SpaceX files for historic IPO targeting $2 trillion valuation and $80 billion in capital

SpaceX filed for an initial public offering on Wednesday in a move that could mark the largest IPO in history, with the company targeting a $2 trillion valuation and seeking to raise as much as $80 billion.

In a prospectus submitted to the Securities and Exchange Commission, SpaceX stated it has identified the “largest TAM [total addressable market] in human history,” though it notably excluded China and Russia from this projection.

The company’s projected TAM of $28.5 trillion includes a $26.5 trillion artificial intelligence market, $1.6 trillion in connectivity services, and $370 billion in space solutions.

Following the acquisition of xAI, the artificial intelligence startup founded by Elon Musk—who also owns the social media platform X, formerly known as Twitter—SpaceX has evolved beyond its origins as a rocket launch and satellite operator. Its business interests now span artificial intelligence, space, telecommunications, and social media. All of these sectors are subject to strict oversight by Beijing and sit at the forefront of the technological competition between the US and China.

According to Wednesday’s filing, SpaceX’s Starlink satellite internet service was operational in 164 countries as of March 31. China is not among them, as Beijing has not granted any licenses to foreign satellite broadband operators.

The filing also warned investors that China may represent one of the company’s most significant threats.

In the risk factors section of the document, SpaceX wrote: “Certain competitors are investing significant capital to develop and deploy satellite constellations and related infrastructure that compete directly with our offerings. Additionally, companies located in China and other jurisdictions may benefit from state support, favorable regulatory environments, or strategic national priorities.”

The Chinese government has indeed placed a high policy priority on space. The commercial aviation sector has been included in Beijing’s annual work report for two consecutive years, and regulators have reopened a fast-track listing channel for companies in the sector on the Nasdaq-style STAR Market.

Despite this, the Musk-owned company remains ahead of its rivals in commercializing rocket launches and satellite connectivity.

SpaceX reported that Starlink revenue reached $11.4 billion in 2025, a 50% increase year-on-year, and it concluded the year with $4.423 billion in operating income.

In its launch operations, the company recorded $4.1 billion in revenue for 2025, a 7.6% increase over 2024, though it ended the year with an operating loss of $657 million.

Meanwhile, several leading rocket and satellite startups in China are also preparing for initial public offerings, though none approach SpaceX’s revenue or reach a break-even point.

For example, the rocket startup LandSpace plans to raise 7.5 billion yuan ($1.1 billion) on the Shanghai Stock Exchange. In its filings, the company reported 2024 revenue of 4.28 million yuan, an 8.5% increase from the previous year, but it closed the year with a net loss of 916 million yuan.

Concurrently, SpaceX is pitching investors on the concept of building a solar-powered artificial intelligence infrastructure. This represents another capital-intensive venture that will increase AI-related expenditures.

The company spent $12.7 billion on AI capital expenditures in 2025 and $7.7 billion on AI-related capital expenditures in the first quarter of 2026.

SpaceX noted in the filing that one reason for constructing data centers for AI in space is that while US electricity generation grew at less than 3% annually between 2023 and 2025, China’s growth rate was approximately double that during the same period.

The company stated it could deploy AI computing satellites into orbit as early as 2028.