SpaceX has lowered its target valuation for its upcoming IPO to at least $1.8 trillion, according to Bloomberg. The company had previously been aiming for a valuation above $2 trillion, but the target was revised lower after consultations with advisers and investors. Even at the reduced level, the listing could still become the largest IPO in history.

The final terms are not set. Bloomberg has reported that SpaceX may raise up to $75–80 billion, begin formal investor meetings around June 4, price the offering around June 11, and list on Nasdaq under the ticker SPCX around June 12. The timing, valuation and size could still change depending on demand during the marketing process.

The central issue is valuation. SpaceX generated $18.7 billion in revenue in 2025, up from $14 billion a year earlier, but swung to a $4.94 billion net loss after posting a profit in 2024. Investors are being asked to pay for future growth tied to Starlink, launch services, satellite connectivity, AI infrastructure and long-term space ambitions. Lowering the target from above $2 trillion to $1.8 trillion does not remove the hype, but it suggests even SpaceX needs a price that large investors can defend.