SpaceX files for IPO in potential $1.75 trillion listing

SpaceX has reportedly filed disclosures confidentially with the U.S. Securities and Exchange Commission (SEC) ahead of an initial public offering (IPO). According to Bloomberg, which cited anonymous sources, the company could seek a valuation of potentially $1.75 trillion. The company expects to raise $75 billion in the listing, which would mark the largest IPO in history.

The offering, internally codenamed “Project Apex,” is being managed by an unusually large number of 21 banks, Reuters reported Tuesday. If successful, the capital raised would far exceed previous record-setting public debuts:

• SpaceX IPO target: Expects to raise $75 billion.
• Saudi Aramco listing (2019): Raised $29 billion.

SpaceX has previously raised an estimated $10 billion as a private company since its founding in 2002.

The capital demands of the conglomerate have grown as its operations expand. In February, SpaceX acquired Elon Musk’s xAI in a deal that valued the entity at $1.25 trillion. The conglomerate now includes xAI, a generative AI lab, and the social network X. SpaceX requires capital to build Starship, a reusable heavy-lift rocket central to its future plans and NASA’s hope of beating China to the moon. It also needs capital to purchase spectrum and replenish its 10,000-satellite Starlink communications network as satellites become obsolete, and to pay for the compute required to build and operate xAI’s deep learning models. While Musk previously stated SpaceX would not go public until its spacecraft reached Mars, the company has reset its ambitions to aim for the moon, with Musk stating the company will build a network of as many as a million data center satellites in space, built and launched from Earth’s nearest neighbor.

Under SEC rules, a private company can file its registration statement confidentially 15 days before it begins marketing its shares to public investors. This regulatory mechanism allows SpaceX to receive feedback from the agency in private before public marketing begins.

Why it matters

SpaceX’s confidential IPO filing, if successful, would be the largest in history as the company expects to raise $75 billion, surpassing Saudi Aramco’s 2019 listing. The move marks a shift in strategy for the conglomerate, which now includes xAI and X, as it seeks capital for Starship, Starlink, and AI compute.