KEY POINTS
- LBank has launched the SPACEX/USDT Pre-Market Delivery Contract, live from April 20, 2026, offering up to 20x leverage on SpaceX's pre-IPO price ahead of the company's anticipated mid-2026 public listing.
- SpaceX confidentially filed for an IPO with the SEC on April 1, 2026, targeting a valuation of approximately $1.5 trillion to $2 trillion, which would make it the largest initial public offering in history by a significant margin, surpassing Saudi Aramco's 2019 record.
- The valuation is backed by real, growing revenue across multiple business lines: Starlink generated approximately $10.6 to $11.4 billion in 2025, launch services dominate the global market with over 640 Falcon family launches completed, and the February 2026 acquisition of xAI has added an AI computing layer to an already formidable business.
SpaceX has been the most talked-about private company in the world for years. Now, for the first time, there is a way to take a position on it before the IPO locks in a public price. LBank's SPACEX/USDT Pre-Market Delivery Contract gives traders access to SpaceX price discovery right now, based entirely on what the market thinks it is worth today. Before diving into the contract details, it is worth understanding exactly why this IPO is generating the kind of attention it is.
What Is SpaceX and Why Does This IPO Matter?
SpaceX is a private aerospace and technology company founded by Elon Musk in 2002. Its stated mission is to make humanity multi-planetary, beginning with regular access to space, then the Moon, and ultimately Mars. What makes SpaceX relevant to traders in 2026 is not the ambition. It is the revenue, the market position, and the scale of what has actually been built.
The company completed 170 launches in 2025, more than every other launch provider in the world combined. As of April 2026, the Falcon 9 and Falcon Heavy families have completed 640 total launches with 637 full mission successes, a reliability rate that has made SpaceX the default choice for commercial satellite operators, the US government, NASA, and the Department of Defense. A single booster has now been reflown 34 times, which is the reusability record that defines SpaceX's cost advantage over every competitor.
This is not a pre-revenue startup or a speculative space venture. SpaceX generated approximately $15 to $16 billion in revenue in 2025, growing at approximately 50% annually. Analysts at Morningstar and Quilty Space project revenue of $20 to $24 billion in 2026. For context, that growth rate sustained over a multi-year period is what justifies the trillion-dollar conversation.
Image by SpaceX
The Three Businesses That Justify A Trillion-Dollar Valuation
When analysts discuss SpaceX's valuation, they are really discussing three distinct and significant businesses operating under one roof. Understanding each one explains why the numbers being discussed are as large as they are.
Starlink
SpaceX's satellite internet constellation and the company's primary revenue engine today. As of late 2025, Starlink had crossed approximately 9 million subscribers globally, operating across 125 countries through a constellation of approximately 7,000 satellites in low Earth orbit.
The network delivered speeds of up to 215Mbps, significantly outperforming traditional satellite internet alternatives. Starlink generated approximately $10.6 to $11.4 billion in 2025 revenue, representing the majority of the company's total income, and recently reached first profitability as a business unit. Morningstar estimates Starlink's EBITDA margin at approximately 54%, which is exceptional for an infrastructure business of this scale.
Revenue projections for 2026 range from $15.9 billion to $24 billion depending on the pace of direct-to-cell expansion, the rollout of aviation and maritime services, and the addition of new subscribers in underserved markets. Morgan Stanley analyst Adam Jonas has been widely quoted saying that Starlink alone would justify a $500 billion standalone valuation based on current trajectory.
Launch Services
SpaceX's original business and remain a substantial standalone revenue source. The Falcon 9 is now the world's most reliable operational rocket by a wide margin. Government and defense contracts from NASA, the Department of Defense, and the US Space Force account for approximately $22 billion in cumulative awards to date.
In April 2025, SpaceX secured a $5.9 billion Pentagon contract for 28 national security launch missions through 2029 as part of the Space Force's Phase 3 National Security Space Launch program. The Artemis program contract for the Human Landing System, initially valued at $2.89 billion, has grown to approximately $4 billion with exercised options, and Artemis II, which launched on April 1, 2026, successfully completed a crewed lunar flyby, the first since the Apollo program.
Starship
This is the wildcard that separates SpaceX from any other valuation framework in aerospace. The fully reusable super-heavy lift vehicle is the most powerful rocket ever built, and its commercial potential goes far beyond simply replacing Falcon 9. At full operational cadence, Starship is designed to dramatically reduce the cost per kilogram to orbit, enabling everything from rapid mass Starlink constellation expansion to point-to-point Earth travel, deep space cargo, and eventually crewed Mars missions.
