• SpaceX is set to close its IPO order books on Wednesday after the market close, according to people familiar with the matter.
  • The offering is expected to be one of the largest in history, with valuations rumored in the trillions.
  • Investor demand has been robust, driven by SpaceX's strong financials and strategic AI integration.

SpaceX is making final preparations for its highly anticipated initial public offering, with plans to close the IPO books on Wednesday after the market closes, according to sources with knowledge of the matter. The company has been conducting investor roadshows in recent weeks, and orders are said to be oversubscribed.

The exact valuation remains under wraps, but banking analysts have projected a figure exceeding $1 trillion, potentially reaching $1.25 trillion or higher, reflecting SpaceX's dominant position in launch services, Starlink's global satellite broadband, and its emerging xAI data center initiatives. The company has reported strong financial performance, with private-market leaks showing roughly $8 billion in profit on $15–16 billion in revenue last year.

“The demand has been extraordinary,” said one person close to the deal, speaking on condition of anonymity. “Institutions are clamoring for a piece of the space and AI story.”

SpaceX's IPO comes amid a broader reorganization that aligns its xAI unit more closely with the parent company. Leadership changes within xAI's engineering and product teams have accelerated AI development, which the company intends to monetize alongside its core space operations. The integration is seen as a key differentiator from other space and tech offerings.

The regulatory environment has been favorable, with SEC scrutiny progressing without major hurdles, though national security considerations around Starlink and dual-use technologies remain under review. Geopolitical factors, including spectrum usage and international space cooperation, have been addressed in the offering documents.

If successful, the IPO would be one of the largest in U.S. history, reshaping capital markets for space and AI infrastructure. Competitors and industry watchers will be closely watching the pricing and aftermarket performance.

Correction: A previous version of this article incorrectly stated the IPO books would close on Thursday. The correct day is Wednesday.

Update: SpaceX representatives did not respond to requests for comment by press time.