SpaceX Reportedly Files Confidentially for IPO Aimed at Record $1.75 Trillion Valuation

SpaceX has reportedly taken a major step toward the public markets, filing confidential paperwork with the U.S. Securities and Exchange Commission (SEC) ahead of an initial public offering that could value the company at as much as $1.75 trillion.

The technology conglomerate founded by Elon Musk submitted its IPO disclosures on a confidential basis, according to a report citing anonymous sources. Bloomberg reported the potential $1.75 trillion valuation, while Reuters reported that the offering is internally codenamed “Project Apex” and involves an unusually large roster of 21 banks lined up to manage the deal.

Under SEC rules, private companies can file their IPO registration statements confidentially up to 15 days before they begin formally marketing shares to public investors. This process allows a company to work through questions and comments from the regulator outside of public view before releasing a full prospectus.

SpaceX is reportedly aiming to raise around $75 billion in the listing. If that target is met, it would make the deal the largest initial public offering in history, surpassing Saudi Aramco’s $29 billion IPO in 2019. SpaceX has raised an estimated $10 billion as a private company to date, according to the report.

Bringing in 21 banks to manage the offering would put SpaceX’s deal at the very top end of Wall Street’s league tables in terms of syndicate size. Mega-IPOs typically involve multiple investment banks to underwrite, allocate and stabilize shares, but the reported number here is described as unusually large.

Founded in 2002, SpaceX has grown from a disruptive launch startup into what the report describes as the world’s leading space company, with a fleet of reusable rockets and spacecraft. The company also operates Starlink, a vast satellite communications network made up of roughly 10,000 satellites in orbit.

Musk’s approach imported Silicon Valley’s rapid-iteration, software-driven culture into a sector long dominated by traditional aerospace contractors and government programs. That shift helped catalyse a new wave of commercial space activity and an ecosystem of private space startups building on lower launch costs and more frequent missions.

SpaceX’s corporate scope has expanded further in the past year. In February, the company acquired Musk’s artificial intelligence venture xAI in a deal that valued xAI at $1.25 trillion, according to the report. The resulting conglomerate now includes:

• xAI, Musk’s frontier generative AI lab
• X, the social network formerly known as Twitter
• SpaceX’s core launch and spacecraft business
• The Starlink satellite communications network

This combination places rockets, satellites, social media and advanced AI under one corporate umbrella, with SpaceX at the centre of both physical and digital infrastructure ambitions.

Musk has previously said he would not take SpaceX public until its spacecraft had reached Mars. According to the report, however, rising capital needs have shifted that stance as the company recalibrates its near-term goals toward the moon instead. In recent months, Musk has said SpaceX plans to build a network of up to a million data centre satellites in space, manufactured and launched from the lunar surface.

The company’s funding requirements are substantial. The report notes several major spending priorities:

• Starship development: SpaceX’s fully reusable heavy-lift rocket is central to its future business model and plays a key role in NASA’s hopes of reaching the moon ahead of China.
• Starlink expansion: The company needs capital to acquire spectrum rights and continually refresh its Starlink satellite fleet as existing spacecraft age and become obsolete.
• AI compute: Operating and training xAI’s deep learning models requires significant investment in computing infrastructure.

Taken together, these projects demand tens of billions of dollars, which helps explain why SpaceX may now be preparing to tap public markets at unprecedented scale.