Elon Musk’s SpaceX has submitted a confidential draft IPO registration to the United States Securities and Exchange Commission, putting the rocket and satellite company on track for a potential public listing as early as June 2026, according to reporting by Bloomberg, Reuters, and the New York Times, citing people familiar with the matter who asked not to be identified because the information is not yet public.
SpaceX did not immediately respond to requests for comment. The SEC filing is confidential, meaning the company is not yet required to disclose details such as the number of shares to be offered or a price range. Those details are expected to appear in a subsequent public filing.
Valuation and Size of the Offering
According to people familiar with the matter cited by Bloomberg, SpaceX could seek a valuation in excess of $1.75 trillion in the IPO. A listing at that level would make it one of the most valuable publicly traded companies in the world at the time of debut.
Bloomberg has separately reported that the offering could raise as much as $75 billion. If that figure is achieved, it would substantially exceed the current record for the largest IPO in history — Saudi Aramco’s $29 billion debut in 2019.
Both the valuation target and the fundraising figure are drawn from secondary reporting based on unnamed sources and should be understood as indicative rather than confirmed. Final terms will be disclosed when SpaceX files publicly with the SEC.
Earlier this year, SpaceX completed an all-stock acquisition of xAI, Musk’s artificial intelligence company. Following that transaction, SpaceX is reported to have carried an internal valuation of $1.25 trillion as the combined entity. The higher figures now being cited in pre-IPO reporting reflect the anticipated market premium that a public listing may command relative to private valuations.
The Confidential Filing Process
A confidential IPO filing — formally a draft registration statement submitted under the JOBS Act — allows companies to seek SEC feedback on their prospectus before making the document available to the public. During this phase, the company can make revisions and address regulatory questions without the competitive and reputational exposure that a fully public filing would entail.
The typical sequence following a confidential filing involves a public registration statement, followed by a “roadshow” in which company executives meet with institutional investors to make the case for the offering. SpaceX is reported to be arranging what the industry calls “testing-the-waters” meetings with prospective IPO investors this month — conversations that would provide the company with a clearer read on investor appetite and valuation expectations ahead of the formal roadshow.
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What SpaceX Is and What It Does
SpaceX was founded by Elon Musk in 2002 with the stated aim of reducing the cost of access to space, primarily by developing reusable rockets. It first contracted with NASA in 2006.
The company’s Falcon 9 rocket is currently the world’s most frequently launched orbital rocket, used to deploy satellites and to carry crew to the International Space Station under NASA contracts. SpaceX is also developing its Starship vehicle — a fully reusable launch system intended to support lunar missions and, eventually, crewed missions to Mars.
Starlink, the company’s satellite internet division, operates a constellation of thousands of low-Earth orbit satellites providing broadband connectivity to millions of customers globally. Starlink’s recurring subscription revenue base has been cited by analysts as a significant driver of investor interest in the IPO, given its potential for continued international expansion.
Following the xAI acquisition, SpaceX now encompasses Musk’s AI venture — best known for its Grok chatbot — alongside its launch and satellite operations. In a presentation in March, Musk also announced a new chipmaking initiative called Terafab, which he said would involve a partnership between SpaceX, Tesla, and xAI.
Emily Zheng, a senior analyst at Pitchbook, told the BBC that by bringing xAI under SpaceX, Musk could demonstrate to potential investors that he was consolidating costs and creating the conditions for resource-sharing across his portfolio of companies.
The Broader IPO Context
According to Bloomberg’s reporting, a SpaceX listing would be the first of what could be a sequence of large technology IPOs, ahead of potential public offerings by OpenAI and Anthropic. Whether and when those companies proceed with their own listings remains to be seen, and no confirmed filings from either company have been reported at the time of writing.
The scale of the reported SpaceX offering — if the $75 billion figure holds — would represent a structural event for capital markets, given the absence of a comparable IPO in recent years. Institutional investors, sovereign wealth funds, and large asset managers would be the primary audience for the roadshow process that precedes the offering.
For retail investors, SpaceX shares will not be purchasable until the company completes its IPO and begins trading on a public exchange. Pre-IPO access to SpaceX equity has historically been restricted to accredited and institutional investors through secondary market platforms, with minimum investment thresholds and limited liquidity.
Constraints and Open Questions
Several material uncertainties remain. The confidential filing does not commit SpaceX to a specific timeline. A June listing is the current reported target, but that date is contingent on SEC review, market conditions, investor meetings, and the absence of significant complications during the registration process. IPO timelines regularly shift.
The valuation figures being reported — ranging from $1.25 trillion based on the xAI deal to $1.75 trillion or more for the IPO — are drawn from sources close to the process rather than from disclosed financial documents. SpaceX has not publicly filed revenue, earnings, or balance sheet data, and the financial basis for any specific valuation cannot be independently verified by the public at this stage.
Musk’s concurrent roles across SpaceX, Tesla, xAI, X, and his advisory position in the current US administration have been noted by analysts as a governance consideration that some institutional investors may weigh when assessing the offering. The degree to which this affects demand or pricing will become clearer during the roadshow process.
What the confidential filing confirms is that SpaceX has taken a concrete regulatory step toward a public listing — a step that, if completed, would bring one of the most consequential private technology companies of the past two decades into the public market for the first time.