SpaceX's planned IPO is expected to fund not only additional rockets, but a broad space infrastructure: Starship, Starlink, in-orbit refueling, AI centers in space, and long-term preparation for lunar and Mars missions.
SpaceX's planned IPO is expected to be one of the largest ever seen on the capital markets, but its main story is not just the company's value or Elon Musk's fortune. Behind the numbers lies a much broader question: Can a private company raise the capital needed from the public to build space infrastructure on a scale that has never existed before—huge reusable rockets, satellite networks, future computing centers in orbit around the Earth, and eventually even bases outside Earth?
According to Reuters, SpaceX has filed its IPO documents, targeting a valuation of about $1.75 trillion. The company is seeking to raise a sum that could make the IPO the largest in history. The documents reveal a company that has already transformed the launch industry with reusable rockets and the Starlink network, but also a company that is seeking to sell investors a future vision that still depends on unfinished engineering and scientific breakthroughs.
The big money will go to Starship first.
The central component of the program is Starship. This is no longer a large rocket, but an attempt to build a reusable, very heavy launch system that can launch huge payloads into orbit, reduce the cost of access to space, and in the future also serve as a lunar lander in NASA's Artemis program. The last test flight of Starship V3, conducted on May 22, 2026, was the 12th test flight of the system and the first of the V3 version. It achieved most of its goals, but still included engine and booster failures.
From a financial perspective, Starship is a huge expense. From a scientific and engineering perspective, it could be the infrastructure that will enable the next phase of space exploration. To become an operational vehicle, SpaceX needs to demonstrate not only launch and landing, but also a high launch rate, reliable reuse, in-orbit refueling, docking between spacecraft, and an uncrewed landing on the moon. Space.com noted that Starship has yet to demonstrate in-orbit refueling or a full flight to Earth orbit, although NASA has selected it to serve as a lunar lander for one of the future Artemis missions.
Therefore, a large portion of the money the company will raise, if the IPO goes through, is expected to be used to accelerate Starship's development: serial production of Raptor engines, expansion of Starbase facilities in Texas, construction of additional launchers, development of space tankers for in-orbit refueling, and repeated experiments that will still be expensive even if parts of the rocket are reused. This is not an investment in a "one-time flight to the moon," but in an entire industrial system that should enable dozens or perhaps hundreds of launches a year.
Starlink: The revenue engine that funds the dream
If Starship is the big bet, Starlink is the main revenue driver. SpaceX’s satellite internet network has already made the company the world’s largest satellite operator, providing services to consumers, businesses, aircraft, ships and governments. According to Reuters, the Starlink-based connectivity division was the only one of the company’s three divisions to post an operating profit in the first quarter of 2026.
Here too, the connection to Starship is direct. The next generation of Starlink satellites is larger and heavier, so launching on a large scale depends largely on Starship's ability to carry larger payloads into orbit. According to TechCrunch, in the IPO documents, SpaceX wrote that it expects Starship to begin launching payloads into orbit in the second half of 2026, and then be used to launch Starlink satellites and next-generation V2 Mobile satellites.
In other words, the IPO is intended to close a loop: Starlink brings in money, but to expand it needs Starship; Starship needs enormous capital to become operational; and the public capital is intended to finance the transition from an experimental system to an infrastructure system. If this loop works, SpaceX will be able to reduce the cost of launches, expand its satellite network, and create an economic basis for much more complex space missions. If it doesn’t work, the company could be left with enormous development costs and too much dependence on the success of Starship.
AI in space: a grand vision, but not yet a proven technology
The most ambitious new part of the IPO story is the connection between space and artificial intelligence. SpaceX is presenting investors with an idea for AI-based computing centers in orbit around the Earth. The idea sounds futuristic: large computing systems that would be operated in space, perhaps using available solar energy, and integrated with satellite communications infrastructure. But according to Reuters, in the IPO documents the company itself warns that space AI centers, in-orbit industry, and settlement on the Moon and Mars are in the early stages, based on unproven technologies, and may not become commercial.
This is a particularly important point for science readers. Unlike satellite launching, which has already become a commercial service, in-orbit data centers are not an existing industry. Difficult problems of heat dissipation, radiation, maintenance, communications, safety, launch costs, and equipment replacement must be solved. Powerful computers generate a lot of heat even on Earth; in space, where there is no air to help cool it, heat removal is a major engineering challenge. Added to this are the risks of cosmic radiation, micrometeorites, and complete dependence on robotic launches and maintenance.
However, the very inclusion of the field in the IPO documents shows how SpaceX sees itself: not just as a rocket company, but as a space infrastructure company. The company seeks to combine launch, communications, computing and energy into a single system. In the longer term, the same infrastructure is also supposed to support missions to the Moon and Mars, and perhaps in the future also in extraterrestrial industry.
The risk is that this vision is far ahead of its capabilities. Reuters reported that the company posted a total operating loss of $1.94 billion in the first quarter of 2026 on revenue of $4.69 billion, and that the AI division alone was responsible for a loss of $2.47 billion. This means that a significant part of the story being presented to investors relies on an area that is not yet commercially proven.
The launch of Starship V3 this weekend also illustrates the gap between vision and reality. On the one hand, it is an impressive engineering achievement and an important step on the way to the Moon and Mars. On the other hand, the flight was still an experiment, not an operational mission. The Calcalist report also presented the launch in the context of the planned IPO and the question of whether the technological success will strengthen investors' confidence in the company.
That’s why SpaceX’s IPO is as much a test for the capital market as it is for the company itself. Investors aren’t just being asked to buy a company with Starlink revenue and launch contracts. They’re being asked to fund a possible transition to a broad space economy: a reusable launch system, a global satellite communications network, space computing, in-orbit refueling, in-orbit manufacturing, and perhaps in the future, bases on the Moon and Mars.
If SpaceX succeeds, the IPO could mark the beginning of a new phase in space exploration — one in which infrastructure that was once the preserve of states is partly funded by public investors. If it fails, it will be remembered as one of the boldest attempts to price a future space vision long before the technology was fully mature.
Short FAQ
Has SpaceX already gone public?
No. SpaceX is still a private company. However, repeated reports in the US raise the possibility of a future IPO of the company or part of its operations.
What might be launched: SpaceX or Starlink?
According to various reports over the years, the more prominent option was the IPO of Starlink, SpaceX's satellite internet operation, but the market is also following the broader possibility of an IPO of the group's operations.
Why is SpaceX's IPO important for the space industry?
Such an offering could inject significant capital into launch operations, Starlink satellites, and Starship development, and impact the entire commercial space market.
What is the connection between SpaceX and NASA?
SpaceX is a major NASA supplier for low-Earth orbit launches, supplying the International Space Station, and developing a Starship-based lunar lander as part of the Artemis program.
