Core Viewpoint - SpaceX is planning its initial public offering (IPO) with a fundraising target exceeding $30 billion, aiming for a total valuation of approximately $1.5 trillion, potentially making it the largest IPO in history [2]. Group 1: IPO Plans and Financial Projections - SpaceX is pushing forward with its IPO plan, with a fundraising goal that could reach up to $40 billion if 5% of shares are sold, surpassing Saudi Aramco's record of $29 billion from 2019 [2]. - The IPO is expected to be completed by mid to late 2026, although it may be delayed until 2027 due to market conditions [2]. - The funds raised from the IPO will be allocated towards developing space-based data centers and acquiring high-performance chips [2]. Group 2: Starlink's Growth and Revenue - Starlink, SpaceX's satellite internet service, is projected to generate $12.3 billion in revenue for the fiscal year 2025, accounting for 80% of SpaceX's total revenue [3]. - By December 2025, Starlink is expected to have over 8 million active users globally, with its "direct-to-mobile" service and the Starship rocket development supporting the valuation of $1.5 trillion for the IPO [3]. Group 3: Satellite Internet Landscape - Starlink aims to provide global high-speed internet through thousands of low Earth orbit satellites, targeting underserved areas and mobile scenarios [5]. - As of August 2025, Starlink has launched 8,926 satellites, with plans to deploy 12,000 by the end of the year [5]. - The low Earth orbit satellite internet sector is characterized by a "one strong, many strong" dynamic, with SpaceX being the most influential player, followed by OneWeb and Amazon Kuiper [5]. Group 4: Industry Context and Competition - The Chinese satellite internet industry has surpassed 33 billion yuan in scale as of 2023, driven by strong government policy support [8]. - Domestic smartphone manufacturers like Huawei, Xiaomi, and OPPO have launched commercial terminals supporting satellite communication, indicating a significant advancement in the industry [9].