SpaceX files confidentially for IPO at $1.75 trillion valuation in a potential record-breaking offering

SpaceX is edging closer to the public markets — and if this goes through, it could become the biggest IPO the world has ever seen.

SpaceX has confidentially filed for an initial public offering with the Securities and Exchange Commission, Bloomberg first reported, citing people familiar with the matter. The move puts Elon Musk’s rocket company on a path toward what many expect will be a historic debut.

The company could seek a valuation of up to $1.75 trillion, with a potential listing as early as June, the sources said.

“The company submitted its draft IPO registration to the US Securities and Exchange Commission, the people said, asking not to be identified as the information isn’t public. The filing puts it on track for a June listing, which would make SpaceX the first of what could be a trio of mega-IPOs, ahead of OpenAI and Anthropic PBC,” Bloomberg reported.

Founded in 2002, SpaceX started with a clear goal: to make rockets reusable and bring down the cost of getting to space. Two decades later, it has become a central player in the U.S. space program. After NASA retired its space shuttle program in 2011, SpaceX stepped in and is now the agency’s leading launch partner.

The company’s ambitions have grown far beyond launches. In February, SpaceX merged with xAI, creating a combined entity Musk valued at $1.25 trillion at the time. If SpaceX reaches the public markets at the level being discussed, Musk would become the first person to lead two separate trillion-dollar public companies, alongside Tesla.

A confidential filing allows a company to submit its financials to regulators privately before opening the books to the public. SpaceX will need to make those details public at least 15 days before beginning its IPO roadshow, giving investors their first real look under the hood.

The scale being discussed would set a new bar. SpaceX is reportedly looking to raise up to $75 billion, more than three times the size of the largest U.S. IPO on record. Alibaba raised $22 billion in 2014, edging past Visa, which pulled in nearly $18 billion in 2008.

Behind the headline numbers sits a business deeply tied to government contracts. Since 2008, SpaceX has received more than $24.4 billion from federal work, according to FedScout, spanning agreements with NASA, the Air Force, and the Space Force. The company’s launch cadence has surged as well, with 165 orbital flights completed in 2025 and ongoing test flights of its massive Starship Super Heavy system.

SpaceX’s reach extends beyond rockets. Its Starlink satellite network now operates roughly 10,000 satellites in low Earth orbit, providing global internet coverage. The company’s broader ecosystem even extends to social media, with X (formerly Twitter) now connected to xAI.

Still, timing will matter. Reena Aggarwal, a finance professor at Georgetown and an IPO specialist, pointed to recent market swings tied to geopolitical tensions and rising oil prices. The Nasdaq has just posted its steepest weekly drop in nearly a year, a reminder that even the strongest companies can face a tough reception if conditions turn.

“You can have a great company, with great fundamentals and a lot of investor interest — and an IPO can still flop if the markets have turned south, if there’s too much volatility in the market,” Aggarwal said. “Hopefully, the current geopolitical situations will have cooled down by June, and there will be less uncertainty.”

Even with that backdrop, demand is expected to be intense.

“It’s not like five other companies like this will go public in the next five years,” she said. “Anyone who wants more exposure to Elon Musk — this is their opportunity to get in.”

If the offering moves forward as planned, SpaceX won’t just be testing investor appetite. It will test how far public markets are willing to go in pricing the future of space, connectivity, and Musk’s growing influence across both.