SpaceX IPO: Company Prepares for 2026 Listing After Valuation Soars to $800 Billion

After reports emerged that a massive initial public offering was moving forward—subsequently confirmed by Elon Musk—the Wall Street Journal cited sources saying that SpaceX has begun the process of selecting investment banks, with senior executives set to conduct interviews starting this week. The move signals that the Musk-led spaceflight unicorn is taking its most concrete step yet toward going public.

According to the report, SpaceX’s leadership will begin meeting major investment banks this week to appoint advisers for a potential listing. In industry parlance, this “beauty contest” is typically the opening act ahead of an IPO.

Further reinforcing the message, SpaceX Chief Financial Officer Bret Johnsen sent an internal memo to employees last Friday confirming that the company is preparing for a possible public offering in 2026. Striking a cautious yet confident tone, he wrote: “If we execute exceptionally well and the market cooperates, an IPO could raise a substantial amount of capital.”

Management stressed, however, that no definitive timeline has been set and that the listing plans remain subject to “significant uncertainty,” contingent on execution and market conditions. Even so, while the IPO itself is not yet assured, SpaceX’s valuation has already soared in the secondary market.

Reports indicate that SpaceX is conducting an internal secondary share sale, with a tender offer priced at $421 per share—implying a total valuation of approximately $800 billion. That figure represents a doubling in just six months, compared with an estimated $400 billion valuation earlier this summer.

Beyond the steady cadence of Falcon 9 launches and lucrative government contracts, the principal engine behind this eye-watering valuation remains the explosive growth of Starlink, SpaceX’s satellite internet service. As the company’s worth surges, Elon Musk’s personal fortune rises in tandem—but one of the largest external beneficiaries may be Alphabet, Google’s parent company.

Back in 2015, Google and Fidelity Investments jointly invested $1 billion in SpaceX, securing a combined stake of roughly 10%. While Alphabet has never disclosed precise ownership details, its April earnings report revealed $8 billion in unrealized gains—widely believed to reflect indirect profits tied to SpaceX’s valuation of around $350 billion late last year.

With SpaceX now reportedly valued at $800 billion, Alphabet is expected to record even more substantial paper gains in upcoming financial disclosures.

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