SpaceX Files for Largest IPO in History at $1.75 Trillion Valuation

SpaceX has filed a confidential S-1 registration with the SEC, targeting a June 2026 listing at a valuation that could exceed $1.75 trillion — setting the stage for what could become the largest initial public offering ever conducted.

SpaceX, the rocket and satellite company founded by Elon Musk in 2002, took its first formal step toward the public markets on April 1 when it filed a confidential registration statement with the U.S. Securities and Exchange Commission — setting the stage for what could become the largest initial public offering ever conducted.

The filing, internally codenamed “Project Apex,” puts SpaceX on track for a June 2026 listing at a valuation that could exceed $1.75 trillion. If the company raises its target of $75 billion, it would more than double the current record held by Saudi Aramco, which raised $29.4 billion in its 2019 debut on the Saudi stock exchange. For context, Alibaba’s landmark 2014 New York Stock Exchange listing — previously the largest — raised $21.8 billion.

What Is a Confidential IPO Filing?

A confidential filing, formally known as a Draft Registration Statement, allows a company to submit its financial disclosures to the SEC for regulatory review before making them available to the public. This process, enabled by the JOBS Act of 2012, gives companies time to address any SEC feedback privately. SpaceX will be required to release a full public prospectus — known as an S-1 — at least 15 days before it begins its investor roadshow, the series of presentations where executives pitch the stock to institutional buyers ahead of the listing.

The Business Behind the Valuation

SpaceX’s $1.75 trillion target rests on two pillars: its rocket launch business and Starlink, its low-Earth orbit satellite internet service. The combined entity — which now includes Musk’s artificial intelligence company xAI following a merger completed earlier this year — is approaching $20 billion in annual revenue for 2026, though xAI contributes less than $1 billion of that total.

Starlink is the primary revenue engine. The satellite internet service surpassed 10 million subscribers in February 2026, up from 4 million in September 2024 and 1 million in December 2022. Starlink generated approximately $10 billion in revenue in 2025 and now operates a constellation of nearly 9,500 active satellites in low-Earth orbit — more than any other operator in history. SpaceX reported roughly $16 billion in total revenue and $7.5 billion in EBITDA — earnings before interest, taxes, depreciation, and amortization, a common measure of operating profitability — for fiscal year 2025. Free cash flow, the money left after covering operating expenses and capital investments, reached approximately $2 billion, with margins expected to climb to 25% by the end of 2026.

Why Now — and Why Public?

Musk has long resisted taking SpaceX public, arguing that quarterly earnings pressure would conflict with the company’s long-term mission to colonize Mars. The shift appears driven by two factors: the xAI merger created a combined entity with enormous capital needs for both satellite and AI infrastructure, and the 2026 IPO market is shaping up as the most active in years.

SpaceX’s filing positions it ahead of what analysts are calling a “mega-IPO pipeline.” OpenAI, which just closed a record $122 billion funding round at an $852 billion valuation, is also exploring a public listing. Anthropic, valued at over $100 billion, has signaled similar intentions. By moving first, SpaceX may capture investor enthusiasm before the market is saturated with large technology offerings.

The company has assembled an unusually large syndicate of 21 banks to manage the deal. Lead underwriters include Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. Regional coordinators span Barclays in the U.K., Deutsche Bank and UBS in Europe, Mizuho in Asia, and Macquarie in Australia — reflecting the global scale of expected investor demand.

Retail Investors May Get a Seat

One notable detail: SpaceX is reportedly considering allocating up to 30% of its shares to retail investors — individual buyers rather than large institutional funds. If implemented, this would be an unusually large retail allocation for an IPO of this size. Most large offerings reserve the vast majority of shares for mutual funds, pension funds, and hedge funds, with retail investors typically receiving single-digit percentage allocations. SpaceX is also weighing a dual-class share structure, a corporate governance arrangement that grants insiders — in this case, likely Musk — disproportionate voting power relative to their economic stake. Dual-class structures are common among founder-led technology companies, including Alphabet, Meta, and Snap.

What to Watch

SEC Review Timeline: SpaceX must release its public S-1 filing at least 15 days before its roadshow. If the company is targeting a June listing, expect the public filing in May. The S-1 will reveal detailed financials, risk factors, and the precise terms of the xAI merger — all of which will be scrutinized heavily.

Starlink Growth Trajectory: With 10 million subscribers and climbing, Starlink’s ability to maintain its growth rate will be central to justifying the valuation. Analysts at Sacra project Starlink revenue could reach $15.9 billion to $24 billion in 2026, a wide range that reflects uncertainty about pricing power and churn in an increasingly competitive satellite internet market.

IPO Market Conditions: Geopolitical risk remains elevated. Oil prices surged above $109 per barrel on April 2 following President Trump’s address on the Iran conflict, and the S&P 500 fell 0.52%. If volatility persists, SpaceX may delay its listing — confidential filers have the flexibility to adjust timing without public embarrassment.