Elon Musk’s SpaceX is preparing to file paperwork for what could become the largest initial public offering in history as soon as this week, according to people familiar with the matter, accelerating plans for a potential June debut that would value the rocket and satellite giant at more than $1.75 trillion.

The move, reported by The Information on Tuesday and echoed across major outlets, marks a dramatic shift for the 24-year-old company long resistant to public markets. Advisers involved in preparations expect SpaceX to seek more than $75 billion in fresh capital, dwarfing the previous record set by Saudi Aramco’s $29.4 billion listing in 2019.

SpaceX did not immediately respond to requests for comment. Musk has not publicly addressed the latest filing timeline, though he confirmed in December 2025 that reports of a 2026 IPO were “accurate.”

The potential offering comes as SpaceX’s valuation has soared on the back of its Starlink satellite internet service and repeated successful launches of the Falcon 9 rocket. A recent insider share sale valued the company at about $800 billion late last year, with analysts now projecting a public debut north of $1.5 trillion — and some as high as $1.75 trillion.

Starlink, which provides high-speed internet via thousands of low-Earth orbit satellites, has emerged as the company’s primary growth engine. The service generated roughly $12 billion in revenue last year and now serves millions of subscribers worldwide, including in remote and underserved areas. SpaceX has deployed more than 10,000 Starlink satellites, with ambitious plans to expand the constellation dramatically.

Revenue from Starlink is believed to account for a growing share of SpaceX’s total income, which analysts estimate reached around $15 billion in 2025. The business model — recurring subscriptions with high margins — has helped justify sky-high valuations despite the capital-intensive nature of rocket development and satellite manufacturing.

SpaceX’s traditional launch business continues to dominate the global market. The company launches more payloads to orbit than any other entity, serving NASA, commercial clients and the U.S. military. Its reusable Falcon 9 boosters have slashed launch costs, making SpaceX a critical partner in America’s space ambitions.

The developmental Starship vehicle, designed for deep-space missions including a potential crewed landing on Mars, represents the company’s long-term bet on interplanetary travel. Musk has repeatedly said Starship is key to making humanity multi-planetary, with plans for massive flight cadence increases once fully operational.

Recent reports suggest the IPO proceeds would fund an “insane flight rate” for Starship, construction of orbital data centers powered by artificial intelligence, and other ambitious projects. SpaceX’s all-stock acquisition of Musk’s xAI earlier this year has further blurred lines between space, AI and computing, potentially creating synergies for in-orbit data processing.

Wall Street banks including Bank of America, JPMorgan, Goldman Sachs and Morgan Stanley have been in discussions for leading roles in the offering, according to earlier reports. A confidential filing with the Securities and Exchange Commission could allow SpaceX to gauge investor interest quietly before a full public registration.

If priced at the high end of expectations, the IPO would not only set records for size but could also propel SpaceX into the upper ranks of U.S. public companies by market capitalization, rivaling or exceeding major tech giants.

The news triggered sharp gains in other space-related stocks on Wednesday. Shares of Rocket Lab, AST SpaceMobile and Redwire jumped in premarket and regular trading as investors bet on heightened sector interest ahead of SpaceX’s debut.

Analysts caution that a SpaceX IPO would introduce new scrutiny. As a public company, it would face quarterly reporting requirements, greater transparency on costs and risks, and pressure from shareholders focused on near-term profitability rather than long-term visions like Mars colonization.

Musk’s dual roles as CEO of Tesla and SpaceX — and his ownership stakes across multiple ventures — could raise governance questions. Tesla shareholders have occasionally expressed concern about Musk’s divided attention, though SpaceX has operated largely independently.

Regulatory hurdles also loom. SpaceX’s heavy reliance on government contracts, particularly with NASA and the Pentagon, means national security reviews and export controls could influence the IPO process. Starlink’s international expansion has already faced geopolitical pushback in some markets.

