Sprint to June: "The Largest IPO in History" SpaceX Has Filed for Listing

Author: He Hao, Wall Street Insights

Citing sources familiar with the matter, the media reports that SpaceX has secretly filed its first initial public offering (IPO) application, bringing Elon Musk’s rocket, satellite, and artificial intelligence company closer to what would be the biggest-ever listing.

Sources say the company has submitted an IPO registration draft to the U.S. Securities and Exchange Commission (SEC) and requested anonymity because the information has not yet been made public. The filing could put it on track to list in June and may be the start of a run of “mega-IPOs,” expected to be ahead of OpenAI and Anthropic PBC.

Sources say the valuation SpaceX is seeking in the IPO could exceed $1.75 trillion. Previously, the company acquired Musk’s AI startup xAI, a deal that values the combined entity at $1.25 trillion.

During the confidential filing process, the company can first receive feedback from regulators and make revisions before publicly disclosing information. Specific details of the offering, including the number of shares to be issued and the price range, are expected to be disclosed in subsequent filings.

Earlier, according to media reports, SpaceX’s planned listing could raise as much as $75 billion. If it reaches that scale, it would far surpass the current record holder—Saudi Aramco’s $29 billion IPO in 2019.

Sources say SpaceX has told potential investors that it will arrange roadshow presentations by company executives this month. These investor meetings, known as “testing-the-waters,” may provide more details to support its valuation targets.

Sources say the company has invited Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to serve as lead underwriters for the IPO, and has added more banks to participate.

In addition, SpaceX is working with international banks; those banks will handle IPO subscription matters for specific regions, with Citigroup coordinating overall. Sources say Barclays is responsible for the UK market, while Deutsche Bank and UBS Group handle European orders. Royal Bank of Canada is responsible for subscriptions by Canadian investors, Mizuho Financial Group covers the Asian market, and MVIQRY Group focuses on the Australia market.

Sources say SpaceX is considering adopting a dual-class share structure to give insiders, including Musk, greater voting power so it can maintain a dominant position in decision-making. At the same time, the IPO is expected to include a larger proportion of retail investors, and SpaceX could allocate as much as 30% of the shares to smaller investors.

As the world’s most active rocket launch company, SpaceX has dominated the space industry with its Falcon 9 rocket, which can deliver satellites and people into orbit. Musk says the company is working to build a base on the Moon and plans to ultimately achieve its long-term goal—sending humans to Mars.

In addition, SpaceX is a leader in low Earth orbit internet services, and its Starlink system consists of thousands of satellites, already serving millions of users.

SpaceX’s main revenue comes from rocket launch operations and Starlink satellite services, which is expected to approach $20 billion by 2026, while xAI’s revenue is expected to be less than $1 billion.