#GatePreIPOs首发SpaceX The biggest IPO in history is coming! Valuation of 10 trillion
Elon Musk's space technology super unicorn SpaceX is planning an IPO at an estimated valuation of about $1.5 trillion (over 10 trillion RMB), aiming to raise far more than $30 billion (over 210 billion RMB). If successful, this will become the largest IPO ever.
In the "2025 Global Unicorn List," SpaceX ranks first as the most valuable unicorn worldwide, with its value skyrocketing by 1.2 trillion RMB in one year, bringing its total valuation to 2.6 trillion RMB; meanwhile, in the "2025 Hurun Global Rich List," Musk leads the global billionaires with a net worth of 3.07 trillion RMB. It is reported that SpaceX plans to use part of the IPO proceeds to develop space data centers, including purchasing the chips needed for operation.
Could become the largest IPO in history
Founded by Elon Musk in 2002, SpaceX is a benchmark company in the global commercial space industry, with the core goal of developing reusable rockets and reducing spaceflight costs. Its business covers satellite launches, crewed spaceflight, and space-based internet. Its "Starlink" project is the world's largest low Earth orbit satellite internet constellation, and the Starship rocket is currently the most powerful heavy-lift vehicle, carrying out missions for lunar landing and Mars exploration. According to the latest information from insiders, this aerospace giant is actively pushing forward its IPO plan, with management and advisory teams striving to complete the listing between mid to late 2026, though the specific timing may be adjusted based on market conditions and regulatory approval. Some insiders suggest the IPO could be delayed until 2027. Based on an estimated valuation of $1.5 trillion, if SpaceX plans to sell about 5% of its shares, the actual fundraising amount could exceed $30 billion, potentially reaching $40 billion.
In terms of IPO fundraising scale, as of December 2025, the largest global IPO fundraising record is $29.4 billion, set by Saudi Aramco in 2019; the second-largest was Alibaba’s 2014 IPO, which raised $25.02 billion. If SpaceX successfully goes public this time, whether it raises $30 billion or $40 billion, it will surpass Saudi Aramco and Alibaba to become the largest IPO in global history.
Strong business growth is the core driver for SpaceX’s listing. Its "Starlink" service has achieved rapid growth, with 7.65 million active subscribers worldwide as of November 2025. The direct-to-phone business is progressing as planned, with voice calls and mobile internet functions launched in 2025. Meanwhile, significant breakthroughs have been made in the development of the Starship rocket, with multiple test flights in 2025 achieving technical goals, laying the foundation for deep space exploration missions. Notably, space data centers are emerging as a new growth engine. Musk previously stated that "Starlink" satellites will be used to build large space data centers, a plan now in the implementation stage. SpaceX intends to launch the first orbital data center nodes by the end of 2025, leveraging the low-temperature environment and stable energy supply in space to create an efficient computing network. This strategic layout is also a key factor in market optimism about its valuation.
Climbing to the top of the world's most valuable unicorns
In June 2025, Hurun Research Institute released the "2025 Global Unicorn List," revealing a new landscape in the global startup ecosystem: 1,523 unicorn companies spread across 52 countries and 307 cities, doubling since 2019. The most notable breakthrough is SpaceX surpassing ByteDance and OpenAI to top the list of the most valuable unicorns worldwide, marking the first time a space exploration company has reached the top of the global startup pyramid, signifying that aerospace and low-altitude economy have officially become key sectors of global innovation. As an undisputed leader in space, SpaceX’s ascent is no accident. Its valuation has reached 2.6 trillion RMB, nearly doubling from last year, far surpassing Blue Origin (100k RMB), invested by Amazon, and DJI (15k RMB), China’s drone giant.
Relying on reusable rocket technology and the commercialization of the Starlink constellation, SpaceX has not only redefined the cost structure of space exploration but also built a global space communication network. This dual technological and commercial barrier makes it a benchmark enterprise in the aerospace sector.
Opportunities and challenges of going public
The core opportunity for SpaceX’s IPO stems from the resonance between technological barriers and the booming space economy. The reusable technology of Falcon 9 rockets has reduced launch costs to less than one-fifth of traditional rockets. In 2025, about 170 orbital launches are planned, accounting for nearly 90% of global launch volume, creating a scale effect that is hard to challenge. The Starlink business has deployed 9,000 satellites, serving over 8 million active users. In 2024, it contributed 60% of revenue with a gross margin of 65%. New services like direct-to-phone satellite connectivity are opening up markets for billions of potential users.
Meanwhile, NASA crewed space contracts and Pentagon defense orders provide stable cash flow. The funds raised from the IPO could further support Starship development and space data center construction, consolidating its early lead in commercial space. However, the path to listing faces multiple challenges, especially regulatory and governance issues. As a company involved in aerospace technology and defense collaborations, it will need to meet strict disclosure requirements post-IPO, which may conflict with the military applications of Starlink and the confidentiality of rocket technology. Elon Musk’s personal decision-making risks are also significant, as he tends to allocate funds to long-term projects like Mars colonization, which could conflict with shareholders’ short-term profit expectations. Industry competition and technological risks are also severe; Blue Origin is accelerating its pursuit in rocket technology, Amazon’s Kuiper project is diverting satellite internet market share, and Starship has yet to achieve stable recovery. The 5-7 year lifespan of satellites also entails high maintenance costs.
For SpaceX, going public is a double-edged sword. Its value lies not only in raising funds but also in reshaping the industry landscape. With access to public market capital, SpaceX can accelerate the commercialization of its technologies and stimulate upstream industries like materials and ground equipment. However, it also needs to establish a more comprehensive governance structure, balancing regulatory compliance with innovation flexibility, and reaching consensus between short-term shareholder interests and long-term space exploration goals. If it can successfully navigate these challenges, SpaceX’s IPO will set a benchmark for the commercial space industry and accelerate the maturation of the global space economy.
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