SpaceX Lowers IPO Valuation Target by $200 Billion to $1.8 Trillion Ahead of June 12 Listing

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Bloomberg reported that SpaceX has lowered the top end of its IPO valuation target by $200 billion to 'at least $1.8 trillion,' down from the initial $2 trillion target set when it confidentially filed on April 1. The company expects to raise up to $75 billion with the June 12 listing, though the revised target still assigns a price-to-sales ratio of 96x based on 2025 revenues of $18.67 billion. Elon Musk subsequently called the Bloomberg report 'false,' though multiple financial outlets corroborated the lower target from advisory sources.