Elon Musk’s SpaceX is progressing toward one of the largest initial public offerings in history, with plans for a public listing that could push its valuation beyond $1 trillion. The rocket company’s preparations coincide with ongoing restructuring of its bitcoin holdings, suggesting internal moves ahead of a major financial milestone.
SpaceX targets IPO worth more than $25–30 billion
According to Reuters, SpaceX is looking to raise more than $25 billion through an IPO in 2026, aiming for a valuation exceeding $1 trillion. The company has begun discussions with major banks to launch the offering around June or July 2026. The move could be one of the world’s largest IPOs and reflect renewed strength in global equity markets.
The plan follows a rebound in the U.S. IPO market after several quiet years.
“SpaceX represents one of the most exciting opportunities in the global IPO market and has been on the dream-list of several investors for years,” Samuel Kerr, head of equity capital markets at Mergermarket, told Reuters. “It is a genuine growth industry, with space technology seen as a key frontier in both defense, satellite proliferation and in tech infrastructure in general, the growth of orbital data centers,” he added.
According to Bloomberg, the company could seek to raise as much as $30 billion, with a potential market capitalization reaching $1.5 trillion. The final timeline could extend into 2027, depending on market conditions.
Musk confirms IPO plans and endorses public speculation
Elon Musk effectively confirmed that SpaceX will go public. When journalist Eric Berger of Ars Technica posted his analysis titled “Here’s why I think SpaceX is going public soon,” Musk replied, “As usual, Eric is accurate.” Berger is regarded as one of the most reliable reporters covering SpaceX, and his analysis, combined with Musk’s endorsement, signals a shift in company strategy.
As usual, Eric is accurate
— Elon Musk (@elonmusk) December 10, 2025
SpaceX has historically avoided public markets to steer clear of quarterly earnings pressure while pursuing long-term goals such as Mars colonization and deep-space missions. Musk’s endorsement of the IPO speculation marks a rare acknowledgment of a move that could redefine both his personal fortune and the space industry.
Starlink growth drives SpaceX’s valuation
Much of the IPO momentum stems from the rapid growth of Starlink, SpaceX’s satellite internet business. The company’s expansion includes direct-to-mobile service integration and major investment in the Starship rocket program, designed for lunar and Mars missions.
Bloomberg data show SpaceX expects to generate about $15 billion in revenue in 2025, rising to $22–24 billion in 2026. Starlink contributes the majority of this revenue. The company plans to use proceeds from the IPO to fund space-based data centers and acquire AI chips to support its next generation of infrastructure.
SpaceX reorganizes bitcoin treasury
At the same time, SpaceX has made a series of notable bitcoin movements. On Wednesday, the company transferred 1,021 bitcoin, valued at $94.5 million, between two unlabeled addresses via Coinbase Prime custody. Recent transfers total 8,910 bitcoin, worth nearly $924 million, according to blockchain data from Arkham Intelligence.
SpaceX currently holds about 3,991 bitcoin, valued near $367 million. The company has not commented on the transactions. SpaceX appears to be consolidating and upgrading its wallets, part of a broader treasury management strategy. The company once held more than $1.6 billion in bitcoin during the 2021 bull market but reportedly cut its stake by about 70% after the 2022 crypto market downturn.
This bitcoin reshuffle occurs just as SpaceX prepares for its IPO. The company’s crypto assets may feature within investor materials, reflecting Musk’s long-standing interest in digital currencies. SpaceX was among the first major private companies to adopt bitcoin, and it previously accepted dogecoin to fund its DOGE-1 lunar mission.
Market expectations and broader implications
Prediction market data from Polymarket show a 67% probability that SpaceX’s valuation will exceed $1 trillion after listing. The IPO’s scale could make it the largest in history, surpassing Saudi Aramco’s 2019 record offering.
If completed, the listing would give Musk access to significant new financing to expand Starlink, pursue interplanetary projects, and develop digital infrastructure at the intersection of AI and crypto technologies.
SpaceX’s IPO also holds implications for private market dynamics. Many large startups have delayed going public in recent years. A successful listing from SpaceX may push others toward public markets, potentially reviving investor interest across the tech sector.
Tanya Petrusenko
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