SpaceX Files Confidentially For IPO: 10 Things You Need To Know About The Biggest Market Debut In History
· Free Press Journal
Elon Musk's rocket and AI company SpaceX has confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), setting the stage for what could be the largest stock market debut in history.
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Here are 10 key things readers need to know.
1. The filing is confidential
A confidential filing allows companies to submit their financials to the SEC for regulatory review before revealing them to the public and prospective investors. SpaceX did not respond to a request for comment, and the SEC said it declines to comment on specific companies.
2. June listing is the target
The filing puts SpaceX on track for a June listing, which would make it the first of what could be a trio of mega-IPOs, ahead of OpenAI and Anthropic.
3. A record-shattering valuation
Bloomberg reported the company could seek a valuation of over $1.75 trillion, which would place it above every S&P 500 company except Nvidia, Apple, Alphabet, Microsoft, and Amazon.
Elon Musk's Net Worth Surges Past $800 Billion To $852 Billion After SpaceX Acquires xAI4. Aiming to raise up to $75 billion
A listing for SpaceX would raise as much as $75 billion, dwarfing the current record holder, Saudi Aramco's $29 billion debut in 2019. That would make it more than three times the size of the biggest US IPO to date.
5. The xAI merger boosted its worth
SpaceX completed an all-stock merger with Musk's artificial intelligence company xAI in February 2026, creating a combined entity worth $1.25 trillion. The IPO target of $1.75 trillion reflects expectations around the combined entity's space and AI ambitions.
6. Starlink is the crown jewel
While SpaceX is best known for its Falcon 9 and Starship rockets, the $1.75 trillion valuation is anchored by Starlink, its satellite internet service, which ended 2025 with 9.2 million subscribers and over $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
7. 21 banks are on board, codenamed 'Project Apex'
SpaceX has lined up an unusually large number of 21 banks to manage the mega-IPO, internally codenamed 'Project Apex.' Senior roles have gone to Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
SpaceX Acquires xAI To Pioneer Space-Based AI Ahead Of Record-Breaking IPO: 8 Key Takeaway Points8. Retail investors get a large slice
The IPO is expected to have a large retail component, with SpaceX potentially allocating as much as 30 percent of the offering to small investors.
9. Musk will control majority voting shares
CEO and principal shareholder Elon Musk is expected to control a majority of voting shares once the details are revealed. When SpaceX lists, Musk will become the first person to helm two separate trillion-dollar publicly traded companies, Tesla being the other.
10. Market volatility could delay the listing
Stocks have been volatile of late largely due to the US-Iran war and spiking oil prices, and the Nasdaq is coming off its steepest weekly drop in nearly a year. Even a great company with strong fundamentals and investor interest can see an IPO flop if markets turn volatile.