SpaceX cuts target valuation for IPO to $1.8 trillion - Bloomberg

Elon Musk's private space company SpaceX is now targeting a valuation of at least $1.8 trillion in its initial public offering, sources told Bloomberg. Back in April, the world's most expensive aerospace and defense company expected, according to the agency, to be listed with a capitalization of over $2 trillion. According to the agency's sources, the target valuation was lowered after consultations with financial advisors and investors.

Even at SpaceX's valuation of $2 trillion, its shares may turn out to be a very favorable purchase compared to industry rivals. Bloomberg calculates that in this case, the company would be worth 104 times its annual revenue (for the 12 months ending March 31, 2026). This is much more expensive than the average S&P 500 company, but noticeably lower than the valuation of comparable issuers: satellite provider AST SpaceMobile has a multiple of 409, and space launch operator Rocket Lab has a multiple of 123, the agency noted.

SpaceX, which now combines rocket, satellite (Starlink) and AI (xAI) businesses, expects to raise about $80 billion on the stock exchange in June. If this benchmark is maintained, the IPO will be the largest in history. The potential impact of a SpaceX listing on the capital markets can only be compared to the breakup of John Rockefeller's Standard Oil monopoly in 1911, according to Bloomberg.

SpaceX will be able to start a series of meetings with investors 15 days after the publication of the pre-IPO prospectus, i.e. June 4. Determination of the offering price is expected on June 11, and the stock exchange debut - June 12: SpaceX shares will be traded on Nasdaq under the ticker SPCX. Bloomberg sources admit that the stock exchange debut may be delayed for a few days.

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