SpaceX, the rocket and satellite company led by Elon Musk, could soon give investors a chance to buy into one of the world's most valuable private companies. The company is targeting a June 2026 public listing that could raise $75 billion. At those share prices, SpaceX could be valued close to $2 trillion, potentially making it the largest IPO ever.
The IPO is creating huge excitement. But at such a rich expected valuation, the real question is how much upside remains for investors who get in at the IPO.
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SpaceX already has a real business behind the hype
SpaceX's satellite internet network, Starlink, which is designed to provide broadband service through thousands of satellites in low Earth orbit, has emerged as its key growth engine. The connectivity segment, driven primarily by Starlink, generated around $11.4 billion in revenue and $4.4 billion in operating income in 2025. The segment also generated $3.3 billion in revenue and $1.2 billion in operating income in the first quarter of 2026. Starlink had 10.3 million subscribers as of March 31, 2026, up from 5 million a year earlier.
However, SpaceX's growth also depends heavily on Starship, the company's next-generation reusable rocket system. Starship is designed to carry much bigger loads into space than Falcon 9, SpaceX's current workhorse rocket. SpaceX expects Starship to launch its larger next-generation Starlink satellites, helping lower launch costs over time. The company expects Starship to support lunar and Mars missions, expand its deep-space ambitions, and potentially enable orbital data centers. SpaceX has already spent more than $15 billion developing Starship.
Nvidia could benefit indirectly as satellites and orbital AI would need more computing power. Taiwan Semiconductor Manufacturing Co. might see higher demand for advanced chips. Networking and communications companies could also benefit if satellite broadband becomes a bigger part of global connectivity.
SpaceX's IPO could create millionaires in multiple ways. The direct bet may be the IPO itself, but the smarter opportunity could also be in the companies powering the AI infrastructure and connectivity around it.
