Morning brief: SpaceX targets record IPO as Asian markets hold steady ahead of Fed decision

SpaceX is accelerating plans for an initial public offering that could raise significantly more than $30 billion, Bloomberg reported, citing people familiar with the matter.

The company is targeting a valuation of about $1.5 trillion — a level that would place it alongside Saudi Aramco’s record-setting 2019 listing, which raised $29 billion.

Management and advisers are preparing for a potential listing in mid-to-late 2026, though the timing could shift to 2027 depending on market conditions.

The IPO momentum is being driven largely by the rapid growth of Starlink, SpaceX’s satellite internet unit, and the continued development of the Starship launch system.

The company expects revenue of around $15 billion in 2025, rising to as much as $24 billion in 2026, with Starlink contributing the bulk of sales.

SpaceX also aims to use part of the IPO proceeds to develop space-based data centers, including chip procurement for those systems.

In its latest secondary share sale, SpaceX set a per-share price of roughly $420, lifting its valuation above $800 billion.

The company is allowing employees to sell about $2 billion in stock, with SpaceX set to repurchase some shares.

Executives see this valuation reset as an important precursor to a public listing.

Asian markets steady as Fed rate cut looms

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