Overview
- SpaceX, which filed confidentially for an IPO in early April, is being reported as seeking a valuation of up to $1.75 trillion with a potential raise as large as $75 billion.
- Recent reporting pegs SpaceX’s revenue at $2.3 billion in 2021 and about $18.5 billion in 2025, driven mainly by Starlink internet service with the rest from Falcon rocket launches.
- xAI’s absorption into SpaceX reportedly turned the company unprofitable this year after an estimated $8 billion net profit in 2025.
- The IPO may include an unusually large retail allocation of up to 30% of the raise, and some market watchers warn that heavy individual participation could fuel meme-like trading.
- Rocket Lab emerges as a smaller public alternative, with 85 Electron launches to date, a planned Neutron debut for heavier payloads later this year, revenue growth to about $602 million in 2025, and ongoing losses.