SpaceX Targets Historic $75 Billion IPO, Valuing Company at $1.75 Trillion
SpaceX has filed for an Initial Public Offering, aiming to raise $75 billion by offering 555.6 million shares at $135 each. This move is set to be the largest IPO in history, valuing the company at approximately $1.75 trillion. Tom Mueller, SpaceX's first employee and CEO of Impulse Space, expressed his long-awaited approval for the public offering, despite CEO Elon Musk's previous reluctance to take the company public.
SpaceX is preparing for an Initial Public Offering (IPO) that aims to raise $75 billion, offering 555.6 million shares at a price of $135 each. This offering would establish the company's valuation at roughly $1.75 trillion, marking what is expected to be the largest IPO in history.
Tom Mueller, SpaceX's first employee and the engineer behind the Falcon 9 rocket engines, has voiced his perspective on the IPO. Mueller, who now serves as CEO of Impulse Space—a company valued at $4.26 billion specializing in moving satellites between orbits—reacted to the S-1 filing with the word, "Finally."
Elon Musk had previously expressed a preference for keeping SpaceX private, citing his experience with Tesla's journey on the public market. However, Mueller noted that SpaceX's expanding ambitions have outgrown its current balance sheet, necessitating this public offering.
In 2025, SpaceX reported revenues of $18.67 billion but incurred a net loss of $4.9 billion. This loss was largely driven by capital expenditures that nearly doubled to $20.7 billion, with a significant portion allocated to AI development. The company's Starlink satellite internet business contributed $11.39 billion in revenue during the same year.
Mueller views the $1.75 trillion valuation as a strategic investment in the future of space-based computing, AI, and data centers. He highlighted Musk's "vertically-integrated stack," which includes cost-effective rockets for orbital deployments, Starlink's demonstrated capability for in-space computing, and extensive data for AI model training from xAI, Tesla, and X. Mueller pointed to SpaceX's history of overcoming skepticism with projects like Falcon 1, Falcon 9, crewed ISS missions, and Starlink itself, questioning the rationale for betting against Musk's vision.
Regarding the potential performance of the stock, Mueller drew a comparison to Tesla's IPO journey, predicting an initial high, followed by a "valley of death" due to public market scrutiny of schedule delays, and then a probable recovery. He believes that SpaceX going public will not only validate the space sector but also accelerate the development of a true space economy.
Impulse Space is also planning to launch its Helios spacecraft in 2027. According to Fortune, Mueller stated, "I’m going long," indicating his long-term commitment to the space industry rather than solely focusing on the stock's immediate performance. (Source: Fortune)
