SpaceX Targets $1.8 Trillion Valuation for Record $75 Billion IPO, Roadshow Set for June 4

SpaceX is planning an initial public offering with a target valuation of at least $1.8 trillion, down from earlier estimates exceeding $2 trillion, according to people familiar with the matter. The company aims to raise as much as $75 billion in what would be the largest IPO in history, with a roadshow provisionally scheduled to begin on June 4, 2026. The offering is led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan, alongside 18 other underwriters. Pricing is expected around June 11, though the timeline could shift. SpaceX disclosed in a May 20 filing that its 2025 revenue rose to $18.7 billion from $14 billion a year earlier. However, the merger with xAI pushed the company to a net loss of $4.94 billion, compared with a $791 million profit in 2024. AI-related infrastructure spending accounted for over $20 billion in the past five quarters. Analysts at New Constructs warned that roughly $62.8 billion of the IPO proceeds are earmarked for existing shareholders and vendors, limiting growth capital. 22V Research noted that mega-IPOs over $50 billion have averaged a 32% decline in their first year of trading.