The FAA authorised SpaceX to increase launch cadence at Starbase from 5 to up to 25 launches per year in 2025. Starship V3 is targeting its first test flight in late April 2026, immediately before the anticipated IPO roadshow period. A successful V3 test would be a significant positive catalyst for IPO sentiment.
xAI
This segment of the business was added to this picture in February 2026, when SpaceX acquired Elon Musk's artificial intelligence venture in a deal that valued the combined entity at approximately $1.25 trillion. The acquisition positions SpaceX as not just a launch and connectivity provider but a platform combining space infrastructure, global internet access, and AI computing capabilities.
This is the framing that analysts believe SpaceX will use during its IPO roadshow: not an aerospace company, but a platform business with multiple compounding revenue streams at the intersection of space, connectivity, and artificial intelligence. This even gets more interesting with the recent Cursor deal with the option for aquiring for $60B. This portion was not included in the filing for the IPO.
What Does the IPO Look Like and What Are the Numbers?
SpaceX confidentially filed a draft registration statement with the SEC on April 1, 2026. The anticipated listing is targeting mid-June 2026, with the company expected to float approximately 3.3% of its equity to raise what would be the largest IPO in history by deal size, with reports suggesting a fundraising target of $30 to $50 billion.
The valuation discussion has evolved rapidly. Secondary market transactions in late 2025 priced shares at approximately $420 to $421 per share, implying a valuation close to $800 billion. By February 2026, following the xAI acquisition, the post-merger implied valuation had risen to approximately $1.25 trillion. Current IPO marketing is being positioned at $1.5 trillion to $2 trillion, with some reporting citing targets above $2 trillion based on the most recent confidential filing.
At $1.5 trillion, the revenue multiple would be approximately 87 to 94 times 2025 revenue. There is no direct public market comparable at this scale and this valuation. The closest reference points are high-growth platform businesses during their peak expansion phases, none of which were simultaneously operating in space launch, global satellite internet, and AI computing. That combination is genuinely without precedent in public markets.
Analysts at Morningstar who have published detailed valuation work believe the $1.5 trillion target is aggressive but defensible if Starlink's subscriber and revenue growth continues at current rates, Starship achieves operational cadence, and the xAI integration generates meaningful synergies. Their base case model prices SpaceX at approximately 94 times 2025 revenue.
Key risks are real and worth knowing: the dual-class share structure gives Elon Musk outsized voting control, defense contract sections of the S-1 will contain ITAR-related redactions limiting transparency, the xAI burn rate adds accounting complexity, and Musk simultaneously leads Tesla, xAI, X, and other ventures, making key-man dependency a structural concern for institutional investors.
CNBC | Early SpaceX Investor Talks the Potential IPO, Tesla Collaboration and Orbital Data Centers
How the LBank Pre-Market Delivery Contract Works
LBank launched the SPACEX/USDT Pre-Market Delivery Contract at 15:30 UTC on April 20, 2026. This is a USDT-margined futures contract that allows traders to take a long or short position on SpaceX's pre-IPO price before the company's shares are available on any public stock exchange.
The contract offers leverage of 1x to 20x, with a tick size of 1 USDT and funding fees settled every hour. The delivery date will be announced separately and will take place within 24 hours before the SPACEX spot listing goes live. The delivery price is calculated as the average transaction price in the final hour before delivery, applied to all open positions at that time.
For traders new to futures, LBank's beginner guides cover the mechanics of USDT-margined contracts, how to select trading pairs, and how margin requirements work before you commit capital.
Why This Contract is Worth Paying Attention to as a Trader
Pre-market contracts on major IPOs represent one of the most distinctive trading opportunities in crypto-adjacent markets. The price in a pre-market contract is entirely determined by what buyers and sellers think the asset is worth right now, before any official exchange price exists. That creates both significant opportunity and significant risk.
The SpaceX IPO is not a routine tech listing. The company's revenue is real, its market dominance is documented, and the institutional demand that has pushed secondary market valuations from $400 billion to over $1.25 trillion in under twelve months reflects genuine conviction from some of the most sophisticated investors in the world. At the same time, the valuation multiple is historically unprecedented, the IPO has not yet been formally priced, and pre-market prices can move sharply in either direction as new information arrives.
For traders who have been following the SpaceX IPO story and have a view on where the listing price will land, the SPACEX/USDT contract on LBank is the first accessible instrument to act on that view. The leverage available means positions can be sized to your risk tolerance, and the hourly funding settlement keeps the mechanics transparent throughout the holding period.
Manage your risk carefully, never trade more than you can afford to lose, and review the full contract rules before opening a position.
