SpaceX Files Confidential IPO Targeting $1.75 Trillion Valuation and Record $75 Billion Raise
SpaceX submitted a confidential draft registration statement to the SEC on April 1, seeking a Nasdaq listing that could value the company at $1.75 trillion and raise $75 billion, more than triple the largest U.S. IPO on record.
Overview
SpaceX submitted a confidential draft registration statement with the U.S. Securities and Exchange Commission on April 1, setting the stage for what would be the largest initial public offering in history. The company is targeting a valuation of approximately $1.75 trillion and aims to raise up to $75 billion, according to CNBC, which confirmed the filing alongside Bloomberg, Reuters, and The Wall Street Journal. If completed at those terms, the offering would surpass Saudi Aramco’s $29 billion IPO in 2019 by a factor of nearly three.
The filing follows SpaceX’s February 2026 merger with Elon Musk’s xAI, an artificial intelligence company, which valued the combined entity at $1.25 trillion. SpaceX is expected to list on the Nasdaq, with a public S-1 filing anticipated in late April or May and a potential trading debut in June.
What We Know
The confidential filing process allows SpaceX to begin SEC regulatory review without publicly disclosing its financials, giving the agency time to raise questions and request revisions before the document becomes public. The company has assembled a syndicate of 21 banks to manage the offering, an unusually large number that reflects the scale of the deal, according to TechCrunch. Lead underwriters include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup.
SpaceX is positioning itself not as a traditional aerospace company but as a “global connectivity and intelligence” provider, placing it alongside technology giants such as Nvidia and Alphabet in investor presentations. The pitch rests on three business segments: the Starlink satellite internet constellation, the Starship heavy-lift launch system, and xAI’s artificial intelligence capabilities integrated into the satellite network.
Starlink, the company’s broadband satellite service, ended 2025 with approximately 9.2 million subscribers and more than $10 billion in annual revenue, according to SpaceNews. Analysts project that figure could reach $22 to $24 billion by the end of 2026 as Starlink expands into additional markets. The service currently operates roughly 650 direct-to-cell satellites capable of providing connectivity to unmodified smartphones through carrier partnerships with T-Mobile, Rogers, and KDDI.
The xAI merger has added a new dimension to SpaceX’s valuation story. By integrating xAI’s Grok large language model into Starlink’s satellite infrastructure, the company has developed what it describes as a “compute-in-orbit” model for space-based edge data processing. This integration reportedly contributed approximately $500 billion to the company’s internal valuation assessment.
At the targeted $1.75 trillion valuation, SpaceX would become roughly the sixth most valuable public company in the world. The IPO would also represent a landmark liquidity event for SpaceX employees and early investors who have held shares in the privately held company for years.
What We Don’t Know
The confidential nature of the filing means SpaceX’s detailed financial statements, including profitability metrics for individual business segments, remain undisclosed. While Starlink’s revenue trajectory is well documented through industry estimates, the financial performance of the Starship program and the contribution of the xAI integration to operating results have not been independently verified.
Whether the market will support a $1.75 trillion valuation at the time of listing remains uncertain. The broader IPO market has been active in 2026, but SpaceX’s offering would be unprecedented in scale and would test investor appetite at a level no previous IPO has attempted. Regulatory review timelines for confidential filings vary, and there is no guarantee the June listing target will hold.
The governance structure of the combined SpaceX-xAI entity also remains unclear. Musk’s dual role as CEO of both Tesla and SpaceX, along with his involvement in xAI, X, and other ventures, has historically drawn scrutiny from institutional investors concerned about management bandwidth and potential conflicts of interest.