By Prince Osuagwu
Elon Musk’s SpaceX is seeking to raise approximately $75 billion through what is projected to be the largest initial public offering, IPO in history.
The company filed with the U.S. Securities and Exchange Commission, SEC to offer 555.5 million shares at $135 each, targeting a massive $1.77 trillion valuation.
The funds raised will support ambitious long-term goals, including developing space-based AI data centers, accelerating Starship’s launch rates, and building infrastructure for a human base on the Moon and Mars
But for TechXtra, that’s not all the story. What is most interesting is that despite playing big in the space world, mobile data connectivity is what will pave the way for this ambitious offer.
From all indications, it appears investors are going to focus less on rockets and more on the company’s increasingly powerful revenue-generating businesses.
At the heart of the investment story is Starlink, SpaceX’s satellite internet business, which has transformed from a support project into the company’s financial backbone. Starlink generated approximately $11.4 billion in revenue in 2025, accounting for about 61 per cent of SpaceX’s total earnings, while delivering an estimated $4.4 billion in operating profit, making it the company’s most profitable unit.
The broadband service has also achieved massive scale, serving roughly 10 million subscribers globally and providing investors with the type of recurring subscription income that public markets typically reward with premium valuations. Analysts expect Starlink’s revenue and profitability to continue rising as the company expands into aviation, maritime, enterprise and direct-to-mobile services.
Beyond Starlink, SpaceX’s launch services business remains a significant contributor. The company completed a record 165 orbital launches in 2025, reinforcing its dominance of the global commercial launch market and strengthening long-term relationships with satellite operators, governments and defence agencies.
Government and defence contracts provide another layer of confidence for investors. SpaceX continues to secure multi-billion-dollar agreements from U.S. defence and space agencies, including strategic satellite and national security programmes that offer predictable long-term revenues.
Financially, the company reported about $18.67 billion in revenue for 2025, representing annual growth of roughly 33 per cent, while maintaining strong momentum into 2026.
For many investors, these figures explain why SpaceX believes it can successfully execute a $75 billion IPO. The combination of Starlink’s recurring cash flow, a dominant launch business, expanding government contracts and ambitious future opportunities in AI infrastructure and space-based computing gives the company a compelling growth narrative despite concerns over its lofty valuation.
In essence, the proposed IPO is no longer being sold as an investment in rockets alone. It is increasingly being positioned as a bet on a rapidly growing global telecommunications, defence and technology platform powered by the world’s largest satellite network.