Still, investor enthusiasm appears strong. Prediction markets have placed high odds on a 2026 listing, with many pointing to June as a target window. Some speculate the timing could align with symbolic milestones in Musk’s narrative around space exploration.

SpaceX’s path to public markets has been years in the making. Musk long preferred the flexibility of private ownership to pursue high-risk, high-reward projects without quarterly earnings pressure. But growing valuation — fueled by Starlink’s rapid subscriber growth and launch dominance — has made liquidity for early employees and investors more pressing.

Tender offers and secondary share sales have provided some exits, but a full IPO would open the company to millions of retail and institutional investors. ETFs and leveraged products betting on SpaceX exposure have already begun appearing in filings, signaling market anticipation.

The broader space economy stands to benefit. A successful SpaceX debut could validate the sector and draw more capital to satellite communications, reusable rockets and orbital infrastructure. Rivals and partners alike are watching closely.

For Musk, the IPO represents both validation of two decades of work and a massive capital infusion to accelerate his most audacious goals. SpaceX has already transformed access to space; going public could supercharge its next chapter.

Yet risks remain substantial. Starship development has encountered setbacks, including explosive test flights, though progress continues. Starlink faces competition from Amazon’s Project Kuiper and other entrants. Regulatory approval for massive satellite constellations has drawn environmental and astronomical concerns over light pollution and orbital debris.

SpaceX employs thousands and operates major facilities in California, Texas and Florida. Its Starbase complex in Boca Chica, Texas, serves as the hub for Starship testing and is central to Musk’s Mars ambitions.

As the potential filing window narrows, attention turns to the SEC and how regulators will handle one of the most scrutinized offerings in decades. A quiet filing this week would keep momentum toward a summer listing while allowing time for due diligence.

Industry observers note that even at conservative estimates, SpaceX’s IPO would eclipse most recent tech debuts and reshape perceptions of private space companies. The combination of proven launch capability, a scalable satellite network and visionary leadership has created rare investor appeal.

For now, SpaceX remains focused on operations. Launches continue at a brisk pace from Florida and California, while Starlink terminals ship to new customers daily. The company’s next Starship flight test is eagerly awaited by enthusiasts and engineers alike.

If the latest reports hold, investors could soon have the chance to buy shares in the company that pioneered reusable orbital rockets and built the world’s largest satellite constellation. Whether the valuation lives up to the hype will depend on execution in the years ahead.

The coming weeks promise intense speculation as details emerge. For a company that once seemed destined to remain private forever, the countdown to public trading has clearly begun.

Market Review

Sector Review “Broad Market”

The global backdrop in Q4 2025 was decidedly supportive for emerging markets (EM). The U.S. Federal Reserve (Fed) delivered two more 25 basis-point (bps) rate cuts in October and December, bringing the federal funds rate down to

States raised ₹54,834 crore at Tuesday’s auction, well above the indicative ₹47,985 crore, and dealers expect borrowing on Friday to again exceed the notified amount, with states likely to raise ₹42,941 crore against an indicated ₹12,000 crore in the calendar.

Total state development loan (SDL) supply for the week could approach ₹1 lakh crore, adding to pressure on central government bonds and pushing the 10-year benchmark yield towards 6.90% to 6.95%, market participants said.

“SDL supply of around ₹1 lakh crore in a single week is quite significant and could have a crowding-out effect, putting pressure on government bonds,” said Mataprasad Pandey, vice president at Arete Capital Services. “With such heavy issuance, the 10-year g-sec yield could move above 6.90% by Friday.”

Agencies

SDL supply this week could touch ₹1 L-cr; pushing 10-yr yield towards 6.90–6.95%

The benchmark 10-year yield closed at 6.87% on Wednesday, after rising steadily from 6.73% last week, tracking elevated crude oil prices and heightened geopolitical risks linked to the West Asia conflict.

