SpaceX Raises $75B in IPO as Shotwell Confirms 'Right Time' for Public Debut

SpaceX initiated its investor roadshow for a $75 billion IPO that values the company at $1.77 trillion. Chief Operating Officer Gwynne Shotwell told CNBC in an exclusive interview that 'It actually feels like the right time now' to go public. Shotwell explained the decision stems from the maturity of SpaceX's business segments—'Today, across SpaceX's various businesses, the building blocks of a publicly traded company are now in place'—and mounting pressure from everyday Americans seeking stock access. The move marks a strategic shift for Elon Musk's aerospace company, which has spent 23 years operating privately while rewriting the aerospace playbook and establishing dominance in rocket launches, satellite internet through Starlink's 10 million subscribers, and recently integrating xAI to pursue space-based artificial intelligence infrastructure.

Shotwell Explains IPO Timing After 23 Years Private

Speaking from a walkway overlooking the Starship factory at SpaceX's Starbase, Texas headquarters, Shotwell said the rocket maker needed to remain private to focus on long-term goals rather than quarterly financials. 'I wasn't sure we would go public,' she stated. Eight years ago, Shotwell said an IPO probably wouldn't happen until SpaceX was doing regular missions to Mars.

Shotwell, an early employee recruited in 2002 during SpaceX's first year, oversees day-to-day operations of the 22,000-person full-time workforce. She manages everything from rocket development to Starlink creation and the recent xAI integration. 'We've been feeling over the last few years a lot of pressure from everyday Americans and our friends that wanted to buy stock, and there was just no way for these folks to get in,' Shotwell said.

At the $1.77 trillion market cap, SpaceX would debut as the seventh most-valuable company in the U.S., surpassing Meta and Tesla. The valuation suggests an estimated 2026 revenue multiple of 40 and an adjusted earnings multiple of 175.

SpaceX President and COO Gwynne Shotwell discusses the IPO decision in exclusive CNBC interview

SpaceX Integrates Rocket Operations with AI Infrastructure Build

SpaceX's Falcon fleet accounts for roughly 80% of global mass launched to orbit since 2023. Last year SpaceX launched 165 orbital missions, with 157 utilizing reused rocket boosters. The cost to send cargo to low Earth orbit has fallen by more than 90% from the Space Shuttle to the Falcon 9.

Most launches have been by SpaceX for SpaceX, rapidly deploying its Starlink broadband constellation of roughly 9,600 satellites serving more than 10 million subscribers. The connectivity segment includes Starlink Mobile direct-to-cell business and Starshield.

The AI segment primarily consists of xAI after SpaceX acquired that part of Musk's empire earlier this year. SpaceX reported capital expenditures for AI totaled $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026. The acquisition brought the Grok large language model and X (formerly Twitter). SpaceX struck a deal with AI coding company Cursor, with an option to buy the business for $60 billion in stock.

SpaceX is jointly developing the Terafab semiconductor fab and computing mega project with Tesla, with Intel recently signing on as a partner and supplier. Around Memphis, Tennessee, SpaceX operates the Colossus data centers. SpaceX recently struck multibillion-dollar deals with Anthropic and then with Google to provide spare compute capacity.

'I see us not only building the tech stack required for AI and operating the X platform, but we are builders of data centers, both here on Earth and in space,' Shotwell said. 'We will never sell compute capacity that we actually need, which is why we wanted the ability to have these contracts be short term if necessary.'

Shotwell discusses Starship orbital flight timeline and FAA regulatory dependencies

SpaceX's prospectus states that as soon as 2028, it will begin deploying AI compute satellites. Reports surfaced this week that the first demonstrations could head to orbit before 2026 is finished. 'The AI satellites are, to some extent, simpler than the next-gen V3 Starlink satellites,' Shotwell said. 'I'm not saying it's a slam dunk by any stretch but I'm not worried about the development of the AI satellites.'

Starship Flight 13 Scheduled Within One Month

SpaceX recently completed its 12th test flight, debuting its newest version of Starship, known as V3, in what was a largely successful mission. Starship is SpaceX's next-generation spaceship, taller than the Statue of Liberty and more powerful than any other rocket built.

Walking through the factory, Shotwell pointed out Starships and Super Heavy boosters in various stages of production. Currently SpaceX is turning out one fully assembled Starship per month. Shotwell wants to get to two ships produced per week.

Shotwell details Starbase facility expansion and Starship production ramp-up

Shotwell expects Flight 13 to happen in about a month, with regular flights monthly to follow. Much of that timeline depends on the regulatory blessing of the Federal Aviation Administration. Orbital flights are expected by the end of this year.

'We have done an in-space Raptor lighting, so we feel pretty comfortable,' Shotwell said. 'But we want another sub-orbital shot on the next flight, and then I hope we at least attempt an orbital injection on flight 14.'

Starship has cost $15 billion so far, money spent on technical development, ramping up the production line, construction costs at Starbase and the launch pad, as well as natural gas pipelines and wells. SpaceX develops propellant in-house.

Shotwell on SpaceX's approach to rapid innovation and productive failure strategy

Musk Retains 80% Voting Control Under IPO Governance Structure

SpaceX's governance structure grants Musk supermajority voting rights, with more than 80% control. With power over the board, he has final approval regarding his own removal.

Shotwell argued it's the best way to govern because nobody else can run the company. 'The company would not collapse, obviously, without Elon, but it would by no means be the same,' she said. 'It's incredibly important that he is the CEO, and that we have the governance structure that we've set forth.'

Musk's compensation package involves 1 billion performance-based shares when certain milestones are met, including the establishment of a permanent human colony of at least 1 million humans on Mars.

In its first 23 years, SpaceX did very little dealmaking. That began to change last year when SpaceX agreed to acquire Echostar's 65 megahertz of spectrum for $17 billion to help propel Starlink Mobile. Then came the deal for xAI at a $250 billion valuation and the Cursor agreement.

'It's a new exciting world for us,' Shotwell said. 'I do think M&A is in the future, especially when you look at the AI world.' In an amended IPO filing SpaceX said it may issue 'significant equity' to fund future transactions.

Tesla holds an ownership stake in SpaceX. Starlink mini is a component for Tesla's emerging Cybercab fleet. The two are collaborating on Terafab. SpaceX spent $131 million on Cybertrucks in 2025.

FAQ

What is the valuation of SpaceX's IPO?

SpaceX is raising $75 billion in its IPO at a valuation of nearly $1.77 trillion, which would make it the seventh most-valuable company in the U.S., surpassing Meta and Tesla.

When does Gwynne Shotwell expect the next Starship test flight?

Shotwell expects Flight 13 to happen in about a month, with regular monthly flights to follow. Orbital flights are expected by the end of this year, pending Federal Aviation Administration approval.

How much has SpaceX spent on AI infrastructure?

SpaceX reported capital expenditures for AI totaled $12.7 billion in 2025 and $7.7 billion in the first quarter of 2026, primarily related to the xAI acquisition and data center development.