The SpaceX IPO Could Be the Biggest in History. Here's What Investors Should Know Before It Lists

Key Points:

• SpaceX filed to go public with a planned Nasdaq listing under the ticker SPCX, targeting a valuation around $1.75 to $2 trillion, potentially raising about $75 billion, which would make it the largest IPO ever by money raised.
• The company's 2025 revenue was approximately $18.7 billion, driven mainly by its profitable Starlink satellite internet segment, which generated $4.4 billion in operating profit, but overall SpaceX reported a $4.9 billion net loss due to heavy spending on the Starship rocket and a new AI segment.
• Starlink has rapidly grown to 10.3 million subscribers but faces declining average revenue per user, dropping from $99 in 2023 to $66 in early 2026 as it expands into lower-priced markets.
• SpaceX’s Starship program is a significant risk factor, and the company’s high valuation is steep for a business with a single profitable segment and substantial losses in other areas, raising concerns about the IPO’s timing and pricing.
• Historical trends show that the largest IPOs often underperform post-listing, suggesting investors may benefit from a cautious approach by observing SpaceX’s early public performance before committing.