Live Events

“The pressure is felt in the market and when sentiment weakens, there is fear that causes yields to rise,” said a bond trader at a primary dealership.
The Reserve Bank of India’s decision to cancel a treasury bill auction on Wednesday may help ease short-term funding costs, but traders said it is unlikely to materially cap long-term yields. “T-bills are short term, so cancelling them impacts CP and CD rates, but it had no meaningful impact on the 10-year yield,” a trader said. Madhavi Arora, chief economist at Emkay Global, said India remained caught between global uncertainty and supply pressures, adding that the 10-year yield could edge up to 6.95% in the near term.

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

MELBOURNE, Australia — HESTA, one of Australia’s largest industry superannuation funds serving health and community sector workers, is navigating leadership upheaval with the announcement that its third C-suite executive in under 12 months is departing, even as the $100 billion-plus fund delivered solid investment gains for members in 2025 and advocates for major retirement system reforms.

Chief Operating Officer Stephen Reilly will step down, joining a wave of senior exits that includes CEO Debby Blakey, who plans to retire in the second half of 2026 after years at the helm. The departures come as HESTA celebrates surpassing $100 billion in funds under management and reports strong member returns, but also grapples with lingering effects from a 2025 administration transition that drew regulatory scrutiny from the Australian Prudential Regulation Authority (APRA).

HESTA’s Balanced Growth option, the default MySuper strategy where most members are invested, returned 9.42% for the 12 months to Dec. 31, 2025, outperforming the industry average of around 9.1%. Over the full 2025 calendar year, members saw more than $10 billion added to their retirement savings through contributions and investment performance. The option has averaged 8.02% annually over the past decade, with consistent outperformance in shorter periods.

Other options also posted gains. The High Growth choice returned 11.39%, while Indexed Balanced Growth delivered 10.5% or higher in some metrics. Retirement Income Stream members benefited similarly, with Balanced Growth in that category achieving 11.25% for the year. HESTA emphasized that all ready-made options exceeded their long-term 10-year objectives to the end of 2025.

The fund hit a milestone in late 2025 when member savings crossed $100 billion, delivering scale benefits that support lower fees and stronger negotiating power for investments. HESTA has repeatedly won recognition, including the SuperRatings Net Benefit award for 2026, highlighting strong outcomes after fees and taxes over short and long terms.

Yet the leadership changes raise questions about continuity. Blakey, who has led the fund through significant growth, has spoken about the need for bold reforms and global resilience in superannuation amid geopolitical tensions, including the ongoing Iran conflict. In recent speeches, she warned boards of catastrophic risks from failing to prepare for volatility.

Reilly’s exit marks the third high-level departure in a year, following others in the executive team. HESTA has not detailed reasons for the changes beyond standard transitions, but the timing coincides with efforts to stabilize operations after the APRA action.

In December 2025, APRA imposed additional license conditions on HESTA following a “severe, prolonged disruption” during its switch to a new administration provider. The move left more than 1.1 million members unable to access accounts online for weeks, with call center delays compounding frustration. APRA cited deficiencies in risk management and board governance, requiring independent reviews of those frameworks.

HESTA apologized to affected members and has worked to resolve issues. Officials stressed that core functions like contributions and payments continued, but the incident highlighted challenges in large-scale technology upgrades common across the super sector.

On the policy front, HESTA has been vocal in 2026. In its pre-budget submission for 2026-27, the fund urged reforms to encourage more Australians to shift super into retirement income streams, where earnings are tax-free. Research commissioned by HESTA showed that up to 1.8 million retirees missed out on an estimated $2.46 billion in extra earnings in the 2025 financial year by staying in accumulation phase. Without changes, that could exceed $5 billion annually by 2030.

The fund is calling for a default mechanism allowing super funds to automatically transition eligible members into retirement income products, with an opt-out safeguard. It also welcomed the passage of legislation increasing the Low Income Super Tax Offset (LISTO) and other measures aimed at fairness in the system.

