SpaceX is preparing to go public, having submitted a confidential draft registration for an initial stock offering to the U.S. Securities and Exchange Commission, according to Bloomberg. If completed, the listing could happen as soon as June, with a valuation that may exceed $1.75 trillion.
The filing puts SpaceX ahead of OpenAI and Anthropic in what could be a wave of large tech IPOs, Bloomberg reports. SpaceX aims to raise up to $75 billion — an offering that would surpass Saudi Aramco's $29 billion debut in 2019, the largest IPO on record. To put the scale in context, CNBC noted that a $75 billion raise would be more than three times the current U.S. record — Alibaba's $22 billion debut in 2014.
Under the confidential filing process, companies can submit their financial disclosures to the SEC for regulatory review before those materials become available to the public or potential investors. The company will be required to publish its registration statement at least 15 days ahead of the IPO road show. Executives are expected to brief prospective investors this month.
Bank of America $BAC, Citigroup $C, Goldman Sachs $GS, JPMorgan $JPM Chase, and Morgan Stanley $MS have senior roles on the offering, with more banks added, according to Bloomberg. Barclays is handling U.K. orders. Deutsche Bank and UBS are working on European orders. Royal Bank of Canada is managing Canadian orders. Mizuho covers Asia, and Macquarie focuses on Australia.
SpaceX is considering a dual-class stock structure to give insiders, including founder Elon Musk, extra voting power. The company may allocate up to 30% of the stock offering to retail investors.
Should the IPO succeed at its target valuation, Musk would be the first person to simultaneously lead two publicly traded companies each valued above $1 trillion. Tesla $TSLA currently has a market cap of about $1.4 trillion, according to CNBC.
Earlier this year, SpaceX completed a merger with Musk's AI venture xAI, forming a combined company that Musk valued at $1.25 trillion at the time of the deal. The rocket launch program and Starlink satellite internet service generate most of SpaceX's revenue — approaching $20 billion in 2026 — while xAI is expected to contribute less than $1 billion, according to Bloomberg Intelligence.
Federal contract data compiled by FedScout shows SpaceX has accumulated more than $24.4 billion in government awards since 2008, spanning agencies including NASA, the Air Force, and Space Force.
SpaceX was previously described as targeting a late-2026 IPO window at a valuation near $800 billion, before the xAI merger and an expanded fundraising target pushed those figures higher. In recent years, the company has run regular secondary stock sales to provide liquidity to employees and early investors ahead of a public listing.