SpaceX has filed confidentially for an initial public offering with the Securities and Exchange Commission (SEC), Bloomberg reported on Wednesday.
The company submitted its draft initial public offering (IPO) registration to the SEC, according to people familiar with the matter cited by the media outlet.
The filing puts SpaceX on track for a June listing in what is expected to become the largest IPO in history.
A public offering could raise as much as $75 billion at a valuation of approximately $1.75 trillion, Bloomberg has previously reported — dwarfing Saudi Aramco’s $29 billion listing in 2019, the current record holder.
From $46B to $1.75T
The IPO would cap one of the most dramatic private market valuation trajectories in corporate history.
SpaceX was valued at approximately $46 billion in 2020, following the success of its Crew Dragon missions for NASA.
The figure rose to $100 billion in 2021 as Starlink crossed 100,000 subscribers, to $137 billion in 2022, and to $180 billion in 2023 as the satellite internet service reached profitability.
Secondary market trades pushed the valuation to approximately $350 billion in 2024. An insider share sale in early 2025 set it at $800 billion — a figure Musk said on X was “not accurate,” though he did not provide an alternative number.
The February 2026 acquisition of xAI, Musk’s artificial intelligence company, reset the combined valuation at $1.25 trillion.
Within six weeks, the IPO target had climbed to $1.75 trillion.
Path to Filing
The confidential filing follows months of escalating signals that SpaceX was preparing to go public.
In December, Bloomberg reported that SpaceX was pursuing an IPO targeting a valuation of approximately $1.5 trillion.
Musk confirmed the plans on X, responding to a report by Ars Technica‘s Eric Berger with “As usual, Eric is accurate.”
A company message seen by Bloomberg in December said SpaceX was preparing for a possible IPO aimed at funding an “insane flight rate” for its Starship rocket, AI data centres in space, and a base on the moon.
The valuation target rose from $1.5 trillion in December to $1.75 trillion by late March, after SpaceX acquired Musk’s AI company xAI in an all-stock deal in February that valued the combined entity at $1.25 trillion.
Banks and Syndicate
SpaceX has appointed 21 banks to handle the offering, according to Bloomberg.
The lead bookrunners include Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup.
Investment banks leading the IPO are planning a syndicate kick-off meeting on Monday, April 6, International Financing Review reported on Monday, citing people familiar with the process.
SpaceX is also planning investor briefings in April, with so-called testing-the-waters meetings expected in the weeks after the Easter holiday.
Reports that SpaceX would exclude retail brokerages Robinhood and SoFi from the offering were denied by Musk on Monday, who wrote on X: “These reports are false.”
Bloomberg has separately reported that SpaceX is considering directing up to 30% of the offering to individual investors — three times the industry norm.
What SpaceX Includes
The entity going public now encompasses SpaceX’s core launch services, the Starlink satellite internet constellation, and the recently merged xAI artificial intelligence business.
SpaceX generated approximately $8 billion in profit on $15 billion to $16 billion of revenue in 2025, t reported, citing people familiar with the results. The company completed 122 successful launches last year — its most prolific year to date.
Starlink had more than 9.2 million active subscribers by the end of 2025 and generated over $10 billion in annual revenue.
The satellite internet service has become the company’s largest revenue contributor.
Following the February merger, Musk wrote on X that “within 2 to 3 years, the lowest cost way to generate AI compute will be in space.”
SpaceX has asked the Federal Communications Commission for authorisation to launch up to one million satellites as part of its “orbital data centres” initiative.
Musk’s Dual Listing Challenge
A successful SpaceX listing at $1.75 trillion would make it one of the ten most valuable companies in the world — and place it just ahead of Tesla.
That would make Musk the controlling figure behind two of the world’s largest publicly traded companies simultaneously.
Musk holds approximately 42% voting control of SpaceX with a roughly 54% economic stake.
As of publication time, Tesla shares were rising 2.7% at $381.40.
Starship
Musk has said he expects to test launch a new version of SpaceX’s next-generation Starship rocket incorporating hundreds of upgrades, following a months-long hiatus while the company worked to resolve engineering challenges.
SpaceX has conducted 11 Starship test launches since 2023, some attended by prominent political figures, with several resulting in total or partial failure.
The Federal Aviation Administration approved up to 44 annual Starship launches in January.
SpaceX, OpenAI, and Anthropic are among the highly valued technology companies preparing potential listings that could set records in 2026.
