SpaceX is preparing for what could become the largest initial public offering in history, with plans to raise well over $30 billion in a listing targeted for mid-to-late 2026, according to people familiar with the matter who spoke to Bloomberg. The company is reportedly aiming for a valuation of about $1.5 trillion, placing it close to the level reached by Saudi Aramco during its record IPO in 2019.

The timeline could still shift depending on market conditions, and one source said the offering may slip into 2027. But SpaceX’s leadership and advisers have recently accelerated planning, including outlining how the capital raised would be deployed and initiating hiring for key roles connected to a public listing.

The expected IPO has already influenced market activity. Shares of EchoStar Corp., which is selling spectrum licenses to SpaceX, soared as much as 12% on Tuesday, while Rocket Lab rose more than 4%.

SpaceX’s move toward the public markets is supported by the rapid expansion of its Starlink satellite internet business, which now represents the bulk of the company’s revenue. The company is forecast to generate around $15 billion in 2025, rising to between $22 billion and $24 billion the following year, according to Bloomberg’s reporting. The strength of Starlink’s direct-to-mobile ambitions, as well as ongoing progress with the company’s Starship rocket program, are seen as central drivers behind the valuation.

Part of the funds raised in the IPO are expected to go toward developing space-based data centers — a concept Elon Musk recently discussed at a Baron Capital event — including purchasing the high-performance chips needed to power them.

SpaceX is currently finalising an internal share sale that values the company at more than $800 billion, at a per-share price close to $420. Employees are being allowed to sell around $2 billion worth of stock, and SpaceX is expected to repurchase some shares as part of the process. Musk said the company has been cash-flow positive for years and performs stock buybacks twice annually to provide liquidity.

The valuation reset associated with the secondary sale is being viewed internally as a precursor to an IPO, according to people familiar with the matter.

SpaceX has periodically explored spinning off Starlink as a standalone public company. While the idea was first raised by President Gwynne Shotwell in 2020, Musk has repeatedly signalled uncertainty around timing, and CFO Bret Johnsen stated last year that a Starlink IPO was still likely years away.

Major backers of SpaceX include Founders Fund, 137 Ventures, Valor Equity Partners, Fidelity and Google.

If SpaceX were to sell roughly 5% of the company at a $1.5 trillion valuation, the offering would exceed $40 billion — eclipsing Aramco’s $29 billion flotation and setting a new global IPO record.