SpaceX Said to Pursue 2026 IPO

This is Bloomberg Tech. Our top story: a Bloomberg exclusive that SpaceX is aiming to go public around mid-2026, seeking well over thirty billion dollars at a valuation near one and a half trillion, with a moonshot plan for space-based data centers driving the raise.

The capital could fund Starship, Starlink, and a new computing platform in orbit that taps solar power, which would require significant chip purchases, while Starlink keeps scaling as the core revenue engine.

We also confirmed a secondary tender that effectively benchmarks valuation ahead of an IPO; walk us through the numbers.

SpaceX’s semiannual tender lets insiders get liquidity and pegs the company near eight hundred billion dollars, surpassing other private tech leaders, with the IPO target roughly doubling that.

Investors long expected a Starlink spin-out, but the whole company is the focus, and Starlink remains the cash machine.

Starlink now serves millions and is being adopted by airlines, with direct-to-cell on the horizon, though execution has to keep matching the ambition to justify the valuation.

Let’s bring in EquityZen’s Phil Haslet. SpaceX is your most-requested private name; how does that interest translate into an IPO where ownership is concentrated among a few large holders and Elon Musk?

Demand has been intense for years, but after two decades there’s also a long tail of current and former employees, and an IPO can help address shareholder-count limits while bringing in fresh capital for massive compute needs.

Help explain the tender versus a late-stage primary round, especially with a set price around four hundred twenty-one dollars a share and an eight hundred billion dollar marker.

If you’re profitable, secondaries reward employees without dilution and create an external reference price, though a two billion dollar cap means that price reflects SpaceX’s chosen marker more than a broad market-clearing level.

What about debuting near one and a half trillion?

It’s unprecedented, but retail enthusiasm can surprise on the upside; still, from that starting point, the runway for multiple expansion is an open question.

Meta next: internal work on a model codenamed Avocado is tilting closed for monetization, a shift from Meta’s open posture.

Leaning closed signals a push to recoup massive AI spend, and after a lackluster Llama release, leadership tightened messaging and pulled back public cheerleading for open source as the strategy resets.

On chips to China: the White House will allow Nvidia’s H200s, citing Huawei’s advancing system capabilities.

Officials judged the gap at the system level, not just per-chip speed, marking a break from earlier crackdowns, while Nvidia disputes a separate report that thousands of Blackwell units were smuggled, noting no evidence so far.

Elsewhere, Amazon plans thirty-five billion dollars of investment in India by 2030, and Oracle reports after the bell with a heavy capex build pressing free cash flow; Citi Panagrahi is here.

Investors want clarity on funding data centers, and Oracle can lean on vendor financing or leases rather than pure capex and debt while converting a large backlog tied to a handful of AI leaders.

How firm is the OpenAI commitment, and what about leadership?

Contracts are described as non‑cancellable, demand looks durable, and the co-CEO setup aligns OCI and apps with Larry Ellison still steering.

Warner Bros. Discovery is in play with dueling bids, and Netflix is readying to lever up again; Emily Graffeo has the credit view.

Netflix is now investment grade, can tap deeper markets, and could lift debt from roughly fifteen to about seventy-five billion to fund a deal while likely keeping its rating.

Laura Martin joins on the bids: how do you see the field and Hollywood’s reaction?

The auction has tripled perceived value from around twelve dollars to roughly thirty, and while both suitors could sweeten offers, a Netflix tie-up faces steeper regulatory and industry pushback given its stance on theatrical windows and scale.

Antitrust specifics?

Combining Netflix’s vast subscriber base with Max concentrates streaming power and content creation, raising concerns about prices for consumers and bargaining power over talent, while a Skydance deal presents fewer red flags.

Disney’s Dana Walden told us she’s unfazed, noting integrations take time and Disney’s already done the hard work post-Fox.

Back to SpaceX with Seraphim Space’s Will Whitehorn: the raise is tied to an AI stack in orbit; what does it mean for the ecosystem?

It’s a watershed for space and AI, accelerating demand across suppliers and constellations, and feels like the Netscape moment for this industry.

Any direct exposure to SpaceX, and congrats on the OBE this morning.

We don’t own SpaceX, but we back beneficiaries in its orbit and I personally bought into a supplier today; investors will scrutinize how Musk splits time if Tesla and SpaceX both trade publicly.

Adobe also reports today; expectations are muted despite heavy AI work.

Adobe touts hundreds of millions in AI-first revenue and billions in AI-influenced sales, is embedding its tools widely, and is balancing proprietary models with openness as rivals push into creative AI.

That’s our show. Watch Oracle and Adobe after the close, and catch our SpaceX IPO scoop on the podcast across Bloomberg, iHeart, Spotify, and Apple. From San Francisco, have a great afternoon; this is Bloomberg Tech.