目标估值 1.5 万亿美元！SpaceX IPO 加速冲刺，有望成为全球史上最大规模 IPO

Core Insights - SpaceX is planning to launch an IPO in the second half of 2026, aiming to raise over $30 billion with a target valuation of $1.5 trillion, which would set a record for the largest IPO in history [1][3]. Valuation Surge - SpaceX's valuation has seen a significant increase from $800 billion in recent secondary market transactions to a target of $1.5 trillion for the IPO, with ARK Invest projecting a potential value of $2.5 trillion by 2030 [3][6]. Key Drivers of Valuation - The valuation increase is driven by two main factors: 1. The stabilization and improvement of rocket reusability, particularly with the Starship, which is significantly lowering launch costs [5]. 2. The acceleration of Starlink's commercialization, with user growth and advancements in direct mobile network connections, potentially leading to annual revenues nearing $300 billion by 2035 [6]. Market Dynamics - SpaceX is reportedly maintaining positive cash flow and conducting stock buybacks, indicating a stable financial position that supports its valuation growth based on business performance rather than speculative capital movements [7]. Strategic Listing Approach - SpaceX is opting for a full company IPO rather than a separate listing for Starlink, as the synergy between the rocket launch capabilities and Starlink's revenue generation is seen as beneficial for both entities [8][9]. Challenges Ahead - Despite the optimistic outlook, SpaceX faces challenges such as increasing competition in the space sector, potential resource constraints, and the need for high-frequency reuse of the Starship [11]. Implications of IPO - The IPO of SpaceX is expected to redefine valuation methods and growth models for next-generation infrastructure, marking a significant shift in how space technology and global communications are perceived in the public market [13].