SpaceX IPO valuation questioned as UK construction output falls
6 reported
SpaceX has announced plans for an initial public offering at a valuation of $1.78tn, which would be the largest stock market float ever, according to a single-source report from The Guardian. The company plans to raise $75bn, potentially rising to $86bn if underwriters take up an option to sell additional shares. However, the report notes that SpaceX posted a net loss of $4.94bn in 2025, with revenue rising 33% to $18.67bn, giving it a valuation of over 90 times annual revenues. Financial data firm Morningstar warned that the company is “significantly overvalued,” with a discounted cash flow valuation of $780bn. Separately, UK construction output fell at the fastest pace for six years in May, with S&P Global reporting a construction PMI of 38.2, driven by higher energy, fuel, and transportation costs since the Middle East conflict began.
What’s reported
SpaceX plans to IPO at a valuation of $1.78tn, the largest stock market float ever.
The company aims to raise $75bn, potentially rising to $86bn if underwriters sell additional shares.
SpaceX posted a net loss of $4.94bn in 2025, with revenue rising 33% to $18.67bn.
Morningstar warned SpaceX is “significantly overvalued,” with a discounted cash flow valuation of $780bn.
UK construction PMI fell to 38.2 in May, the fastest rate of contraction since May 2020.
The construction downturn was attributed to higher energy, fuel, and transportation costs since the Middle East conflict began.
Key figures
Elon Musk (founder of SpaceX, mentioned in context of Tesla)
Morningstar (financial data firm)
S&P Global (data firm)
Tim Moore (economics director at S&P Global Market Intelligence)
Alan Miller (CIO at SCM Direct)
Andy Challenger (chief revenue officer of Challenger, Gray & Christmas)
Mike Hawes (SMMT chief executive)
Chris Sibley (assistant director general for National Accounts & Price Statistics)
Raffi Boyadjian (lead market analyst at TradingPoint)
Sources: The Guardian
