SpaceX targets $2 trillion valuation ahead of IPO: Report

SpaceX has raised its target valuation to more than $2 trillion ahead of a planned initial public offering, positioning the Elon Musk-led company for what could become the largest market debut in history, Bloomberg News reported Friday, citing people familiar with the matter.

The rocket, satellite and artificial intelligence company and its advisers are presenting the valuation target to prospective investors ahead of meetings expected in the coming weeks as part of "testing-the-waters" discussions, the report said.

If achieved, the valuation would mark a sharp increase of nearly two-thirds in a matter of months. SpaceX's acquisition of Musk's xAI in February valued the combined company at $1.25 trillion.

At more than $2 trillion, SpaceX would rank among the world's most valuable publicly traded companies, exceeding the market value of Meta and Tesla and trailing only Nvidia, Apple, Alphabet, Microsoft and Amazon in the S&P 500.

Bloomberg previously reported that SpaceX had confidentially filed for an IPO that could take place in June, initially targeting a valuation of more than $1.75 trillion. The listing could be among a wave of major offerings, including potential debuts by OpenAI and Anthropic, rivals to xAI's chatbot Grok.

The IPO could raise as much as $75 billion, according to Bloomberg, far surpassing Saudi Aramco's $29 billion listing in 2019, currently the largest on record.

Proceeds are expected to fund Musk's capital-intensive plans, including space-based artificial intelligence data centers and a factory on the moon.

Musk also said in March that his Terafab project, aimed at producing chips for robotics, artificial intelligence and space-based data centers, would eventually be jointly operated by Tesla and SpaceX.