SpaceX IPO valuation cut to $1.8T as Musk targets $75B raise amid AI pivot

SpaceX has recalibrated its initial public offering strategy by lowering its target valuation from a previously anticipated $2 trillion to a minimum of $1.8 trillion. This adjustment emerges from ongoing negotiations with advisory teams and potential investors preceding the official roadshow, reflecting a more cautious market pricing approach. Despite the downward revision, the transaction remains poised to become the largest IPO in history. Sources indicate the company intends to commence its formal roadshow as early as June 4, with pricing finalization targeted for June 11, though minor delays remain possible. Woofun AI notes that these valuation dynamics are fluid, as key IPO parameters often shift based on real-time investor feedback before the final pricing lock. The company retains the option to increase the valuation target if market sentiment proves favorable during the roadshow phase.

The financing scale is set to be unprecedented, with SpaceX aiming to raise up to $75 billion, a figure that would establish a new global record for capital raised in a single public offering. The shares are scheduled to list on both NASDAQ and the NASDAQ Texas Stock Market under the ticker symbol 'SPCX'. A robust underwriting syndicate has been assembled, led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, supported by an additional 18 banking institutions. This extensive financial backing underscores the institutional confidence in the company's long-term trajectory despite the current valuation reset.

Financial disclosures submitted in the IPO prospectus on May 20 reveal a complex performance picture for the fiscal year 2025. While revenue climbed to $18.7 billion from $14 billion in the prior year, profitability deteriorated significantly. The company reported a net profit of $791 million in 2024, but this reversed into a net loss of $4.94 billion in 2025. This divergence between top-line growth and bottom-line contraction highlights the capital-intensive nature of SpaceX's current expansion phase and the heavy investment required to scale its operations.

Strategically, SpaceX is broadening its operational scope beyond reusable rocket manufacturing and satellite internet services to include artificial intelligence services and infrastructure. The prospectus introduces the concept of orbital data centers, targeting a total addressable market estimated at $28.5 trillion. This expansion marks a critical evolution in the company's business model, positioning it as a key player in the next generation of computing infrastructure. Data compiled by Woofun AI suggests that the integration of space-based assets with AI capabilities could redefine the economics of high-performance computing.

A pivotal component of this AI strategy was solidified in February when SpaceX announced the acquisition of xAI, an entity owned by 马斯克. The deal included the Grok chatbot and the social media platform X, valuing xAI at approximately $250 billion at the time of the transaction, while SpaceX itself was valued around $1 trillion. This acquisition significantly deepens SpaceX's strategic footprint in the artificial intelligence sector, providing essential technological assets for its transition into AI infrastructure. Woofun AI analysis suggests that this consolidation of space and AI assets creates a unique competitive moat that traditional tech giants cannot easily replicate.

The convergence of these financial and strategic shifts indicates that the IPO will serve as a major inflection point for the aerospace and technology sectors. The reduction in valuation targets does not signal weakness but rather a pragmatic alignment with current market conditions while maintaining an aggressive growth posture. As the roadshow progresses, the market will closely monitor how investor sentiment responds to the narrative of a $75 billion raise coupled with a $4.94 billion loss and a massive pivot into the $28.5 trillion AI infrastructure market. The outcome will likely set a precedent for how high-growth, capital-intensive deep-tech companies navigate public markets in the current economic climate.