SpaceX files confidentially for IPO, targets $1.75 trillion listing

SpaceX has quietly taken the first formal step toward a public listing after submitting confidential draft paperwork to the U.S. Securities and Exchange Commission, setting the stage for what could become one of the largest initial public offerings in history.

The company led by Elon Musk is reportedly planning a potential market debut as early as June, with insiders suggesting the listing could raise as much as $75 billion, far exceeding Saudi Aramco’s $29 billion IPO record set in 2019.

The filing remains under regulatory review for now, as SEC rules allow companies to submit IPO documents privately before making them public. According to reports, SpaceX is preparing investor roadshows, with major Wall Street banks including Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley coordinating the process under the internal codename “Project Apex.”

Starlink growth, AI expansion and Mars ambitions drive valuation surge

SpaceX’s expected valuation has sparked intense debate, with projections placing the company as high as $1.75 trillion, positioning it among the most valuable firms globally, behind only tech giants like Nvidia, Apple, Microsoft, Amazon and Alphabet.

The company’s revenue base has expanded beyond rocket launches to include Starlink, its satellite internet service, which now reportedly serves more than 5 million users worldwide. These steady subscription revenues, combined with its dominance in commercial launches and contracts with NASA, have strengthened investor confidence.

Analysts also point to SpaceX’s growing links with artificial intelligence ventures and broader tech ambitions as additional drivers behind its soaring valuation expectations.

Wall Street eyes historic IPO as Musk’s empire prepares for public test

If successful, the IPO would mark a major shift for SpaceX, which has remained privately funded since its founding in 2002, relying heavily on private investors while scaling its rocket and satellite operations.

The listing would also give public investors exposure to a company deeply embedded in global space infrastructure, from NASA missions to Starship development and Starbase operations in Texas, which function as a semi-independent industrial hub.

For Musk’s wider business empire, the move adds another layer of complexity as he continues to oversee Tesla, xAI, Neuralink, and X, while preparing SpaceX for its most significant financial milestone yet.

Full IPO details are expected once the SEC completes its review, with a public prospectus likely to follow in the coming months.

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