SpaceX Has Secretly Filed for U.S. IPO Application

According to media reports citing sources familiar with the matter, SpaceX has secretly filed for an Initial Public Offering (IPO), bringing Elon Musk's rocket, satellite, and artificial intelligence company closer to what could be the largest listing in history.

Sources said the company has submitted a draft registration statement for its IPO to the U.S. Securities and Exchange Commission (SEC) and requested confidentiality as the information has not yet been made public. This filing positions it for a potential listing in June and could herald the start of a wave of "mega IPOs," with expectations it could precede those of OpenAI and Anthropic PBC.

SpaceX is seeking a valuation in its IPO that could exceed $1.75 trillion, according to the sources. The company previously acquired Musk's AI startup xAI, a deal that valued the combined entity at $1.25 trillion.

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

Previous media reports indicated that SpaceX could raise as much as $75 billion in its IPO. If it reaches that scale, it would far surpass the current record holder, Saudi Aramco's $29 billion IPO in 2019.

SpaceX has informed potential investors that it will arrange for company executives to conduct roadshows this month, according to the sources. These investor meetings, known as "testing-the-waters," may provide more details supporting its valuation targets.

The company has invited Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to act as lead underwriters for the IPO, and has added more banks to the syndicate, the sources said.

Furthermore, SpaceX is working with international banks that will handle IPO subscriptions in specific regions, coordinated by Citigroup. Barclays is responsible for the UK market, while Deutsche Bank and UBS Group will handle European orders, according to the sources. Royal Bank of Canada will manage subscriptions for Canadian investors, Mizuho Financial Group will focus on the Asian market, and Macquarie Group will cover Australia.

SpaceX is considering a dual-class share structure that would give insiders, including Musk, higher voting rights, allowing them to maintain control over decision-making, the sources said. The IPO is also expected to include a significant retail investor component, with SpaceX potentially allocating up to 30% of its shares to smaller investors.

As the world's most active rocket launch company, SpaceX dominates the space industry with its Falcon 9 rocket, capable of delivering satellites and people into orbit. Musk has stated that the company is working towards establishing a base on the Moon and ultimately aims to achieve its long-term goal of sending humans to Mars.

Additionally, SpaceX is a leader in low-Earth orbit internet services with its Starlink system, comprised of thousands of satellites, which already serves millions of users.

SpaceX's primary revenue streams come from its rocket launch business and Starlink satellite services, with projections reaching nearly $20 billion by 2026, while xAI is expected to contribute less than $1 billion.