SpaceX Prepares for Record $1.77 Trillion IPO. Here’s How It Reached This Valuation Despite a $5 Billion Net Loss

SpaceX is set to make its stock market debut on June 12, 2026, with shares expected to be priced at $135 each, valuing the company at roughly $1.77 trillion and making it the largest IPO in history.
At $1.77 trillion, SpaceX would immediately rank among the ten most valuable publicly traded companies in the world despite currently reporting losses.

Founded by Elon Musk in 2002, SpaceX began as a rocket company focused on reducing the cost of space travel. Its reusable Falcon 9 rockets transformed the launch industry and made the company the leading provider of launch services for both commercial customers and the U.S. government.

Today, however, rockets are no longer the main story. The company’s largest business is Starlink, its satellite internet network. In 2025, Starlink generated $11.4 billion in revenue and $4.4 billion in operating profit, making it SpaceX’s only consistently profitable division. With more than 10 million subscribers doubling the 5 million from a year earlier.

SpaceX has also expanded into artificial intelligence through its merger with xAI, which includes the Grok chatbot, the X social media platform, and large scale AI computing infrastructure. However, the AI segment remains deeply loss making, recording operating losses of more than $6.3 billion in 2025.

Despite rapid growth, SpaceX is not yet profitable overall. The company generated $18.7 billion in revenue in 2025 but reported a net loss of nearly $5 billion. Yet investors are being asked to value the business at about 95 times annual sales (the amount investors are willing to pay for every dollar of company revenue).
For comparison, some of the world’s largest companies trade at far lower revenue multiples: Nvidia at about 20 times sales, Alphabet at 11 times sales, and Apple at 10 times sales. This helps explain why some analysts believe SpaceX is overpriced. Morningstar, for example, estimates the company is worth about $780 billion, less than half of the valuation implied by the IPO price.

However, stock prices are based on expectations of future earnings, not current profits. Investors buying SpaceX are effectively betting that Starlink, space transportation, and artificial intelligence will grow into businesses large enough to justify today’s enormous valuation.

How Can Investors Buy SpaceX Shares?
Investors who did not apply for IPO shares, or whose applications were unsuccessful, can still buy SpaceX shares once the stock begins trading on June 12, 2026. Kenyan investors can access the stock through brokers that offer global market exposure to like Interactive Brokers. However, investors should carefully weigh the risks before investing as SpaceX remains unprofitable, reporting a net loss of nearly $5 billion in 2025.

The company is also listing at a premium valuation meaning much of the share price already reflects expectations of strong future growth. If those expectations are not met, the stock could face significant downside pressure.