SpaceX Stock Price Jumps in Private Market as IPO Hype Builds

SpaceX is trading at a high price in the private market. Private market pricing for SpaceX has risen drastically in the past 90 days. This implies that sentiment is high and buyers are not giving up on pursuing exposure before a potential public offering.

SpaceX is not being valued by traders just based on current financials. They are also paying the scarcity premium, the Musk premium and IPO optionality. SpaceX is targeting a valuation of $1.75 trillion and a 75 billion raise. This will mark the biggest IPO of all time. This arrangement is bound to attract momentum, speculation and media coverage.

The first driver is IPO. As it gears up to potentially debut in late June 2026, SpaceX has been conducting a three day analyst meeting at Starbase and Tennessee data center. This turns the story of rumor into a process. Investors will become more serious about the time frame when Wall Street starts to receive formal briefings. That can raise the enthusiasm for the private market.

The second driver is Starlink. This is the business that is regarded by many investors as the engine of core earnings. The number of Starlink app downloads and monthly active users increased more than twice in the first quarter compared to the same period a year ago. Moreover subscriber base reached 10 million in February. In 2025, Starlink generated operating profit of 4.42 billion. Although the consolidated loss of SpaceX xAI group was broader due to the extensive expenditure on AI. This is important as it indicates that there is business behind the dream narrative.

The third driver is AI. Following the xAI deal, SpaceX was no longer viewed as a launch and satellite company. The total group incurred over $20.7 billion in capital spending in 2025. Over half of it was related to AI. This expenditure damaged the short-term earnings, but it also shifted investor sentiment which optimistically positioned the company. Investors no longer view SpaceX as just an aerospace and telecom company. It is also being valued against AI infrastructure names. This is one of the reasons why the valuation debate was so heated.

The fourth driver is the defense and strategic importance. The xAI deal could strengthen the position of SpaceX to take significant Pentagon AI contract. SpaceX had an existing $1.8 billion contract with the National Reconnaissance Office in its Starshield division. That puts SpaceX in a position to serve as a segment of the market where governments desire size, speed and safe infrastructure. That is a strong theme in a world that is preoccupied with national security.