Private Markets: Musk’s SpaceX targets 2026 IPO at valuation of $1.5T

Elon Musk’s SpaceX is moving ahead with plans for an initial public offering that would seek to raise “significantly more” than $30B at a market value of about $1.5T. Meanwhile, Agentic engineering startup Port raised $100M in a Series C funding round at $800M valuation.
 
This week’s private company news:

• Elon Musk’s SpaceX is moving ahead with plans for an initial public offering that would seek to raise “significantly more” than $30B at a valuation of about $1.5T, which would make it the biggest listing of all time, people familiar with the matter told Bloomberg’s Ed Ludlow and Eric Johnson. SpaceX’s management and advisers are pursuing a listing as soon as mid-to-late 2026, but the timing of the IPO could change based on market conditions and other factors, and one of the people said the timing could slip until 2027, the report noted. Other publicly traded companies in the space include FireFly Aerospace (FLY), Rocket Lab (RKLB), Intuitive Machines (LUNR), EchoStar (SATS), Boeing (BA), AST SpaceMobile (ASTS), Virgin Galactic (SPCE), Lockheed Martin (LMT), Northrop Grumman (NOC), and L3Harris Technologies (LHX).

Some of the biggest capital raises by private companies this week include: 

• Saviynt – The identity security company announced a $700M Series B Growth Equity Finance at a valuation of about $3B. Publicly traded companies in the space include SailPoint (SAIL), Okta (OKTA), and Microsoft (MSFT).
• Fervo Energy – The geothermal energy development company closed an oversubscribed $462M Series E funding round that was led by new investor B Capital. Publicly traded companies in the space include Ormat Technologies (ORA).
• Boom Supersonic – The aircraft startup said it raised $300M in a round led by Darsana Capital Partners with participation from Altimeter Capital, Ark Invest, Bessemer Venture Partners, Robinhood Ventures, and Y Combinator. Publicly traded companies in the space include Lockheed Martin and Northrop Grumman.
• Harness – The AI software delivery platform company announced a $240M Series E financing round, led by Goldman Sachs Alternatives and a planned $40 million tender offer with participation from IVP, Menlo Ventures, and Unusual Ventures. Publicly traded companies in the space include GitLab (GTLB), Atlassian (TEAM), and Amazon (AMZN).
• Port – The agentic engineering startup announced that it has raised a $100M Series C. The round was led by General Atlantic, with participation from Accel, Bessemer Venture Partners, and Team8. It comes less than a year after the firm’s Series B. With this round, Port is valued at $800M, and the company has raised $158M to date. Publicly traded companies in the space include UiPath (PATH), Salesforce (CRM) and ServiceNow (NOW).

Unicorns to watch this week:

• Shop My – The marketing, affiliate platform with Bain & Bessemer backing has recently secured a $70M Series B financing round. It has a valuation of $1.5B. Publicly traded companies in the space include Pinterest (PINS), Meta (META), and Snap (SNAP).
• Groww – The fintech company has an estimated market value of $5B-plus. Publicly traded companies in the space include Robinhood (HOOD), Charles Schwab (SCHW), and Interactive Brokers (IBKR).
• Abridge – The AI-powered medical note-taking startup is valued above $5B after recent funding. Publicly traded companies in the space include Veradigm (MDRX), NextGen Healthcare (NXGN), and Teladoc (TDOC).
• Genspark – The company, building AI agents to automate tasks, is valued at $1.25B after raising $275M in a Series B funding round. Publicly traded companies in the space include Palantir (PLTR), C3 AI (AI), and UiPath.
• Gamma – The company that specializes in AI-generated visuals is valued at $2.1B. Publicly traded companies in the space include Adobe (ADBE), Autodesk (ADSK), and Microsoft.

IPOs to watch: 

• Grayscale Investments (GRAY) – The company filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol “GRAY.” Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30.
• Klook Technology (KLK) – The company, which identifies itself as “the largest pan-regional experiences platform in Asia-Pacific” by gross transaction volume in 2024, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares.
• Speed Group (SPED) – The company filed a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company’s operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports.
• Medline (MDLN) – The provider of medical-surgical products and supply chain solutions filed a prospectus for an initial public offering on the Nasdaq.
• Lendbuzz (LBZZ) – The company is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC.

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.