US space company SpaceX has reportedly revised its target valuation for its planned IPO downward. Instead of the originally targeted more than two trillion dollars, Elon Musk’s company is now aiming for a valuation of at least 1.8 trillion dollars. This is reported by the news agency Bloomberg, citing people familiar with the matter.

Talks with investors led to the adjustment

The revised target figure is the result of consultations with advisers and potential investors. According to Bloomberg, a final decision on the valuation has not yet been made. Depending on the response during the roadshow, the company could also adjust the figure upward again. Formal investor marketing is set to begin as early as June 4, with pricing potentially taking place on June 11, though the timeline could shift by a few days.

SpaceX plans to raise up to 75 billion dollars through the IPO. Should this volume be achieved, it would be the largest IPO in history. For comparison: the largest IPO to date was that of Saudi Arabian oil company Saudi Aramco in 2019, with an issue volume of around 25.6 billion dollars.

Financial figures show growth alongside losses

The IPO prospectus published in May provides detailed insights into the company’s financial position for the first time. SpaceX generated revenue of 18.7 billion dollars in fiscal year 2025, compared to 14 billion dollars in the prior year. At the same time, the company slipped into the red: a net profit of 791 million dollars in 2024 contrasts with a net loss of around 4.9 billion dollars in 2025.

This trend continued in the first quarter of 2026 as well. With revenue of 4.694 billion dollars, SpaceX recorded an operating loss of 1.943 billion dollars. The company attributes the losses to targeted investments in AI infrastructure and the expansion of new capacities.

Valuation far above industry benchmarks

The targeted valuation implies an exceptionally high price-to-sales ratio. At a target figure of 1.8 trillion dollars, the revenue multiple based on 2025 revenue comes to around 94.

This discrepancy is likely a key reason why investors signaled restraint ahead of the roadshow and SpaceX adjusted its valuation expectations.

Additional burden from FAA launch ban

Shortly before the planned IPO, the US aviation authority FAA issued SpaceX a temporary launch ban for further Starship V3 rockets. The background is a test flight on May 21, 2026, that did not go without complications. Before new launches can be approved, SpaceX must demonstrate the necessary improvements.

The Starship program is considered a central growth driver for the company, including with regard to future lunar missions. The launch ban therefore falls at a sensitive time, even if it does not appear to have affected the planned roadshow dates so far.

Strategic realignment as a growth promise

In the IPO prospectus, SpaceX describes its transformation from a provider of reusable rockets and satellite internet operator to an AI service provider and infrastructure company. The company plans orbital data centers and puts the total addressable market at 28.5 trillion dollars. This promise for the future is likely to form the basis for the ambitious valuation, even though the current financial figures still show considerable losses.

SpaceX generated revenue of 18.7 billion dollars in 2025, but recorded a net loss of around 4.9 billion dollars, as the company invested heavily in AI infrastructure and new capacities.

Whether the final valuation will exceed or fall short of the current target of 1.8 trillion dollars will be decided in the coming weeks during the investor roadshow. The demand from institutional investors is likely to be the decisive factor.

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