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SpaceX, the rocket company founded by Elon Musk, has confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission.
The move brings one of the world’s most ambitious companies closer to a historic debut on the public stock market, one that could shatter every record that came before it.
What Is SpaceX Worth?
SpaceX’s valuation stands at $1.25 trillion following its merger with xAI two months ago. Bloomberg reported that SpaceX could seek a valuation of over $1.75 trillion when it eventually lists, with a target date around June. ⁽¹⁾
Tesla, another company run by Musk, is also valued at $1.4 trillion. If SpaceX lists at its target valuation, Musk will become the first person in history to lead two separate publicly traded companies, each worth over a trillion dollars. ⁽²⁾
Why This IPO Would Break Records
Reports are saying that this IPO would be the biggest one in stock market history, where SpaceX is expected to raise $50 to $75 billion in pre-IPO funding. Saudi Aramco currently holds the title for the biggest IPO, which went public in 2019. ⁽³⁾
Before that, China’s Alibaba raised $22 billion in 2014, followed by Visa, which raised close to $18 billion in 2008. A successful SpaceX offering would be more than three times the size of the biggest US IPO ever recorded. Experts expect strong demand from both everyday investors and large institutions. ⁽⁴⁾
What Does SpaceX Actually Do?
SpaceX was founded by Musk in 2002. The company was only built around one single idea: reusable rockets that cut the costs of reaching space.
Nowadays, the company places more rockets into orbit than any major space company alongside NASA’s strong partnership since the agency shut down its Space Shuttle program back in 2011.
SpaceX carried out 165 orbital flights last year, alongside additional flight tests for its starships. The company has received over $24.4 billion in government contracts since 2008, collaborating with NASA, the US Air Force and Space Force. ⁽⁵⁾
Beyond rockets, SpaceX operates Starlink, a satellite internet service running on a constellation of around 10,000 satellites in low Earth orbit. Starlink now has roughly 9 million subscribers and is increasingly used in military operations around the world.
The Role of Starlink and AI
Much of the $1.75 trillion valuation being discussed hinges on the Starlink business.
The merger with xAI has also attracted significant investor attention. Analysts are watching closely to see how Musk plans to combine rockets, satellites, and AI systems into a single integrated operation.
AI remains one of Wall Street’s most popular investment themes, and SpaceX’s deep ties to the sector through its merger with xAI and its data centers are adding to investor interest.
What Happens Before the IPO?
A confidential filing is when a company submits its financial documents to the SEC for review before making them public. SpaceX also must release a public filing at least 15 days before its public offering. ⁽⁶⁾
While investors are getting hyped for the IPO, systematic factors still present issues. Global stock markets have surged in volatility with the ongoing conflict in the Middle East, bringing higher oil prices and corrections in major stock indices.
A Broader Shift in the Space Industry
SpaceX’s move toward a public listing comes at a pivotal moment. NASA is preparing to send four astronauts on a ten-day flight around the moon, the most ambitious US space mission in decades.
A growing number of private companies and billionaires, including Jeff Bezos through his Blue Origin venture, are pouring money into rockets, satellites, and lunar exploration.
As defense budgets grow and NASA leans more heavily on commercial partners, space is fast becoming a strategic and economic battleground. SpaceX sits at the center of that shift. The company generated roughly $8 billion in profit from $15 to $16 billion in revenue last year. ⁽⁷⁾
Several other major startups, including OpenAI and Anthropic, are also said to be considering large IPOs.
A blockbuster SpaceX debut could reignite a public market that has seen subdued activity for years, and encourage other long-private companies to finally make their move.
