SpaceX isn’t just expensive — it’s in a different orbit
At a $1.75 trillion valuation, SpaceX would be valued at roughly 100x its 2025 revenue.
When Elon Musk’s SpaceX files to go public, which reportedly might happen as soon as this week, the company could raise a record $75 billion at a potential valuation of more than $1.75 trillion. At that level, it would trade at about 110x its 2025 revenue — higher than any comparable public company, according to PitchBook.
“The jump to $1.75 trillion is a clear signal that SpaceX and its bankers believe the demand is there to extract a premium by being the first of the big private companies to file,” Franco Granda, a senior research analyst at PitchBook, wrote in a new note. “By filing now, SpaceX defines the narrative and absorbs the lion’s share of institutional allocation budgets before anyone else can.”
We won’t know SpaceX’s actual valuation until just before it hits public markets, but as it stands, that multiple is notably higher than even Palantir’s. Palantir went public in 2020 at roughly a $20 billion valuation, about 20x its revenue at the time, and since then, its multiple has skyrocketed to about 70x its 2025 revenue.
If SpaceX confidentially files its IPO paperwork in the next couple of weeks, the Securities and Exchange Commission will likely review it from early April through May, suggesting a mid-May public filing, per PitchBook.
That would put the investor road show in late May, with pricing and an IPO in June.
