The $1.75T SpaceX IPO is closer than expected
Synopsis
SpaceX is moving closer to a Nasdaq IPO as investor attention grows around Starlink’s global satellite internet expansion and rising launch activity. Goldman Sachs is expected to lead the underwriting process for a listing that could value the company at about $1.75 trillion, according to multiple reports.
SpaceX is advancing IPO plans as Starlink expands globally and investor demand for technology listings improves. Goldman Sachs and Morgan Stanley are expected to lead underwriting.
Key Highlights
- Goldman Sachs is expected to lead underwriting for the planned SpaceX Nasdaq IPO.
- SpaceX could seek a valuation near $1.75 trillion, according to multiple reports.
- Starlink continues expanding satellite broadband operations across regional and remote markets globally.
- The IPO comes during renewed investor interest in large-scale technology and infrastructure listings.
SpaceX's upcoming IPO is attracting new interest as the company's advance into significant new satellite and broadband markets such as regions and remote areas where internet connectivity is sparse.
Goldman Sachs will be leading the underwriting for the company's planned listing on the Nasdaq.
Morgan Stanley will also be senior on the underwriting team. The IPO is believed to value SpaceX at about $1.75 trillion and nearly $75 billion, potentially taking it to be the largest public listing in U.S. market history.
The whole satellite internet race is heating up
Satellite internet companies are bidding for government contracts, for defense-related communications work and for rural broadband projects, and the SpaceX IPO is the latest of them all.
Starlink is expanding its footprint in more than 160 countries and territories, including Australia, where satellite broadband is in high demand in areas where fiber networks are scarce.
Satellite and fixed wireless services also continue to play a significant role in regional connectivity in much of the country, the Australian Communications and Media Authority says. Over the last year, Starlink has also beefed up its partnership in maritime and aviation internet services.
Starlink has attracted attention in the United States from rural broadband programs run by the federal government and emergency communications following extreme weather events. Earlier, Reuters reported that SpaceX is expanding launch capacity, and continuing to deploy satellites in the Starlink constellation.
The IPO market is reopening for big tech to list
The SpaceX IPO also comes amid a wider equity market rebound from a sluggish 2024 for tech stocks. Investors have been buying into large cap tech and infrastructure stocks recently, Reuters reported.
SpaceX's total revenue was approximately $18.7 billion in 2025, with Starlink accounting for over half of all revenue, according to industry estimates from Sacra. The public tracking data for satellites also indicates that Starlink is the largest active satellite constellation in the world.
SpaceX hasn't commented publicly about the structure or valuation reports of the IPO. Also refusing to comment were reports this week were Goldman Sachs.
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In addition to Starlink, SpaceX's reusables rocket company has continued to be a major draw for investors prior to the IPO. The company is still actively developing and launching Starships and expanding its commercial and government launch business.
Now, an upgraded version of Starship is set to start test flights in advance of the public offering process, further drawing attention to the company's launch business ahead of its IPO, Reuters recently reported.
FAQs
Q1. Why is Starlink important to the SpaceX IPO?
Starlink contributes a major share of SpaceX revenue and continues expanding across broadband, aviation and maritime markets globally.
Q2. What valuation is being discussed for the SpaceX IPO?
Multiple reports indicate SpaceX could target a valuation near $1.75 trillion in its planned Nasdaq listing.
Q3. Which banks are leading the SpaceX IPO process?
Goldman Sachs is expected to lead underwriting, with Morgan Stanley also holding a senior role in the syndicate.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
