Blackrock eyes SpaceX stake as Musk pulls IPO forward to June

Elon Musk is pulling SpaceX’s long-awaited stock market debut forward as BlackRock weighs a major investment in what could become the largest IPO ever attempted.

The rocket and satellite giant is now expected to price its flotation on 11 June before beginning trading on Nasdaq the following day under the ticker SPCX, according to Bloomberg.

The accelerated timeline comes as institutional investors scramble for exposure to the businesses powering the artificial intelligence and space infrastructure boom.

BlackRock is reportedly considering investing billions into the deal through its actively managed funds, adding further momentum to a listing that could value SpaceX at between $1.75tn and $2tn.

If completed at the upper end of expectations, the IPO could raise as much as $75bn to $80bn from investors – comfortably surpassing Saudi Aramco’s record-breaking 2019 float.

The proposed valuation would place SpaceX among the world’s most valuable companies and further cement Musk’s growing influence across AI, defence, communications and infrastructure.

SpaceX already dominates the global launch market, accounting for more than 80 per cent of rocket launches last year, while its Starlink satellite business has become one of the fastest-growing internet providers in the world.

The company is also increasingly being repositioned as an AI infrastructure play after Musk folded xAI and social media platform X into the wider group.

That merger reportedly valued the combined business at around $1.25tn earlier this year.

Wall Street races into AI and space boom

The decision to accelerate the IPO comes amid intense investor demand for companies tied to AI.

SpaceX sits at the centre of several of Wall Street’s biggest investment themes at once: AI, defence, satellites, connectivity and sovereign infrastructure.

Analysts estimate the business generated roughly $18.7bn in revenue last year, with Starlink contributing more than $4bn in profit as demand surged from governments, militaries and commercial customers.

At the same time, Musk has outlined increasingly ambitious plans to expand AI computing infrastructure into orbit, arguing that space-based datacentres could benefit from abundant solar energy and easier cooling systems.

The listing would also represent another major blow to London’s efforts to attract global technology floats.

London-listed Seraphim Space Investment Trust recently told City AM the sector was a “multi-trillion-dollar investment opportunity”

But while enthusiasm around SpaceX remains intense, the valuation attached to the deal leaves little margin for error.

Shares in Musk’s Tesla have suffered sharp volatility this year, while some analysts have questioned whether private market valuations across AI-linked companies have become detached from underlying profitability.