HESTA has seen record downsizer contributions, topping $94 million in 2025 — an 8% rise from 2024 and 45% from 2023 — driven by strong property sales. The fund supports “payday super” reforms set to begin July 1, 2026, which would require more frequent employer contributions to reduce volatility from lump-sum payments.

Investment strategy remains focused on diversification. HESTA’s February 2026 update highlighted how spreading risk across asset classes helped navigate market swings in 2025. The fund has increased exposure to areas like private credit and equities while maintaining caution amid global uncertainties, including Middle East tensions that could affect oil prices and inflation.

Performance data to late February 2026 shows Balanced Growth delivering solid year-to-date results, with longer-term returns remaining competitive. HESTA stresses that past performance is not indicative of future outcomes, and members should consider their own circumstances.

The fund, primarily for health and community services workers, manages savings for over one million members. Its not-for-profit structure aims to maximize returns for members rather than shareholders.

As leadership transitions unfold, the board will seek new executives to maintain momentum. Blakey’s retirement marks the end of an era of expansion, during which HESTA grew significantly in size and influence.

Analysts note that while executive turnover can signal internal challenges, HESTA’s strong returns and policy advocacy position it well in a competitive superannuation landscape undergoing consolidation and technological change.

Broader industry context includes rising super guarantee contributions, now at 12%, and ongoing debates about housing affordability, productivity and how super can support national goals. HESTA has called Australia a “centre of global capital” and pushed for reforms to address housing shortages that drag on economic growth.

Members are advised to check their accounts regularly, review investment choices and consider advice for retirement planning. HESTA provides tools and updates via its website and member portals.

Looking ahead, 2026 is expected to bring volatility from geopolitical risks and domestic policy shifts. HESTA’s cautious outlook reflects awareness of potential market headwinds, yet its track record of resilience offers reassurance.

The fund continues to invest in sustainable options and member-focused initiatives, including lowering fees for some retirement income streams.

For many Australians, especially in frontline health roles, HESTA represents a critical pillar of financial security. Its ability to deliver competitive returns while advocating for systemic improvements will shape its reputation in the coming year.

As the search for new leadership intensifies and reform discussions advance in Canberra, HESTA’s story underscores both the opportunities and challenges facing Australia’s $3 trillion-plus super industry.

Members with questions about performance, the administration issues or retirement options should contact HESTA directly or consult a licensed financial adviser. The fund remains committed to transparency and putting members first amid a period of change.

At the 47th Bangkok International Motor Show, GAC INTERNATIONAL launched its GAC CARE service brand, unveiled the AION V 500KM, and introduced the “Thailand Action 2.0” strategy to enhance localization and ecosystem development.

BANGKOK, March 25, 2026 /PRNewswire/ — On March 23, the 47th Bangkok International Motor Show officially opened. Centered on “service upgrading”, GAC INTERNATIONAL launched GAC CARE – its first overseas service brand – at the show, fully unveiled its upgrade “Thailand Action 2.0” strategy, and debuted the new AION V 500KM variant. These milestones – from service system enhancement and localized strategy upgrading to product renewal – marking GAC’s entry into a leading phase in the Thai market.

As a key pillar of GAC’s global strategy, the Thai market continues to show srong growth potential. Under the guidance of “ONE GAC 2.0” and “Thailand Action 1.0”, GAC has achieved a critical leap from product introduction to ecosystem deployment. In 2025, GAC sold 15,301 units in Thailand, representing a 305% year-on-year increase, securing its position among the top tier of new energy vehicle (NEV) brands. Building on this foundation, officially announced the comprehensive launch of the “Thailand Action 2.0” strategic upgrade at the Bangkok International Motor Show.

Fully unveiling “Thailand Action 2.0”, GAC’s localization development is shifting from “putting down roots” to “taking the lead”. By leveraging systemic capabilities across product layout, channel & mobility ecosystem, energy ecosystem and manufacturing & industrial chain, GAC is building a long-term competitive advantage. Through multi-dimensional collaboration, GAC is evolving into an ecosystem builder covering products, services, energy and manufacturing, upholding its commitment “In Thailand, For Thailand” and delivering care to users through superior products and comprehensive services.

