Jul 2025:
Secondary markets began valuing SpaceX at around $400B.
As Starlink rapidly expanded, speculation grew that a future IPO could exceed a $1T valuation.

Dec 2025:
An internal tender offer reportedly valued SpaceX at around $800B, with shares priced internally at $421 each.
SpaceX started being called “the world’s largest private company.”

Late Jan 2026:
Reuters and FT reported that SpaceX was considering a June 2026 IPO.
Estimated valuation: ~$1.5T
Expected fundraising: ~$50B
At this point, analysts began calling it “the largest IPO in history.”

Feb 2026:
As integration and collaboration with xAI accelerated, markets increasingly viewed SpaceX + xAI as a combined AI infrastructure platform worth around $1.25T.
The narrative shifted from “space company” to “AI infrastructure giant.”

Early Apr 2026:
Reuters reported potential IPO fundraising of ~$75B and valuation estimates of $1.75T–$2.0T.
This shocked markets, placing SpaceX near the scale of Amazon, Google, and NVIDIA.

Early May 2026:
Market consensus shifted again:
$1.5T became viewed as the floor,
$1.75T as the base case,
and bullish scenarios moved above $2T.

Drivers included:

• Starlink subscriber growth
• Starshield military applications
• Orbital AI data center concepts
• Reported AI-space initiatives with Google

May 16, 2026:
Reuters reported that BlackRock was considering a $5B–$10B investment.
Markets interpreted this as evidence of extremely strong institutional demand.

Current market consensus (May 2026):

• Expected fundraising: $50B–$75B
• Expected valuation: $1.5T–$2.0T
• Most discussed valuation: ~$1.75T

There are now rumors that the IPO price could be set on Thursday, June 11, with Nasdaq trading potentially beginning Friday, June 12.