SpaceX’s public offering might trigger a surge — meanwhile, secondary market activity is thriving

SpaceX Eyes 2026 IPO Amid Growing Investor Interest

SpaceX's Starship rocket lifts off for its 11th test flight on October 13, 2025, as seen from South Padre Island, Texas. The company continues to push boundaries, aiming to deliver on NASA's lunar projects and Elon Musk's vision for Mars exploration. (Photo by Gabriel V. Cardenas / AFP via Getty Images)

Wall Street Banks Prepare for SpaceX's Potential Public Debut

Reports suggest that SpaceX is working with four major Wall Street banks in preparation for a possible initial public offering in 2026. This move could mark a significant moment for the IPO market, which has seen limited activity in recent years.

While waiting for a public listing, SpaceX and other late-stage private firms are turning to the secondary market to provide liquidity for employees and early investors. This market has grown rapidly, offering new ways for stakeholders to access their equity.

Expert Insights on SpaceX and the Secondary Market

To better understand the implications of a SpaceX IPO and the mechanics of private liquidity, we spoke with Greg Martin, managing director at Rainmaker Securities. His firm specializes in facilitating secondary share transactions for mature private companies.

This conversation has been condensed and edited for clarity.

Greg, can you tell us about your background?

I'm the founder and managing director of Rainmaker Securities, focusing on secondary transactions for large, late-stage private companies. I also founded Archer Capital Group, which acquires private company shares, and co-founded Liquid Stock, a company that helps employees and executives leverage their shares to exercise options.

How has the secondary market evolved during the recent IPO slowdown?

Private companies are remaining private for longer periods. Many, like SpaceX, would have gone public years ago under previous market conditions. These firms play a significant role in the economy, and there is strong demand from investors to gain exposure. At the same time, long-term shareholders are seeking liquidity, leading to a flourishing secondary market—a trend that shows no signs of slowing as more value accumulates in private markets.

What might happen to the secondary market if IPO activity resumes?

When a company like SpaceX goes public, a substantial amount of value shifts from private to public markets. However, this often sparks greater interest in private companies and encourages more firms to offer liquidity. The emergence of high-growth companies such as OpenAI and Anthropic, now valued at over a trillion dollars combined, demonstrates the ongoing expansion of the private market opportunity.

What are you observing regarding SpaceX's IPO prospects?

The IPO market has been sluggish since 2021, and investors are eager for a leading company to break the ice. SpaceX fits this role perfectly, attracting immense attention. The company recently completed a tender at an $800 billion valuation, and demand for its shares remains strong on our platform. Other major private firms, including ByteDance, Stripe, Databricks, OpenAI, and Anthropic, are also drawing significant interest, but SpaceX is the primary focus. If it goes public this year, it could reset the IPO landscape.

How are bids for SpaceX shares trending?

SpaceX has consistently attracted higher valuations, even during market downturns in 2022 and 2023. Interest has surged, with prices now approaching the $1.5 trillion mark discussed as a potential IPO valuation.

Elon Musk once said SpaceX wouldn't go public until regular Mars flights. Why the change?

Although SpaceX has remained private for a long time, Musk's stance appears to be evolving. The current market is strong, and while private markets have shown great interest, access is limited. SpaceX dominates the rocket launch sector and is building out its Starlink and Starship businesses, with plans for space-based data centers. Given these opportunities and favorable market conditions, tapping public capital markets could help fund further growth.

Will going public pose national security concerns for SpaceX?

Opening up to public investors could introduce new risks, but any IPO would likely involve only a small portion of the company—perhaps 5%. Public disclosure would make ownership more transparent, and control would remain with Elon Musk and his close associates. Economic interests from adversarial countries could be tolerated as long as they don't translate into control.

Is there a sense of urgency for SpaceX to go public, especially with competitors like OpenAI and Amazon making moves?

SpaceX's achievements are inspiring competitors. Jeff Bezos is developing a communications network to rival Starlink, but they're far behind. OpenAI faces its own capital challenges and may need to go public soon to meet funding needs. SpaceX, with its profitability and market dominance, can afford to wait for optimal timing. If market conditions worsen, they may choose to remain private.

What challenges does SpaceX face, and how might its IPO be valued?

SpaceX has encountered setbacks, such as Starship V3 launch issues, but the company's association with Elon Musk often drives investor enthusiasm. Tesla, for example, commands a premium due to Musk's reputation, despite some unfulfilled promises. The same "halo effect" is likely to benefit SpaceX's valuation, with investors betting on ambitious projects like space-based data centers and Mars missions.

How meaningful is it that SpaceX is engaging banks for a 2026 IPO?

This is a significant indicator of intent. While discussions with banks don't guarantee an imminent IPO, they are a strong signal that preparations are underway.

What other signs suggest a company is preparing to go public?

• Hiring executives with public company experience, such as chief accounting officers or CFOs
• Expanding investor relations, accounting, and legal teams
• Building out public-grade management structures

SpaceX already has many of these elements in place, so changes may be subtle.

How do private market valuations compare to IPO outcomes?

Private companies benefit from gauging investor demand before going public. Developing a robust secondary market helps with price discovery and builds a broader investor base, resulting in a more efficient IPO. Companies that skip this step, like Figma, may see extreme price swings post-listing.

Can you explain how secondary share transactions work for SpaceX employees?

SpaceX tightly controls its shareholder base to avoid triggering public company requirements. The company typically conducts tender offers a few times a year, providing liquidity for employees. Additionally, shares are often placed in special purpose vehicles (SPVs), allowing economic ownership to change hands without altering the official cap table. Other companies may allow direct share trading or prohibit secondary transactions altogether. Firms like Rainmaker help facilitate these trades and provide liquidity solutions.

How does Rainmaker help investors access information in the secondary market?

We collaborate with companies to access data rooms and conduct independent research on publicly available information. While we can't share confidential company data without permission, we strive to provide as much insight as possible to reduce investor risk and open up markets. However, private companies remain cautious about what they disclose.

What do sophisticated investors look for when buying pre-IPO shares?

• Detailed financial and management information
• Understanding of the cap table and share preferences
• Insight into supply and demand dynamics
• Comfort with companies that are more transparent, like SpaceX

Are there other late-stage unicorns attracting secondary market interest?

Yes, demand remains high for companies such as Databricks, Stripe, OpenAI, Anthropic, xAI, and ByteDance. The AI sector, including firms like Lambda Labs and Cohere, is particularly active. As more companies signal plans to go public—like Discord, Motive, and Canva—liquidity increases. Our platform regularly trades shares in 20 to 30 companies, and as the IPO market reopens, this number is expected to grow. In 2021, we traded shares in hundreds of companies, and last year alone, we facilitated over $1 billion in secondary transactions.