While advancing its localization strategy, Wang Haoyong, General Manager of GAC INTERNATIONAL Thailand Sales Company, announced on-site the launch of GAC’s first overseas service brand — GAC CARE. He stated, “In Thailand, for Thailand. What GAC brings is not just advanced vehicles, but a complete, reliable, and heartfelt mobility ecosystem. Centered on users’ full-lifecycle needs, GAC CARE is built on Four Core Pillars: customer centric, advanced assurance, rapid responsiveness and exclusive experience.

The all-new AION V 500km variant brought by GAC became the highlight of the booth, attracting numerous visitors to experience and inquire.

Going forward, GAC will continue to take Thailand as a critical hub, stay user-centric, deepen localization, advance the NEV industry ecosystem, and achieve long-term win-win development with local society.

Source : GAC’s First Overseas Service Brand Launches at Bangkok Motor Show, Thailand Action 2.0 Commences

The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.

Other People are Reading

Taylor Swift dominated the 2026 iHeartRadio Music Awards on Thursday night, collecting seven trophies including Artist of the Year while sharing the Dolby Theatre stage and front-row moments with fiancé Travis Kelce and Olympic gold medalist Alysa Liu in one of the evening’s most memorable crossovers.

The 13th annual ceremony, broadcast live on FOX, celebrated the year’s most-played artists and songs on iHeartRadio platforms. Swift, who led with nine nominations, extended her record as the show’s most decorated artist with her 41st career win. She attended with Kelce, marking the couple’s first joint awards show appearance, and received several honors from Liu, the figure skater who won gold at the 2026 Winter Olympics.

Swift kicked off her winning streak by accepting Pop Album of the Year for “The Life of a Showgirl,” presented by British singer RAYE. The upbeat record, which Swift described as reflecting a sense of happiness and freedom, earned praise for its confident pop sound. In her speech, she thanked Kelce directly from the stage. “This album probably also feels very happy and confident and free because that’s the way that I get to feel every single day of my life, because of my fiancé, who’s here tonight,” she said, drawing cheers from the crowd.

The night escalated when Liu, fresh from her Olympic triumph in Milan, took the stage to present Swift with a bundle of additional awards, including Artist of the Year, Album of the Year and others. Liu handed over what became Swift’s seventh trophy of the evening, bringing the total to a dominant sweep. The moment blended pop stardom with Olympic athleticism, as the two American icons shared warm onstage interaction. Swift gushed about Liu’s skating performance, calling it inspiring.

Liu, who had previously appeared with fellow U.S. figure skaters Amber Glenn and Isabeau Levito in a video promoting Team USA as the “Blade Angels,” sat near Swift and Kelce during the show. Social media buzzed with photos of the Olympic champion positioned right behind the couple, creating a dream seating arrangement that fans dubbed iconic.

Kelce, the Kansas City Chiefs tight end, made a stylish entrance captured on video by iHeartRadio as he walked the Dolby Theatre hallways before joining Swift inside. The pair posed together on the red carpet and inside the venue, drawing massive attention as they made their awards show debut as a couple. Kelce supported Swift throughout, including standing ovations for other performers.

Swift’s wins extended to Song of the Year and Pop Song of the Year for “The Fate of Ophelia,” along with Best Music Video and other pop-centric categories. Her “The Life of a Showgirl” also claimed Pop Album of the Year honors. The victories underscored Swift’s continued dominance in radio airplay and streaming metrics that determine many iHeartRadio awards.

In her Artist of the Year acceptance, Swift reflected on her journey. “I didn’t think I was an artist when I first started,” she told the audience, crediting fans and collaborators for her growth. The speech mixed humility with gratitude, a hallmark of her public appearances.

