SpaceX is preparing for a Nasdaq IPO in June and has released initial required financial summaries. The company targets raising at least $80 billion for a proposed valuation of $1.75 trillion, which would place it among the top 10 most valuable US conglomerates. Despite the valuation, SpaceX reported a net loss of $4.9 billion in 2025 on about $18.7 billion in revenue. Losses continued in early 2026, with $4.3 billion in net losses over the first three months. The offering implies investors must believe SpaceX will eventually earn about 93 times its current annual revenue. Comparisons are made to Saudi Aramco’s 2019 IPO, which valued the company at about 6 times annual sales, while SpaceX is seeking roughly 15 times that multiple.
"SpaceX, which is expected to go public on Nasdaq in June, just released the first round of financial summaries all companies are required to share when they're about to sell stock to the public for the first time. The documents reveal Musk is targeting a raise of at least $80 billion - for a proposed valuation of $1.75 trillion - which would immediately make the rocket company one of the top 10 most valuable conglomerates in the US, Axios calculated."
"With that kind of valuation in mind, one might expect SpaceX to be massively profitable going into its debut - but that'd be dead wrong. According to the financial statement, the company lost $4.9 billion in 2025, even though it brought in around $18.7 billion in revenue. It's not like that situation is about to turn around in time for the IPO, either: over the first three months of 2026, SpaceX posted further net losses of $4.3 billion."
"As analyst Scott Melker pointed out, SpaceX wants investors to believe the company will someday make 93 times what it currently makes in a year. To understand why that's absolutely nuts, just peep the numbers from the previous IPO record holder, Saudi Aramco, the state oil company of Saudi Arabia. Commonly understood to be the most profitable corporation on Earth, Aramco went public in 2019."
"When it did, investors accepted a valuation about 6 times more than what Aramco made in yearly sales, raising $26 billion for a valuation of $1.7 trillion, as one analyst noted. SpaceX is asking for about 15 times more than that. "Bro, have you seen inflation lately? Ketamine is expensive!" one stock analyst razzed on X-formerly-Twitter (that platform, by the way, has all but imploded under Musk's leadership, with revenue down around 59 percent compared to 2021, the year before he took over)."
Read at Futurism
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