The global aerospace industry is bracing for a blockbuster development: Elon Musk’s SpaceX is accelerating plans for its initial public offering (IPO), with a target valuation of $1.5 trillion and an intended fundraising of over $30 billion. If realized, this IPO will far surpass Saudi Aramco’s $29 billion offering in 2019, becoming the largest public listing in global history.

According to people familiar with the matter, SpaceX is initially targeting a mid-to-late 2026 listing, though the timeline will be flexibly adjusted based on market conditions, with a possible delay until 2027 not ruled out. The company plans to sell approximately 5% of its shares, which could raise up to $40 billion based on the target valuation. Recent private share transactions at SpaceX have pushed its valuation above $800 billion, setting a market benchmark for the upcoming IPO.

This lofty valuation is underpinned by robust business growth. Data shows SpaceX’s revenue is projected to reach $15 billion in 2025 and climb to the range of $22 billion to $24 billion in 2026. The core driver is its Starlink satellite internet service—having deployed over 8,200 satellites covering 150 countries, with the breakthrough of direct connection to mobile devices opening up new growth avenues. Meanwhile, the technological progress of its Starship rocket in lunar and Mars exploration serves as a key valuation endorsement.

The market is highly optimistic about its long-term potential. Cathie Wood’s ARK Investment predicts SpaceX’s valuation could hit $2.5 trillion by 2030, and even reach $3.1 trillion in an optimistic scenario. The core logic lies in the flywheel effect where “Starlink’s cash flow fuels Starship’s iteration,” with Starlink expected to achieve annual revenue of $300 billion by 2035 after completing its global network.

News of the IPO has already roiled capital markets: EchoStar, which has a spectrum cooperation with SpaceX, saw its stock price surge by 12% at one point, while space transportation firm Rocket Lab also followed with gains. Long-term investors including Peter Thiel’s Founder’s Fund and Alphabet (Google’s parent company) are poised to profit from this. A portion of the funds raised will be used to develop space data centers, a key strategic focus emphasized by Musk recently.

Musk stressed that SpaceX has maintained positive cash flow for years, and its valuation growth relies on technological breakthroughs rather than capital operations. This historic IPO will not only reshape the capital landscape of the aerospace industry but also inject financial impetus into humanity’s vision of becoming a “multiplanetary species.”