SpaceX said to plan IPO over $30b, eyes 2026 listing

SpaceX is preparing for an initial public offering that could raise over US$30 billion, according to sources familiar with the matter.

The company, led by Elon Musk, may target a valuation of around US$1.5 trillion and aims to list as early as mid-to-late 2026, though the timeline could shift depending on market conditions.

SpaceX’s projected revenue is about US$15 billion in 2025, possibly rising to US$22 billion to US$24 billion in 2026, with Starlink expected to contribute most of the sales.

Some of the IPO proceeds may go toward developing space-based data centers, sources said.

In a recent secondary share sale, SpaceX set a per-share price of around US$420, valuing the company at over US$800 billion, and allowing employees to sell about US$2 billion in stock.

Major investors include Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity, and Google.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Starlink unit economics face ARPU pressure

A $1.5 trillion SpaceX IPO case needs Starlink to grow past 4.6 million subscribers 1 and $7.7 billion in 2024 revenue 2.
International expansion is pushing down average revenue per user (ARPU) from $1,826 in 2023 to $1,789 in 2024, with service-only ARPU falling 10% to $1,140 3.
In France, subscribers pay $45 monthly versus $120 for U.S. users, and this gap matters as international customers near 50% of the base 3.
Forecasts put 2025 at 7.8 million subscribers and $11.8 billion in revenue 2. To reach IPO-level margins, Starlink must prove that direct-to-cell services (satellite-to-smartphone connectivity) and business contracts with 99.9% Service Level Agreements (SLAs) in 2025 2 can offset ARPU erosion as developed markets near saturation.

CDNs and clouds can peer at Starlink gateways

Content Delivery Networks (CDNs) and cloud providers can use Starlink open peering at Internet Exchange Points (IXPs) for interconnection (peering means directly exchanging traffic) 4.
Starlink recommends peering via IXP route servers to cut operational overhead 4. Teams can find their home Point of Presence (PoP) via Domain Name System (DNS) PTR reverse-DNS records 4.
Colocation at Starlink gateway facilities (ground stations) gives earlier access to low latency satellite to ground paths, as SpaceX has floated space-based data centers.
Starlink has more than 6,000 satellites with service in over 100 countries 2. Early peering positions infrastructure providers to serve rising enterprise and mobile segments before Amazon Kuiper, Amazon’s planned low Earth orbit broadband network, scales up.