Elon Musk’s SpaceX preparing 2026 IPO that could raise over $25 billion, source says

Two decades ago, private space companies operated on the margins of the aerospace sector. Today, one of them — SpaceX — supports national programs, dominates global launch activity, and runs one of the world’s largest satellite networks. That growth has fueled a long-running question among investors: Will the public ever be able to buy SpaceX stock?

SpaceX has remained privately held since its founding in 2002, shielding its financials and strategy from the quarterly scrutiny faced by publicly traded companies. But industry chatter and recent internal activity suggest that the company may finally be taking early steps toward an initial public offering, potentially in 2026.

Below is a detailed look at what SpaceX does, who owns it, why investors are eager for an IPO, and what’s known about its valuation.

What SpaceX Actually Does

SpaceX was created by Elon Musk with the goal of reducing the cost of launch and enabling long-distance human exploration. The company introduced reusable rockets, a concept long considered impractical in the launch industry, and turned it into a reliable business model.

Key operations today include:

1. Falcon 9 Launch System

• The Falcon 9 has become the world’s most frequently flown rocket.

• It supports commercial clients, national security payloads, weather satellites, scientific missions, and cargo flights to the International Space Station (ISS).

• NASA also relies on SpaceX for its Crew Dragon missions that ferry astronauts to and from the ISS.

2. Starlink Satellite Network

• Starlink is SpaceX’s global broadband service, enabled by a rapidly expanding constellation of low-Earth-orbit satellites.

• The company has deployed about 9,000 satellites — far more than any other operator.

• Millions of customers subscribe to Starlink in remote, rural, maritime, and aviation markets.

3. Government and Defense Contracts

• The U.S. government is one of SpaceX’s largest customers.

• Contracts include classified national security launches and specialized missions for the Department of Defense.

• NASA uses SpaceX for cargo deliveries, astronaut flights, and deep-space mission support.

Where SpaceX Is Based: Starbase, Texas

SpaceX’s main development and flight-test hub is Starbase, located in South Texas near the Gulf Coast and the U.S.–Mexico border.
In May 2025, voters in Cameron County approved a measure allowing Starbase to operate as its own self-governed city — a rare arrangement inside the aerospace industry.

Starship Program at Starbase

• Starbase is home to Starship, the world’s tallest and most powerful launch system at about 400 feet.

• The vehicle is undergoing a series of flight tests; the 11th test, conducted in mid-October, was one of the most successful to date.

• Earlier 2025 tests saw multiple failures, but each provided data that helped SpaceX refine the system.

• NASA’s Artemis program plans to use a modified Starship vehicle to land astronauts on the lunar surface.

Musk has repeatedly said that Starship is central to his long-term ambition of enabling a human mission to Mars.

Is SpaceX Preparing to Go Public?

Investors have chased SpaceX shares through private markets for years, pushing up secondary-market valuations even though the company has never issued stock to the public. That dynamic may begin to change.

What is known about the potential IPO:

• The company has held early exploratory discussions with major banks regarding a public listing, according to people familiar with those talks.

• A possible timeline under consideration is mid to late 2026, though no filing has been made and the company has not formally confirmed plans.

• Internally, SpaceX has a history of avoiding public reporting requirements in order to move quickly on engineering and testing decisions. The fact that the company is evaluating an IPO marks a significant shift.

This would be the first time SpaceX sells newly issued shares directly to the public.

What Is SpaceX Worth Right Now?

SpaceX’s value has risen steadily as Starlink grows and the launch cadence accelerates.

Valuation highlights:

• Private discussions around the potential offering suggest the company may seek to raise over $25 billion when it eventually lists.

• Depending on the structure of the offering, SpaceX’s valuation could approach or exceed $1 trillion, placing it in rare territory among U.S. private firms.

• The company has also explored secondary share sales to give early employees and investors liquidity, though Elon Musk has disputed some valuation figures previously circulated in the media.

Musk has publicly stated that SpaceX is cash-flow positive and performs twice-yearly buybacks of private shares.

Revenue

• Musk estimated that SpaceX’s 2025 revenue will be roughly $15.5 billion.

• About $1.1 billion of that is tied to work NASA contracts.

• A rapidly growing share comes from Starlink subscriptions, which analysts expect to become the company’s largest revenue driver.

There has been a lot of press claiming @SpaceX is raising money at $800B, which is not accurate.

SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors.

Valuation increments are a… — Elon Musk (@elonmusk) December 6, 2025

Can You Buy SpaceX Stock Today?

Not yet.
Because SpaceX is still a private company, only accredited investors can trade private shares through platforms that handle restricted stocks. These trades do not involve SpaceX issuing new shares; they are sales between existing investors.

Retail investors cannot purchase direct equity until SpaceX completes an IPO.

What About Musk’s Personal Wealth?

Elon Musk’s net worth is heavily tied to Tesla and SpaceX.
Recent shareholder approvals at Tesla allow for future compensation packages worth trillions under specific performance targets, but Musk is not a trillionaire today.

As of 2025, he is estimated to be worth more than $490 billion, making him the world’s richest individual.

Will SpaceX Ever Become Public?

An IPO now appears more realistic than at any time in the company’s history.
SpaceX’s expanding launch business, fast-growing Starlink network, and increasing government contracts have created the type of financial scale that typically precedes a public listing.

While the timeline is not confirmed, 2026 is emerging as the earliest plausible window for a debut on public markets.

Until then, SpaceX remains one of the world’s most valuable private companies—operating at the center of national security, global internet infrastructure, and the next generation of human spaceflight.

Also Read: SpaceX Plans Insider Share Sale at Up to $800 Billion Value