Elon Musk is eyeing sometime in June for SpaceX’s blockbuster IPO, according to reports. The billionaire reportedly wants the offering to coincide with both his birthday (28 June) and the rare alignment of Mercury, Venus, and Jupiter (in early June).
Regardless of when it happens, SpaceX’s IPO will likely be the biggest ever seen. It’s looking to raise at least $50 billion at a $1.5 trillion valuation, according to the FT, although the report noted that these figures are likely to change.
If that’s the right ballpark, SpaceX would be looking to raise roughly double the $25.6 billion of oil giant Saudi Aramco in 2019. It would also mean SpaceX becoming the largest ever IPO by overall valuation… by miles.
$1tn+ company to $1tn+ IPO in 8 years
Apple (AAPL) became the first $1 trillion company back in 2018, but no company has IPO’d at anything like that valuation… the biggest to date is Alibaba (BABA) in 2014, when it secured a rough $170 billion valuation.
It would put SpaceX into the top 10 of the world’s most valuable companies, roughly equivalent to Meta Platforms (META). The company wants more funding as it builds its Starship rocket, aiming to reach Mars, and its Starlink satellites network. SpaceX is one of the nation’s most valuable private companies, and it last held a secondary sale in December 2025 that implied an $800 billion valuation.
The move also marks a notable pivot from Elon Musk’s historical preference for maintaining SpaceX’s private status, a decision now seemingly driven by the need for substantial capital to fuel its expansive ventures, including Starlink’s global broadband network and Starship’s development.
New ‘hectocorn’ boom
The sheer magnitude of this potential IPO has industry observers anticipating a ‘hectocorn boom’ (private companies worth $100 billion+ going public), potentially catalysing public debuts for other technology giants like OpenAI, Stripe, and Databricks.
This IPO cascade, however, hinges on SpaceX’s ability to justify its valuation, which appears less anchored to current profitability and more to projected market dominance and long-term visionary potential, such as space-based AI and interplanetary logistics.
Analysts note that traditional valuation metrics struggle to encapsulate SpaceX’s business model, which leans heavily on the future potential of its diverse initiatives, from Starlink’s satellite internet service to ambitious projects like Starship.
This reliance on future markets and Elon Musk’s proven ability to scale capital-intensive industries creates a significant ‘Elon halo effect’, though SpaceX’s operational status as critical global infrastructure may insulate it from the personal brand risks associated with Musk’s more polarising public persona, unlike Tesla (TSLA).
UK investor access
As with most large IPOs these days, SpaceX would likely restrict new investment to professionals – funds, investment trusts and other financial institutions. However, there has been speculation that US platform Robinhood (HOOD) is seeking to secure a significant allocation of shares in SpaceX’s IPO for its retail investors through its IPO Access platform, which allows users to purchase shares at the IPO price before they begin trading on public markets.
However, thousands of UK investors could potentially tap into the SpaceX IPO through stakes in existing funds and trusts.
Baillie Gifford gateway
Scottish Mortgage (SMT) is one of four investment trusts managed by UK asset manager Baillie Gifford with significant SpaceX exposure. The UK’s largest investment trust has already made a significant paper profit on a 2018 bet on SpaceX, turning a rough $200 million stake into $3.3 billion. SpaceX represents 15% of the trust’s portfolio, its top holding.
Three alternative Baillie Gifford trusts also have SpaceX as their top stakes, Edinburgh Worldwide (EWI) – 16%, and Baillie Gifford US Growth (USA) – 11.4%. SpaceX is also the second largest holding in private-equity focused trust Schiehallion Fund (MNTN).
Lastly, there is the £3 billion RIT Capital Partners trust (RCP), which bought SpaceX in December 2024. But the total portfolio weighting in this trust to SpaceX is less than 2%.
Disclaimer: The author Steven Frazer has a personal interest in Scottish Mortgage and Baillie Gifford US Growth.
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