Mirror Review
December 11, 2025
Elon Musk, CEO of SpaceX, is preparing to take the company public in 2026.
SpaceX stayed private for over 20 years despite becoming one of the most valuable startups in the world. And now, SpaceX has reached a stage where its financial stability, expanding operations and long-term roadmap make a public listing more practical.
But what took Elon Musk so long to reach the decision to make SpaceX public?
Below is the historical context and current situation of the SpaceX IPO to help you understand this.
Why SpaceX Stayed Private for So Long
- Avoiding short-term pressure from public markets
Musk often said SpaceX needed complete freedom to work on long-term projects like reusable rockets, ambitious launch systems and early plans for Mars missions. He believed a public listing would push the company toward quarterly profits instead of long-term engineering goals.
- Flexibility to take big risks
SpaceX relied on heavy R&D spending, trial-and-error testing and tolerance for delays. Leadership argued that such high-risk efforts would face strong reactions in public markets, which was another reason to stay private.
- Private funding was enough
For years, SpaceX raised capital through private equity, venture capital and internal share sales among employees and investors. These sources allowed the company to scale without seeking public funding.
- Concerns about governance and control
Going public would introduce outside shareholders who could demand safer growth strategies. Musk preferred to keep control with a smaller investor base that understood SpaceX’s high-risk and long-horizon approach.
- Unpredictable revenue in early years
In the past, the company depended mainly on government contracts, irregular launch schedules and heavy R&D spending. This lack of predictable revenue made it difficult to present stable returns to public investors.
For nearly two decades, these factors led to the belief that SpaceX would remain private until its business matured.
What We Know About the SpaceX IPO So Far
- The IPO is expected in 2026.
- Starlink will likely be the central business highlighted in the offering.
- Analysts project a potential valuation between $1 trillion and $1.5 trillion.
- The listing may happen on a U.S. exchange, although the company has not publicly confirmed which one.
- Proceeds are expected to fund future infrastructure, satellite expansion and next-gen launch systems.
5 Reasons Elon Musk Finally Initiated the SpaceX IPO After Years of Resisting
- Strong Starlink cash flows give SpaceX a stable foundation
Starlink has transformed the financial profile of SpaceX. Reports indicate the company expects around $15 billion in revenue in 2025. Moreover, analysts predict $22 billion to $24 billion in 2026 because of strong global demand for satellite internet.
These predictable cash flows make the company look more like a global communications and infrastructure provider. Furthermore, the stability helps convince public investors that SpaceX is no longer a high-risk experimental startup. It also gives Musk the confidence that the SpaceX IPO can attract long-term institutional investment.
- Future projects require massive capital
SpaceX is expanding far beyond rockets. Funding needs now include:
- Larger Starlink satellite fleets
- Space based data centers
- Global ground infrastructure
- Next generation launch systems
- New production facilities
These projects require billions of dollars upfront. Private rounds can no longer supply the scale of investment needed. An IPO offers immediate access to much larger pools of capital.
- A public listing secures a high valuation
Reports suggest the company is targeting a valuation between $1 trillion and $1.5 trillion. This puts SpaceX in the same range as the world’s largest technology companies.
Going public allows investors and employees to finally convert private shares into liquid assets. It also locks in a market-driven valuation that reflects SpaceX’s position in aerospace, satellite internet and global infrastructure.
- A broader investor base reduces company risk
SpaceX now operates across several sectors including satellite internet, commercial launches, defense contracts and emerging orbital-computing infrastructure.
A public listing opens the door for more diversified investors such as telecom funds, aerospace investors, infrastructure funds and long-term asset managers. This spreads risk more evenly.
If growth slows in one division, other lines of business can support the company. This flexible structure helps SpaceX operate like a large-scale, multi-sector enterprise.
- Musk’s broader vision now integrates AI, space and global infrastructure
Multiple reports note that Musk’s new initiatives connect space assets with AI and advanced computation. His involvement with xAI and Tesla robotics indicates a push to combine high-power computing with orbital infrastructure. Space based data centers and global connectivity networks require significant investment.
The SpaceX IPO becomes part of a larger plan to build the foundation for future technologies such as planetary-scale internet, advanced AI processing in orbit and long-range exploration systems.
Elon Musk’s Net Worth and What the SpaceX IPO Means for Him
According to Bloomberg’s Billionaires Index, Elon Musk net worth sits above $465 billion in late 2025, supported by his stakes in Tesla, SpaceX and xAI.
If SpaceX achieves a valuation of $1 trillion to $1.5 trillion, analysts estimate Musk’s net worth could roughly double because he owns a large portion of the company.
This would place him far ahead of other global billionaires and strengthen his influence across the technology and aerospace sectors like space tourism.
End Note
If SpaceX IPO completes, it could become one of the largest public offerings in history. The listing would unlock significant capital for expansion and set a clear valuation for one of the most important technology companies of this century.
However, public status brings new expectations.
SpaceX will face quarterly earnings scrutiny, governance requirements and investor pressure for predictable performance. These factors may influence how the company balances bold long-term plans with near-term financial results.
For now, the SpaceX IPO appears to be driven by opportunity rather than urgency.
Revenue growth, global demand, technological progress and market timing have all aligned to make this the right moment.
Maria Isabel Rodrigues
