SpaceX files confidentially for IPO targeting $1.75 trillion valuation
According to Bloomberg, the filing puts SpaceX ahead of OpenAI and Anthropic in what could be a wave of large-scale tech IPOs. SpaceX aims to raise up to $75 billion — a bid 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 larger than the largest U.S. IPO to date: Alibaba’s $22 billion stock raise in 2014.
A confidential filing allows a company to submit its financial statements to the SEC for review before making them public. SpaceX must release a public filing at least 15 days before its IPO roadshow. Executives are expected to brief potential investors this month.
Bank of America $BAC, Citi Group $C, Goldman Sachs $GS, JPMorgan $JPM Chase, and Morgan Stanley $MS holds leadership positions in the offering, and more banks have been added, according to Bloomberg. Barclays handles orders in the UK. Deutsche Bank and UBS are working on European orders. The Royal Bank of Canada handles 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, additional voting power. The company can allocate up to 30% of the stock offering to retail investors.
If the IPO hits its target valuation, Musk will be the first person to lead two publicly traded companies each worth more than $1 trillion. Tesla $TSLA currently has a market capitalization of around $1.4 trillion, according to CNBC.
SpaceX merged with Musk’s artificial intelligence startup xAI in February, creating a combined entity that he then valued at $1.25 trillion. The Starlink rocket launch program and satellite internet service generate the bulk 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 the Space Force, according to federal spending research firm FedScout.
SpaceX had previously been described as targeting an IPO window of late 2026 for a valuation close to $800 billion, before the xAI merger and an expanded fundraising target pushed those numbers higher. In recent years, the company has held regular secondary stock sales to provide liquidity to employees and early investors ahead of a public listing.
