SpaceX pursues $75 billion IPO at $1.8 trillion valuation; bull case projects company could reach $10 trillion by decade's end

SpaceX is pursuing an IPO that would raise $75 billion at a valuation near $1.8 trillion. Bloomberg Businessweek aired a segment on June 2, 2026 in which a guest sketched a bull-case range for SpaceX's value by the end of the decade starting at $3 trillion and stepping through $5 trillion to $10 trillion.

The bull case rests on three integrated businesses: Starlink (connectivity segment), which generated $11.4 billion in 2025 revenue with 49.8% year-over-year growth and $7,168 million in Segment Adjusted EBITDA; Starship (space segment), which carried a $657 million operating loss while funding $3,004 million in R&D in 2025; and an AI segment, which generated $3.2 billion in 2025 revenue against a $6.35 billion operating loss.

For holders of broad US index funds like QQQ or VOO, SpaceX will be owned as part of their portfolio after the IPO, since tech already represents 30.55% of the iShares MSCI World ETF. Whether the bull range plays out will be decided by Starship cadence, Starlink monetization, and whether the AI segment stops losing billions a year and starts contributing.