SpaceX is reportedly seeking to go public at a valuation of over $2 trillion.

Insiders say SpaceX has raised its target valuation for its first public offering (IPO) to more than $8B. The globally highest-valued startup is preparing for what could become the largest-ever listing transaction.

Insiders said that in the coming weeks, before talks with potential IPO investors, Elon Musk’s billionaire-owned rocket, satellite, and artificial intelligence company and its advisors are pitching that figure to potential investors. Previously, it was reported that such so-called “trial balloon” roadshows may include more details supporting the valuation.

More than $20k means SpaceX’s valuation has risen by nearly two-thirds in just a few months. In February, it was reported that SpaceX acquired Musk’s xAI, and after the merger, the company’s valuation was $20k.

Based on that valuation, SpaceX’s market cap would exceed that of all companies in the S&P 500 except for Nvidia, Apple, Alphabet Inc., Microsoft, and Amazon. It would also surpass Meta Platforms Inc. and Musk’s Tesla, two of the “Magnificent Seven” members.

Insiders said the discussions are still ongoing, and issuance details may still be adjusted. A SpaceX representative did not immediately respond to a request for comment.

Insiders said SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to serve as the lead underwriters in its IPO, and has already added more banks to the underwriting lineup.

One insider said the company has arranged a phone call on Monday with the underwriting syndicate, with an analyst briefing scheduled for later in April. IFR and Reuters previously reported on the arrangements for the syndicate phone call and the analyst briefing, respectively.

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