SpaceX cuts IPO target to $1.8T after $4.28B Q1 loss

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Elon Musk’s SpaceX is targeting a valuation of at least $1.8 trillion in what may be the largest IPO ever, down from an earlier goal above $2 trillion, according to Bloomberg. The cut follows heavy losses from SpaceX’s February merger with xAI. The company posted a $4.28 billion net loss in the first quarter of 2026, with AI infrastructure driving most of the burn, according to the S-1 filing. Investors are piling in anyway. Since mid-December, when Musk first confirmed IPO plans, a net $14 billion has flowed into three mutual funds and four ETFs holding slices of the rocket maker, per Morningstar data via the Financial Times. A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast Prediction market traders are going the other way. Polymarket’s “SpaceX IPO Closing Market Cap Above” contract currently assigns 63% odds that the company closes its first trading day above $2.2 trillion. SpaceX has reportedly earmarked up to 30% of IPO shares for retail investors, roughly three times the typical mega-cap allocation. The Destiny Tech100 Fund surged 27% earlier this month, as investors raced to get exposure to the space company. The Tema Space Innovators ETF , which launched in late March, tripled its assets to roughly $1.3 billion the week SpaceX filed its S-1. The ERShares Private-Public Crossover ETF holds SpaceX through a special-purpose vehicle and carries approximately $292 million in exposure, or roughly 23% of the fund, according to ERShares. Trending: Avoid the #1 Investing Mistake: How Your ‘Safe' Holdings Could Be Costing You Big Time Telecoms firm EchoStar Corp , which received SpaceX equity in a spectrum sale, is up over 500% in the past year, the Financial Times reported. Auditor KPMG flagged substantial doubt about EchoStar’s ability to continue as a going concern in its 2025 annual report. Morningstar’s Ben Johnson likened the wave of new SpaceX-themed ETF filings to an “ETF spaghetti cannon” approach of “ready, fire, aim.” Neuberger Berman’s Renos Savvides told the Financial Times the speculative activity “feels a bit like 2021,” the year before a major market slump. SpaceX is expected to begin formal IPO marketing as soon as June 4 with pricing as early as June 11. Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier. Think you're saving enough for your kids? You might be dangerously off — see why Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry. RAD Intel is an AI-driven marketing platform helping brands improve campaign performance by turning complex data into actionable insights for content, influencer strategy, and ROI optimization. Positioned within the multi-hundred-billion-dollar digital marketing industry, the company works with global brands across sectors to improve targeting precision and creative performance using its analytics and AI tools. With strong revenue growth, expanding enterprise contracts, and a Nasdaq ticker reserved under $RADI, RAD Intel is opening access to its Regulation A+ offering, giving investors exposure to the growing intersection of AI, marketing, and creator economy infrastructure. Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100 . This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. Lightstone DIRECT gives accredited investors access to institutional-quality multifamily real estate opportunities backed by a vertically integrated operator with more than $12 billion in assets under management and a 40-year track record. With more than 25,000 multifamily units nationwide — including significant exposure to low-supply Midwest markets where rent growth has remained resilient — Lightstone is positioning investors to benefit from tightening housing supply, strong occupancy trends, and long-term rental demand. Through Lightstone DIRECT, individuals can co-invest alongside the firm, which commits at least 20% to each deal, offering exposure to professionally managed multifamily assets designed t