SpaceX’s next big launch may happen on Wall Street, not at Starbase. Fresh reporting says Elon Musk’s rocket-and-satellite company has started laying groundwork for a potential initial public offering, including a “bake-off” where major investment banks pitch for a role in what could become one of the largest IPOs ever attempted. (The Wall Street Journal)

The IPO chatter has intensified after SpaceX’s recent insider share sale process pegged the company’s value around $800 billion, a level that would put it on the doorstep of the trillion-dollar club if public investors assign a premium for growth. That private-market price tag matters because it becomes a reference point for bankers and institutions trying to gauge what a SpaceX listing could look like—and how much money it could realistically raise. (The Wall Street Journal)

A huge piece of the story is Starlink, SpaceX’s satellite-internet business, which has been expanding rapidly and is increasingly viewed as the revenue engine that makes a public listing more feasible. Business data trackers and industry observers point to surging usage and broader adoption—like airline connectivity and new country launches—as evidence that Starlink could help support an IPO-scale valuation narrative. (Business Insider)

Still, nothing is locked in. SpaceX leadership has reportedly told employees that timing depends on market conditions, and the company has spent years resisting the pressure to go public. Even so, the recent sequence—secondary share activity, underwriter courting, and mounting media reports—looks like the most concrete set of signals yet that SpaceX is at least preparing for the option. (The Wall Street Journal)