Is Elon Musk’s SpaceX IPO the biggest ever? What Indian investors need to know

More than two decades after its founding, SpaceX is preparing for what could become the largest Initial Public Offering (IPO) in history. Media reports suggest the Elon Musk-led rocket and satellite company is targeting a public listing as early as 2026, with a valuation that could reach $1.5 trillion — a level that would place it among the most valuable companies in the world. 

According to Bloomberg and financial data platform PitchBook, the IPO could raise over $30 billion, significantly surpassing the $10 billion SpaceX has raised privately since its inception. Musk has publicly acknowledged that reports of a 2026 listing are “accurate,” though he has pushed back against lower valuation estimates. 

Musk clarifies valuation 

Over the weekend, Musk addressed reports suggesting SpaceX’s valuation could be closer to $800 billion, calling such figures “not accurate.” He also clarified the company’s revenue mix, specifically its ties to the US space agency. 

“While I have great fondness for @NASA, they will constitute less than 5% of our revenue next year,” Musk wrote on X. “Commercial Starlink is by far our largest contributor to revenue. Some people have claimed that SpaceX gets ‘subsidized’ by NASA. This is absolutely false.” 

These remarks reinforce SpaceX’s positioning as a predominantly commercial enterprise rather than a government-dependent contractor — an important distinction as it courts public market investors. 

How Indians can participate in SpaceX IPO 

Indian investors looking to participate in US IPOs such as SpaceX can do so under the Reserve Bank of India’s Liberalized Remittance Scheme (LRS), which allows residents to remit up to $250,000 per financial year for overseas investments. 

• Choose a broker: Open a global trading account with an Indian platform offering U.S. investing or directly with a U.S. broker that provides IPO access. (Note: Not all brokers support IPO applications.) 
• Complete KYC: Submit required documents, typically PAN and passport. 
• Fund the account: Transfer funds in US dollars through your bank under the LRS route. 
• Apply for the IPO: Use the broker’s platform to place an IPO application, if available. Allotment is not guaranteed. 
• Trade: If allotted, shares are credited to your account. If not, investors can buy the stock after it lists on the exchange. 

For those seeking a simpler route, US-focused Indian mutual funds and ETFs offer indirect exposure to American companies, though they do not allow direct participation in IPOs.

Starlink emerges as key growth engine 

The primary driver behind SpaceX’s IPO momentum is the rapid expansion of Starlink, its satellite-based broadband service. Starlink has grown into a global communications network and is now pushing into direct-to-mobile connectivity, potentially opening a massive new market. 

Alongside Starlink, SpaceX’s launch business continues to dominate the global market, executing frequent missions for commercial clients, governments, and international partners. Together, these businesses have boosted investor confidence despite the space sector’s reputation for high capital costs and technical risk. 

Future roadmap: Starship and Mars 

Proceeds from the IPO are expected to fund some of SpaceX’s most ambitious projects. These include increasing Starship’s flight rate, deploying AI-powered data centers in space, building Moonbase Alpha, and advancing uncrewed and crewed missions to Mars. 

Starship is central to Musk’s long-term vision of making humanity a multi-planetary species, with applications spanning lunar exploration, Mars colonization, and large-scale space logistics. 

Adding to the buzz, The New York Times reported that SpaceX Chief Financial Officer Bret Johnsen informed employees that the company plans to buy back $2.56 billion worth of shares from shareholders at $421 per share. The move is seen as a signal of confidence in SpaceX’s valuation trajectory ahead of a potential public listing, while also offering liquidity to existing investors.

Founded in 2002, SpaceX has remained private despite repeated funding rounds at soaring valuations. Its shareholders include Elon Musk, several investment funds, and Alphabet, Google’s parent company. A public listing would open the company to a broader and more diverse investor base, while giving early backers a clearer path to cash out and realize substantial gains.