SpaceX Readies $70–75B IPO at $1.75T Valuation with Starlink Surge
SpaceX plans to raise $70–75 billion at a $1.75 trillion valuation in its upcoming IPO, targeting record-matching funding size. Its Starlink unit delivered 50% revenue growth and 63% EBITDA margins in the period, while xAI posted a $5 billion net loss on $9.5 billion cash burn under Elon Musk’s 79% voting control.
1. IPO Overview
SpaceX has filed a prospectus outlining plans to raise $70–75 billion by selling new shares at an implied $1.75 trillion valuation, which would set a record for private-to-public fundraising. The company aims to satisfy investor demand in its first public equity offering.
2. Starlink Financials
The Starlink segment reported 50% year-over-year revenue growth and maintained 63% EBITDA margins, driven by increased subscriber additions and expanded service areas. This cash-generating unit underpins a significant portion of the IPO’s valuation case.
3. xAI Performance
xAI incurred $9.5 billion in cash burn during 2025, resulting in a $5 billion net loss as it scales artificial intelligence research and development efforts. Analysts cite this elevated cash outflow as a risk factor for overall company profitability.
4. Governance and Demand Drivers
Elon Musk will retain 79% voting control despite owning 42% of equity, raising concerns over board independence. Anticipation of SpaceX’s inclusion in major indexes is expected to drive passive inflows and set a benchmark for new energy and tech listings.