SPACEX IPO POISED TO DWARF ENTIRE 2025 IPO MARKET, RESHAPING WALL STREET ECONOMICS

SPACEX IPO POISED TO DWARF ENTIRE 2025 IPO MARKET, RESHAPING WALL STREET ECONOMICS

SpaceX is preparing an initial public offering that would raise more capital than all 90 IPOs from last year combined, according to reports cited by Fortune, fundamentally reshaping investment banking economics for 2026.

The rocket company, which absorbed AI startup xAI in an all-stock deal, is targeting a $1.5 trillion valuation and aims to raise approximately $50 billion in the offering, Bloomberg and the Financial Times reported. The combined entity is already valued above $1 trillion following xAI's January funding round at $230 billion, just weeks after SpaceX itself was valued at $800 billion in December.

For CFOs and finance leaders, the implications are stark: a single transaction will generate outsized advisory and underwriting fees for Wall Street banks, potentially reshaping 2026 capital markets revenue. The deal also signals renewed appetite for mega-cap tech IPOs after last year's resurgence in public markets activity.

However, analysts note significant valuation risk. SpaceX has generated zero net earnings after 23 years of operations, according to Fortune's analysis. To justify a $1.5 trillion valuation, the company would need to achieve profitability exceeding Berkshire Hathaway's current earnings—a threshold that remains unproven.

The IPO timeline remains unclear.