Targeting the largest IPO in history, SpaceX raises its IPO valuation target to over $2 trillion

What are the key driving factors behind AI · SpaceX’s valuation surge?

IT Home, April 3 — According to Bloomberg’s report early this morning on April 3, SpaceX is raising its IPO valuation target to $2 trillion (IT Home note: approximately 13.79 trillion RMB at current exchange rates), aiming to break the record for the largest public offering in history.

Sources familiar with the matter revealed that SpaceX and its advisors have proposed this valuation during preliminary discussions with potential investors and will conduct more detailed roadshows in the coming weeks to support this pricing.

If this valuation is achieved, SpaceX will see its valuation increase by about two-thirds within a few months. Earlier, after acquiring xAI in February this year, the company’s overall valuation was about $1.25 trillion (approximately 8.62 trillion RMB at current exchange rates).

Based on this scale, SpaceX’s size would rank just below Nvidia, Apple, Alphabet, Microsoft, and Amazon in the S&P 500, surpassing Meta and Tesla among the “Seven Giants” of U.S. stocks.

SpaceX has secretly filed for an IPO, potentially as early as June, and could become the first company in a new wave of large-scale IPOs. Other potential public companies include OpenAI and Anthropic, which are competing in the AI field alongside xAI.

This IPO is expected to raise a maximum of $75 billion (about 20k RMB at current exchange rates), setting a new record. For comparison, Saudi Aramco’s IPO in 2019 raised $29 billion. The funds will be used to advance space AI data centers and lunar factory projects.

These plans require extremely high capital investment and depend on the coordinated efforts of Musk’s multiple companies. Musk previously stated that the chip manufacturing project Terafab, aimed at robots, AI, and space data centers, will be jointly promoted by Tesla and SpaceX.

In terms of underwriting, SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley as core underwriters, with plans to expand the underwriting syndicate further.

The company also plans to hold conference calls with the underwriting banks and an analyst briefing in April to prepare for the upcoming listing.