Elon Musk's space company SpaceX is reportedly preparing to float on the stock market next year, which could raise more than $25 billion (£19 billion) and value the business at more than $1 trillion.
SpaceX, which designs, builds and launches rockets, has reportedly begun talks with banks about an initial public offering (IPO). It could go public around June or July, according to Reuters, citing an unnamed source familiar with the matter.
The offering could rival oil company Saudi Aramco's market value at the time of listing. in 2019which remains the largest in history. At that time, the company raised $29 billion at a valuation of $1.7 trillion.
SpaceX could raise “well over £30 billion,” according to a separate report from Bloomberg, which said Musk is targeting a total valuation of around $1.5 trillion.
Reuters reported that SpaceX planned to use the public listing proceeds to finance its space-based data centers, including buying the chips needed to run them.
The company's revenue is expected to be about $15 billion in 2025, and in 2026 it will grow to $22-24 billion, Bloomberg reports. Most of that comes from Starlink, its satellite internet business.
Last week, media reports said SpaceX was in talks with investors over a stock sale that would value it at $800 billion, allowing it to rival OpenAI to become the world's most valuable private company.
However, Musk said on Saturday that those reports were inaccurate. He wrote: “SpaceX has had positive cash flow for many years and conducts periodic share buybacks twice a year to provide liquidity to employees and investors. The value gains are a function of progress with Starship and Starlink and the provision of global point-to-point spectrum, which significantly increases our addressable market.”
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SpaceX has been approached for comment.
