The SpaceX IPO is coming — and it looks massive
A public stock listing for Elon Musk's rocket company could happen as early as June, with a valuation that may exceed $1.75 trillion
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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 people familiar with the process. If completed, the listing could happen as soon as June, with a valuation that may exceed $1.75 trillion.
According to Bloomberg, the filing puts SpaceX ahead of OpenAI and Anthropic in what could be a wave of large tech IPOs. 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. CNBC reports that this figure is more than three times the size of the largest U.S. IPO to date: Alibaba's $22 billion stock raise in 2014.
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A confidential filing lets a company submit its financials to the SEC for review before making them public. SpaceX must release a public filing at least 15 days before its 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.
If the IPO reaches its target valuation, Musk will be the first person to lead two publicly traded companies each worth over $1 trillion. Tesla $TSLA currently has a market cap of about $1.4 trillion, according to CNBC.
SpaceX merged with Musk's artificial intelligence startup xAI in February, creating a combined entity he valued then at $1.25 trillion. 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.
SpaceX has received more than $24.4 billion in U.S. federal government contracts since 2008, including work with NASA, the Air Force, and Space Force, according to federal spending research firm FedScout.
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.