NEW YORK, May 30, 2026, 07:38 (EDT)
SpaceX is heading into the weekend with its IPO plans now pegged to a valuation of at least $1.8 trillion, Bloomberg reported Friday, citing people familiar with the matter. That’s down from the over $2 trillion level Bloomberg mentioned in April, but Elon Musk’s rocket and satellite company is still aiming to pull off one of the biggest equity deals Wall Street has seen.
U.S. exchanges are closed Saturday after markets ran on a shortened schedule for Memorial Day week. Nasdaq’s calendar puts May 25 down for a market holiday in 2026 and confirms regular trading Monday to Friday. SpaceX shares haven’t begun trading yet, so investors face a quiet tape and a full week of headlines instead of any price moves.
SpaceX could start its IPO roadshow June 4, Reuters said. The company is targeting June 11 for its share sale and could begin trading on Nasdaq as early as June 12 with the ticker SPCX. The roadshow is when management and bankers pitch the deal to major investors before pricing.
SpaceX might not trade like other IPOs. FTSE Russell said the company could get fast entry into major U.S. and global equity indexes. That would open the door to index-tracking funds, which buy stocks to match the benchmark.
SpaceX picked up more backing for its valuation after the U.S. Space Force said Friday it gave the company a $4.16 billion contract for its Space-Based Airborne Moving Target Indicator project. The satellite system is designed to track airborne threats from orbit. Col. Ryan Frazier said the work aims for “sustained battlespace awareness,” but also made clear the Space Force isn’t depending on “any one single provider.” Space Force
Earlier in the week, SpaceX picked up a $2.29 billion firm-fixed-price award for the Space Data Network Backbone, a secure satellite communications system. With a firm-fixed-price contract, SpaceX takes on more of the cost risk. The Space Force wants a working prototype by the end of 2027.
Danish pension fund Akademikerpension moved fast, adding SpaceX to its exclusion list on Friday. The fund cited market signs pointing to at least $1.8 trillion, which it said didn’t fit with a valuation above $1 trillion, and criticized what it called “extremely deficient” governance. Akademikerpension said Elon Musk is set to hold over 80% of voting rights while also being CEO, CTO and chair. SpaceX did not reply to Reuters. Reuters
Valuation isn’t simple. Reuters said that with a $1.75 trillion valuation, SpaceX’s price-to-sales ratio would be close to 100, while Nvidia’s is 24. University of Florida IPO expert Jay Ritter told Reuters firms with numbers this high usually show big growth potential but “stuff could go wrong.” Reuters
The deal could still go the other direction. Reuters said SpaceX had a $41.31 billion accumulated deficit at the end of March, with AI business losses at $2.47 billion for the March quarter. SpaceX has warned its growth is “highly dependent on Starship.” eToro’s Josh Gilbert said the question isn’t if SpaceX is “a real business.” Greg Martin at Rainmaker Securities said the company’s valuation can’t be justified on “traditional fundamental metrics alone.” Reuters
Blue Origin, Jeff Bezos’ space firm, hit a major delay after its New Glenn rocket exploded in a test, Reuters said Saturday, knocking the heavy-lift competitor out of the running for several months. That could stall Amazon’s Leo satellite launches and leaves SpaceX in a stronger position for now. Seraphim Space CEO Mark Boggett said the industry still requires a “multi-provider ecosystem.” Reuters
The coming week is shaping up as more of a price test than a celebration. Investors get a new defense contract angle, a less-strong Blue Origin, and maybe some index buying in play. They also see a lower target valuation out, pushback on governance from a pension fund, and the usual SpaceX issue: what’s the right price for businesses Musk says are coming but aren’t here yet.
