SpaceX submitted a confidential draft IPO registration to the SEC on Wednesday, putting Elon Musk's rocket, satellite, and AI conglomerate on track for what would be the largest public offering in history. The company is targeting a June listing at a $1.75 trillion valuation and expects to raise up to $75 billion, according to Bloomberg's report, which cited people familiar with the matter. CNBC, Reuters, and the Wall Street Journal all confirmed the filing independently.
That $75 billion figure would more than double Saudi Aramco's $29.4 billion IPO record from 2019. Let that sink in. SpaceX wants to raise in a single offering what the entire U.S. IPO market typically absorbs in years.
What $1.75 trillion actually buys you
The valuation bump tells a story about timing. In December 2025, SpaceX was valued at $800 billion during an insider share sale. Two months later, Musk merged xAI (his AI venture) and X (the social network) into SpaceX in a deal that priced the combined entity at $1.25 trillion. Now, barely eight weeks after that, the company is asking public investors to pay $1.75 trillion.
So the valuation has roughly doubled in four months. SpaceX generated around $15 to $16 billion in revenue in 2025 with an estimated $8 billion in profit, according to CNBC, driven largely by Starlink's roughly 9 million paying subscribers. Those are real numbers. But xAI is reportedly burning through $1 billion a month, and the social platform formerly known as Twitter hasn't exactly been a profit engine. Whether the merged entity's financials justify a jump from $1.25 trillion to $1.75 trillion in two months will be the central question of every roadshow meeting.
The retail play
Here's what makes this IPO structurally different from anything before it. SpaceX plans to allocate up to 30% of the offering to retail investors, roughly three times the typical 5-10% reserved for individuals, according to Euronews. Morgan Stanley will use its E*Trade platform to reach smaller investors. Bank of America will target family offices and high-net-worth individuals.
Musk is reportedly exploring giving priority access to Tesla shareholders and supporters of his other ventures. The official framing is that a larger retail allocation encourages long-term ownership rather than quick institutional flips. Maybe. It also builds a shareholder base that is, to put it diplomatically, less likely to vote against the founder's wishes at annual meetings.
Which brings us to the governance structure. SpaceX is considering dual-class shares that would preserve insider voting control even after selling a chunk of the company to the public. Dual-class structures are common enough in tech (Meta, Alphabet, Snap all use them), but combined with a retail-heavy allocation and Musk's singular ability to move his stock prices via social media posts, the setup creates a dynamic the SEC should probably pay close attention to.
Racing for the exit
The confidential filing makes SpaceX the first mover in what could be a trio of mega-IPOs this year. OpenAI is preparing its own listing at a potential $1 trillion valuation, while Anthropic is eyeing an October debut that could raise more than $60 billion. Bloomberg's framing of the SpaceX filing explicitly positioned it as beating these AI rivals to market.
The timing isn't accidental. One analysis from the University of Florida's Jay Ritter noted that at standard float percentages, absorbing all three IPOs in a single quarter would require public markets to digest nearly half a trillion dollars, roughly equal to total U.S. IPO proceeds from 2016 to 2025 combined. There simply may not be enough institutional capital to go around if all three hit the market simultaneously. Getting in first is a strategy, not just a timeline.
The IPO has been internally codenamed "Project Apex," with 21 banks signed on, according to TechCrunch. Goldman Sachs, JPMorgan, Bank of America, Citigroup, and Morgan Stanley hold senior underwriting roles. A formal public prospectus is expected in April or early May, at least 15 days before the investor roadshow begins.
The SEC declined to comment. SpaceX did not respond to requests for comment. The full financial picture, including how xAI's burn rate and X's economics look on a consolidated balance sheet, will only become clear when the S-1 goes public. That filing will be one of the most scrutinized documents in IPO history.
