SpaceX's Chief Operating Officer, Gwynne Shotwell, indicated in a recent interview that the company is ready to go public, a decision influenced by its growth and the establishment of a solid business foundation. Shotwell emphasized that the company needed to remain private to focus on long-term goals rather than short-term financial pressures.
With a projected IPO valuation of $75 billion, SpaceX could achieve a market cap of nearly $1.77 trillion, making it the seventh most valuable company in the U.S., surpassing both Meta and Tesla. However, analysts are skeptical about this valuation, which implies a 2026 revenue multiple of 40 and an adjusted earnings multiple of 175.
SpaceX's strategy includes becoming a vertically integrated infrastructure company, akin to a modern railroad, while also owning parts of its supply chain. The company has a strong foothold in the rocket launch market, with its Falcon fleet accounting for approximately 80% of global launches since 2023.
Additionally, its Starlink broadband service, which has over 10 million subscribers, serves as a significant revenue source. SpaceX is also investing heavily in artificial intelligence, with capital expenditures projected at $12.7 billion for 2025 and $7.7 billion for the first quarter of 2026.
The company is developing AI infrastructure, including partnerships with major tech firms like Google and Intel, and plans to deploy AI compute satellites by 2028. The success of SpaceX's IPO and its future growth will largely depend on the performance of its Starship program, which is critical for NASA's Artemis lunar missions and potential Mars exploration