk/reward is favorable for investors with a three-to-five year horizon.
Now, I want to be straight with you — there are real risks here. The valuation is steep. Musk-related headlines can move markets in either direction. And this company has never filed a public financial statement.
But the underlying businesses — satellite internet, rocket launches, and now AI — are producing real revenue and real growth.
Right now, I’m securing a stake before the company submits its confidential prospectus with the SEC.
Ian Wyatt