SpaceX may be going public with a big fundraising target

SpaceX may have just taken another step toward its IPO. Bloomberg reports that Elon Musk’s aerospace company has confidentially filed a proposed initial public offering (IPO) registration with the United States Securities and Exchanges Commission (SEC). If all goes well, SpaceX could be listed on the stock market by June.

While it’s certainly a move toward a public listing, SpaceX’s confidential IPO doesn’t subject it to a rigid timetable. Confidential documents like this simply allow companies to receive direct feedback from the SEC on their IPO plans and make changes accordingly. Initially intended for small businesses, this mechanism allows companies to retain confidential information for longer, including the number of proposed actions, their financial statements, future plans and anticipated risk factors.

As such, details of SpaceX’s IPO plan currently remain unclear. Nonetheless, the fact of the filing indicates that the company is ready to move forward with its IPO.

Anonymous sources cited by Bloomberg say SpaceX could aim for a valuation above $1.75 trillion and that the company plans to aim for a fundraising goal of $75 billion. That’s a notable increase from the $25 billion fundraising goal announced by Reuters last December, although more in line with the $40 billion to $80 billion range reported by the Wall Street Journal last week, with both publications also citing anonymous sources. Regardless, the IPO has the potential to offer a significant boost to SpaceX’s finances.

Reuters reports that at least 21 banks are now working with SpaceX on its IPO, with Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup taking lead roles.

SpaceX acquired Musk’s AI company xAI earlier this year, including its social media platform X (formerly known as Twitter). The deal raised SpaceX’s valuation to $1.25 trillion at the time and further consolidated Musk’s various Brand X companies. xAI acquired X, already owned by Musk, in a deal valued at $33 billion last March, after the billionaire initially purchased it for $44 billion in 2022.