SpaceX lowers IPO valuation target as debut nears

The news: SpaceX is targeting a valuation of at least USD1.8 trillion ($2.5 trillion) in its initial public offering, Bloomberg reported, as Elon Musk’s rocket and artificial intelligence company moves closer to its market debut.

The context: This comes after the company filed for its long-awaited initial public offering on the Nasdaq earlier this month under the ticker ‘SPCX’.

SpaceX initially targeted a valuation above USD2 trillion, however lowered its expectations following consultations with advisers and investors, according to Bloomberg.

The company’s IPO filing on 20 May highlights its evolution from a business focused on reusable rockets and satellite internet services to one positioning itself as an AI services and infrastructure provider, with ambitions spanning orbital data centres and a total addressable market estimated at USD28.5 trillion.