SpaceX has taken a major step toward going public after submitting a confidential filing to the U.S. Securities and Exchange Commission, according to Bloomberg report. The move places Elon Musk’s rocket company on track for what could become the largest initial public offering in history.
Sources cited by CNBC’s David Faber confirmed the filing, noting that the company may target a valuation of more than $1.75 trillion. The IPO could arrive as early as June, although final timing remains subject to market conditions and regulatory review.
A confidential filing allows a company to submit financial documents privately before making them public. Regulations require a public disclosure at least 15 days before the IPO roadshow begins.
Record-breaking ambitions meet volatile markets
If completed at the projected scale, SpaceX’s IPO could raise up to $75 billion. That would surpass previous records set by Alibaba, which raised $22 billion in 2014, and Saudi Aramco, which secured $29 billion in 2019.
The potential listing arrives during a period of market instability. Recent volatility tied to geopolitical tensions and rising oil prices has weighed on equities, with the Nasdaq Composite recording its steepest weekly drop in nearly a year.
Reena Aggarwal of Georgetown University told CNBC that even strong companies face risks in unstable markets.
“You can have a great company, with great fundamentals and a lot of investor interest — and an IPO can still flop if the markets have turned south, if there’s too much volatility in the market,” she said. “Hopefully the current geopolitical situations will have cooled down by June and there will be less uncertainty.”
From NASA partner to trillion-dollar contender
Founded in 2002, SpaceX has grown into a dominant force in aerospace. It became a key partner for NASA after the agency ended its space shuttle program in 2011. Since 2008, the company has received more than $24.4 billion in federal contracts, including work with the Air Force and Space Force.
The company’s operational scale has expanded rapidly. In 2025 alone, SpaceX completed 165 orbital launches and conducted additional test flights of its Starship Super Heavy rocket system. The program remains central to Musk’s long-term ambitions for missions to the Moon and Mars, despite past setbacks that included high-profile test failures.
SpaceX also operates Starlink, a satellite internet network with roughly 10,000 satellites in low Earth orbit. The service has become a significant revenue driver alongside government contracts.
xAI merger and expanding tech ambitions
In February, SpaceX merged with xAI, Musk’s artificial intelligence venture, as reported by HodlFM. The combined entity was valued at approximately $1.25 trillion at the time. The deal positioned SpaceX within a broader AI race that includes companies such as OpenAI and Anthropic.
The company’s internal plans include funding high-frequency Starship launches, space-based data centers, and even a future lunar base. These ambitions reflect a strategy that extends beyond traditional aerospace into infrastructure and computing.
Investor access and ownership structure
SpaceX is expected to allocate up to 30% of shares to individual investors, a rare move for a company of its size. The IPO may also include a dual-class share structure that gives insiders, including Musk, greater voting control.
Major Wall Street firms such as Goldman Sachs, JPMorgan Chase, and Morgan Stanley are expected to participate in the offering.
Retail demand could play a significant role. Aggarwal noted that opportunities like this are rare.
“It’s not like five other companies like this will go public in the next five years,” she said. “Anyone who wants more exposure to Elon Musk — this is their opportunity to get in.”
Musk’s expanding public market footprint
If SpaceX completes its IPO at a trillion-dollar valuation, Musk would become the first person to lead two separate trillion-dollar public companies. Tesla, where he serves as CEO, already holds a market capitalization of around $1.4 trillion, according to Companies Market Cap data.
According to Forbes, Musk’s net worth stands at $823 billion, much of it tied to Tesla stock.
The IPO process still faces multiple hurdles before completion. Market conditions, regulatory review, and investor sentiment will determine whether SpaceX can achieve its record-setting goals. Yet the confidential filing marks a decisive step, signaling that one of the most closely watched private companies now prepares for the public stage.
Gunel Ismayilova
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that, despite the nature of much of the material created and hosted on this website, HODL FM operates as a media and informational platform, not a provider of financial advisory services. The opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice, HODL FM strongly recommends contacting a qualified industry professional.
