--- title: "On the Eve of Its IPO, SpaceX Valuation Adjusted Down from $2 Trillion to $1.8 Trillion" type: "News" locale: "en" url: "https://longbridge.com/en/news/288042718.md" description: "SpaceX has lowered its IPO valuation from $2 trillion to $1.8 trillion. Despite this, it still plans capital formation of up to $75 billion, which would make it the largest listing in history. The company expects 2025 revenue of $18.7 billion, but while net profit was $791 million in 2024, it is projected to swing to a net loss of $4.94 billion in 2025. The Roadshow will begin on June 4, with the stock ticker \"SPCX\"" datetime: "2026-05-29T09:23:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288042718.md) - [en](https://longbridge.com/en/news/288042718.md) - [zh-HK](https://longbridge.com/zh-HK/news/288042718.md) --- # On the Eve of Its IPO, SpaceX Valuation Adjusted Down from $2 Trillion to $1.8 Trillion SpaceX’s IPO valuation target has cooled, yet its fundraising scale and market impact could still be epic. According to Bloomberg, **SpaceX has lowered its initial public offering (IPO) target valuation from the previously expected over $2 trillion to at least $1.8 trillion.** This adjustment reflects a more prudent revision of pricing expectations following ongoing consultations between the company, its advisory team, and potential investors ahead of the official Roadshow. **Despite the downward adjustment in the valuation target, this IPO is still poised to become the largest listing transaction in history.** Citing insiders, reports indicate that SpaceX plans to launch its official Roadshow as early as June 4 (local time) and complete pricing by June 11 at the earliest, although the transaction timeline may experience delays of a few days. Insiders also stated that relevant negotiations are ongoing, and the company may even raise its target valuation again during the Roadshow based on actual investor feedback. It is worth noting that **key details such as the scale and valuation of an IPO are typically adjusted dynamically based on feedback from various parties before pricing, and this downward adjustment is part of a normal market-driven process.** SpaceX plans capital formation of up to $75 billion through this IPO. If completed as scheduled, it would break the global record for IPO fundraising size. The company intends to list on the Nasdaq and Nasdaq Texas, with the stock ticker “SPCX.” Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are serving as lead underwriters for this IPO, with another 18 banks participating. ## SpaceX’s Cross-Industry Narrative: Rockets, Satellites, and Artificial Intelligence According to the IPO prospectus filed by SpaceX on May 20, the company’s 2025 revenue reached $18.7 billion, representing growth from $14 billion in the previous year. However, profitability reversed: net profit was $791 million in 2024, while 2025 saw a shift to a net loss of $4.94 billion. The prospectus shows that SpaceX’s business positioning has expanded from being a reusable rocket manufacturer and satellite internet service provider to include artificial intelligence services and infrastructure, proposing the concept of orbital data centers. The total addressable market for this business is estimated to be as high as $28.5 trillion. In February this year, SpaceX announced the acquisition of xAI, owned by Musk, which possesses the Grok chatbot and the social media platform X. According to Bloomberg, at the time the transaction was completed, SpaceX was valued at approximately $1 trillion, and xAI was valued at around $250 billion. This acquisition marks a further deepening of SpaceX’s strategic layout in the field of artificial intelligence, providing significant support for its narrative of transforming into an AI infrastructure provider. 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