SpaceX is about to enter public markets with a valuation approaching $1.7 trillion, according to people familiar with the offering, in what could become the largest initial public offering in history.
The pricing would place the aerospace and satellite company starlink among the most valuable firms globally at debut, despite continued questions among analysts over whether current financial performance supports such a valuation.
The company generated roughly $8.6 billion in revenue in 2025 while reporting a net loss of about $1.9 billion, according to SEC filings. Those numbers have debated on Wall Street over whether the IPO reflects current fundamentals or long-term expectations tied to artificial intelligence, satellite communications, and orbital infrastructure.
The offering comes at a time when investor appetite for AI-linked and advanced technology firms has pushed valuations sharply higher across public and private markets.
Some market analysts say the pricing reflects optimism about SpaceX’s long-term positioning in satellite broadband, defense contracting, and potential future applications in orbital computing. Others, however, argue the valuation assumes a level of future monetization that remains unproven at scale.
Morningstar analysts, in a recent note to clients, placed a significantly lower fair value estimate on the company’s equity, though they cautioned that private market comparables remain limited and highly speculative.
“It’s difficult to reconcile current cash flows with a valuation of this magnitude,” one equity analyst said, speaking on the condition of anonymity.