SpaceX Adds Citigroup to IPO Team
SpaceX is continuing its march toward an IPO, adding Citigroup to its roster of banking partners for the eventual listing. Analysts suggest the company's potential $1.75 trillion valuation is seen as justifiable, signaling strong institutional interest in the highly anticipated public offering.
Citigroup is the latest addition to a powerful syndicate of banks already chosen to lead the public offering, which includes Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. Other firms, including Royal Bank of Canada and Mizuho, are also understood to be involved in the IPO process. The company is reportedly preparing for a confidential filing as soon as March 2026, with the goal of a stock market listing by June of the same year. The offering could raise up to $50 billion, which would make it the largest IPO in history, surpassing Saudi Aramco's $29.4 billion debut. This push to go public follows a landmark year for the company's finances. In 2025, SpaceX is reported to have generated approximately $8 billion in profit (EBITDA) on revenue of $15 billion to $16 billion. The key driver of this financial performance is the Starlink satellite internet division. With over 9 million subscribers globally, the service now accounts for between 50% and 80% of SpaceX's total revenue. Adding a layer of complexity to the IPO is the recent all-stock merger with xAI, Elon Musk's artificial intelligence startup. That transaction reportedly valued SpaceX at approximately $1 trillion and xAI at around $250 billion. The high valuation is heavily dependent on future milestones. Investors are focused on the continued expansion of Starlink, especially its direct-to-cellphone services, and the operational deployment of the reusable Starship rocket, which is projected to significantly lower launch costs.