The ceremony featured high-energy performances and special honors. Ludacris hosted and received the Landmark Award, while Miley Cyrus accepted the Innovator Award. John Mellencamp earned the Icon Award. A standout musical moment saw TLC, Salt-N-Pepa and En Vogue unite for a classic hits medley.

Other winners included Alex Warren as Breakthrough Artist of the Year and for his song “Ordinary.” Linkin Park claimed Rock Artist and Rock Song honors. The event balanced established stars like Swift with emerging talents, reflecting iHeartRadio’s broad listener base.

Swift’s seafoam green velvet corset and matching miniskirt by Wiederhoeft, accented with pink beads, drew fashion praise and tied into the “showgirl” theme of her winning album. Kelce complemented the glamorous evening in sharp attire as the couple navigated the star-studded night.

The crossover with Alysa Liu added a unique layer. Liu, representing the fresh excitement of Olympic success, bridged sports and entertainment. Her presentation duties and proximity to Swift and Kelce fueled social media trends, with fans posting side-by-side photos of the trio and celebrating American achievement across disciplines.

Backstage moments captured Swift, Kelce and Liu interacting warmly, further amplifying the feel-good energy. Videos circulated showing the group’s easy rapport, with Liu praising Swift’s music and Swift reciprocating admiration for Liu’s athletic feats.

The iHeartRadio Music Awards base many categories on airplay, streaming and listener data from iHeartMedia stations and the app. Swift’s repeated success highlights her unmatched ability to connect with audiences through consistent radio hits and cultural impact.

For Kelce, the appearance offered a rare glimpse into his support role amid NFL offseason. The couple’s relationship, which began in 2023, has drawn sustained public interest, and their first awards show outing satisfied fans eager for joint red-carpet moments.

Liu’s involvement extended the night’s theme of inspiration. As a two-time U.S. national champion and now Olympic gold medalist, her presence alongside Swift symbolized excellence in performance arts and sports. The 2026 Winter Olympics connection, where Swift had promoted the skaters, came full circle.

Industry observers noted Swift’s seven wins push her further ahead in iHeartRadio history. Her ability to dominate major categories while releasing personal, upbeat music amid a high-profile relationship demonstrates sustained relevance in a crowded pop landscape.

The Dolby Theatre, familiar from Oscar nights, provided a fitting glamorous backdrop. Production featured sleek staging, genre-spanning performances and seamless award presentations. FOX’s broadcast and iHeartRadio’s digital coverage reached millions.

Red carpet fashion leaned bold and celebratory. Swift’s showgirl-inspired look stood out, while other attendees mixed high glam with personal statements. Social platforms lit up with reactions to the Swift-Kelce-Liu interactions, performances and surprise wins.

As the evening concluded, Swift’s sweep and the high-profile attendee mix reaffirmed the awards’ role in highlighting both commercial dominance and cultural moments. The night blended music celebration with feel-good crossovers that transcended typical award show fare.

For Swift, the wins add to an already historic career. She thanked fans repeatedly, emphasizing the role of listener support in iHeartRadio’s fan-driven elements. Kelce’s presence added a personal touch, with Swift’s onstage shoutout highlighting their partnership.

Liu emerged as an unexpected star of the night, her Olympic glow shining in the entertainment spotlight. Her poised presentation and stylish appearance earned praise, positioning her as a rising figure comfortable in diverse arenas.

The 2026 iHeartRadio Music Awards will be remembered for Taylor Swift’s record-extending haul, the debut joint appearance by Swift and Travis Kelce, and the memorable collaboration with Alysa Liu. From chart-topping anthems to Olympic inspiration, the evening captured music’s power to unite and uplift.

As replays and clips circulate, conversations turn to Swift’s next era and the lasting image of three American talents sharing the spotlight. The Dolby Theatre glowed long after the final award, with fans already anticipating what’s next from these stars in music, sports and beyond.