SpaceX Targets $2T IPO Valuation, Musk Disputes
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- SpaceX filed confidentially to go public last week, with Bloomberg reporting the company is seeking a valuation of up to $2 trillion — a figure CEO Elon Musk has publicly pushed back on.
- SpaceX was valued at $1.25 trillion in February when it merged with Musk's xAI, making the reported $2 trillion IPO target a step up from that recent internal benchmark.
- SpaceX generated $15-16 billion in 2025 revenue (per Reuters), up from $13.1 billion in 2024, with EBITDA of roughly $8 billion — giving the $2T target a price-to-sales multiple of approximately 130.
- That price-to-sales multiple would be higher than any S&P 500 stock and more than triple the ratio of every S&P 500 constituent except Palantir, the article notes.
- SpaceX dominates commercial orbital launches via reusable Falcon 9 rockets and runs Starlink, the world's largest satellite operator with more than 9 million broadband customers.
- The IPO pitch is expected to lean on Musk's vision for space-based data centers and crewed Mars missions — a "Musk premium" the author argues has historically masked overpromising and unmet timelines at Tesla.
- Nvidia, at roughly $4.3 trillion, remains the world's most valuable company, a comparison that underscores how a $2 trillion SpaceX would sit among the Magnificent Seven despite far lower revenue and profit.
Why it matters: SpaceX's reported $2 trillion target carries a price-to-sales multiple higher than any S&P 500 stock except Palantir, pricing in near-flawless execution from its pre-revenue Mars thesis. Musk's public pushback on the leaked figure highlights a gap between banker expectations and the CEO's own framing of the company heading into the debut.
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