Recently, the listing plans of private aerospace company SpaceX (Space Exploration Technologies Corp.) have attracted widespread market attention. According to disclosures, the company plans to conduct an initial public offering (IPO) in mid-to-late 2026, with a fundraising scale potentially exceeding $300 billion and a target overall valuation as high as $1.5 trillion. This could become one of the largest IPOs in history. If this plan materializes, it will provide public investors with a significant window to participate in the space economy.
Founded by Elon Musk in 2002, SpaceX is not currently publicly listed on any major stock exchange. Its shares are primarily held by Musk himself (reportedly owning over 40%), employees, and venture capitalists. As of the end of 2025, the company’s valuation in the private market has reached $400 billion. Although the 2026 IPO plan has been announced, the specific timing may be adjusted due to market conditions and other factors. Prior to this, the company has provided stock liquidity to employees through internal trading plans, such as negotiating stock sales at a $400 billion valuation at the end of 2025.
SpaceX has established a leading position through multiple industry breakthroughs, such as becoming the first private company to develop orbital-class liquid-fuel rockets, send humans to the International Space Station, and achieve vertical rocket recovery. Its core businesses include spacecraft manufacturing, launch services, and the Starlink satellite internet service. Financially, although not required to disclose publicly, according to a Wall Street Journal report at the end of 2025, the company’s revenue for that year is expected to reach $16 billion, with over $3 billion in cash holdings. Among these, Starlink’s revenue doubled to $2.7 billion in 2024, becoming a significant growth driver.
Before its direct listing, ordinary retail investors cannot purchase SpaceX shares through regular brokerage accounts. Some qualified investors may participate in private securities transactions through platforms like Rainmaker Securities. Additionally, investors can consider investing in publicly listed funds that hold SpaceX shares, such as the ARK Venture Fund (ARKV.X), or turn to other listed space-related companies. Examples include L3Harris Technologies (LHX), which provides space solutions; Rocket Lab (RKLB), which offers launch services; and Virgin Galactic Holdings (SPCE), which is engaged in space travel. In terms of valuation, SpaceX’s price-to-sales ratio, based on its projected 2025 revenue of $16 billion, is approximately 25x. This valuation level is relatively high, and its future stock performance will closely depend on sustained high-speed growth in revenue and profitability.
SpaceX’s potential IPO is undoubtedly a major focus in the capital markets. For investors interested in participating, it is essential to closely monitor its final listing timeline and prudently evaluate its profitability and valuation levels at the time of listing. If the company can maintain strong growth momentum, its long-term value may be supported. However, before direct investment channels become available, indirect exposure through related funds or peer companies is a feasible alternative for engaging in this high-growth sector.
