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SpaceX, Elon Musk's rocket, satellite and artificial intelligence company, has confidentially filed for an initial public offering with the US Securities and Exchange Commission, targeting a June listing at a valuation of up to $1.75 trillion and a capital raise of up to $75 billion that would make it the largest public offering in financial history.
Bloomberg first reported the filing on April 1, citing people familiar with the matter. CNBC, Reuters and the Wall Street Journal all confirmed the development through separate sources. SpaceX has not publicly commented on the filing, which is codenamed internally as "Project Apex."
A confidential filing allows a company to submit its financial disclosures to the SEC for regulatory review before making them public. Under SEC rules, SpaceX must release a public prospectus at least 15 days before beginning its IPO roadshow. Executives are expected to brief prospective investors as early as this month, with a public filing anticipated in April or May.
The scale of the deal
At $75 billion, the offering would more than double the previous record for an IPO. Saudi Aramco's $29 billion listing in 2019 currently holds that title. Alibaba's $22 billion offering in 2014 remains the largest US IPO on record. SpaceX at $75 billion would surpass both by a margin that has no precedent in modern capital markets.
At a $1.75 trillion valuation, SpaceX would rank above every company in the S&P 500 except Nvidia, Apple, Alphabet, Microsoft and Amazon. Twenty-one banks have been lined up to manage the offering, with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley holding senior roles. Morgan Stanley reportedly brought back veteran dealmaker Michael Grimes as chairman of investment banking earlier this year specifically in preparation for the deal.
SpaceX is also exploring a dual-class share structure that would give Musk and other insiders outsized voting control. Up to 30% of shares could be allocated to retail investors.
The business behind the valuation
SpaceX's core revenue comes from two sources. Its launch business, built around the reusable Falcon 9 rocket, has made the company NASA's primary launch partner since the agency ended its space shuttle programme in 2011. In 2025, SpaceX completed 165 orbital flights. Since 2008, the company has received more than $24.4 billion in US government contracts from NASA, the Air Force and Space Force.
Starlink, its satellite internet network, is the engine powering the valuation. The service crossed 10 million subscribers by February 2026, with analysts at Bloomberg and Quilty Space projecting 2026 revenue from Starlink alone of between $15.9 billion and $24 billion. SpaceX's total 2025 revenue is estimated at approximately $15 to $16 billion, with potential profit of up to $8 billion.
In February 2026, SpaceX merged with Musk's artificial intelligence company xAI in an all-stock deal. At the time of the merger, Musk valued the combined entity at $1.25 trillion, with SpaceX at $1 trillion and xAI at $250 billion. The IPO valuation of $1.75 trillion reflects significant upward revision from that figure. The xAI integration is also a source of investor scrutiny: the AI company was burning approximately $1 billion a month at the time of the filing, and multiple co-founders had departed.
What it means for Musk
Musk, 54, owns approximately 44% of SpaceX. His current net worth is estimated by Forbes at approximately $823 billion to $840 billion, with much of that value tied to his SpaceX stake. If the listing proceeds and the company holds near its target valuation, Musk would become the first person in history to reach a net worth exceeding $1 trillion.
When SpaceX eventually lists, Musk will also become the first person to lead two separate trillion-dollar publicly traded companies. Tesla, his electric vehicle and energy company, carries a market capitalisation of approximately $1.4 trillion.
The broader context
The filing positions SpaceX as the first of what Bloomberg described as a potential trio of mega-IPOs in 2026. OpenAI and Anthropic are both reportedly weighing public offerings before year's end. If all three proceed, 2026 would be the most consequential year for technology IPOs since the dot-com era and by some measures the largest in dollar terms ever recorded.
Nasdaq recently issued rule changes that could allow SpaceX to join the Nasdaq 100 within 15 days of listing, which analysts say would trigger billions in forced buying from index-tracking funds, creating additional demand pressure at the time of the offering.
SpaceX was founded by Musk in 2002 with the stated purpose of making humanity multi-planetary. Twenty-four years later, the company is preparing to take that ambition to the public markets.
