According to reports from Bloomberg, SpaceX is targeting filing confidentially for an initial public offering as soon as next month, with the company expecting to submit its draft IPO registration to the US Securities and Exchange Commission in March. The Starbase, Texas-based firm is moving forward with plans for what could be the biggest-ever listing, with SpaceX potentially seeking a valuation of more than $1.75 trillion in the IPO. This marks a dramatic rise from earlier private market discussions that valued the company below $1 trillion, then near $1.25 trillion following its February acquisition of Musk's AI startup xAI. Market chatter later pushed expectations toward $1.5 trillion before current projections approached $1.75 trillion, as reported by Bloomberg News. The timing of this filing could lead to a June listing, potentially setting a new record for the largest IPO in history.
As reported by Bloomberg, a listing for SpaceX would raise as much as $50 billion, which would be larger than the current record holder, Saudi Aramco's $29 billion debut in 2019. At a $1.75 trillion market value, SpaceX would be bigger than all but five companies in the S&P 500 Index — Nvidia Corp, Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com Inc. It would also be larger than Meta Platforms Inc and Musk's own Tesla Inc. The offering could raise as much as $50 billion, eclipsing Saudi Aramco's $29 billion debut in 2019 as the largest IPO on record. According to latest reports, the company generated approximately $8 billion in EBITDA profit last year on revenue of $15-16 billion, with this operating cash flow serving as the primary engine for funding ambitious expansion plans.
According to Bloomberg reports, SpaceX has lined up Bank of America Corp, Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley for senior roles on the IPO. The company is considering a dual-class share structure in the IPO that would potentially give insiders such as Musk extra voting power to dominate decision making. In a confidential filing, companies can receive feedback from the regulator and make changes before the information becomes public. The preparations include serious institutional backing from major banks, signaling the company's commitment to the massive capital raise. This dual-class structure reflects a broader effort to maintain control while funding ambitious projects such as its Starship rocket program and Starlink internet services.
According to Bloomberg, EchoStar Corp shares surged as much as 10% on Friday, the most since December, following news of the potential SpaceX IPO. EchoStar has a stake in SpaceX as the result of wireless spectrum sales last year to Musk's firm. Considerations are ongoing, details could change and SpaceX could still delay its filing, as reported by Bloomberg. The company's dominance in orbital launches through Falcon 9 and its Starlink satellite network, which serves millions of customers globally, has fueled investor appetite for the potential IPO. However, the sheer size of the offering is creating significant market dynamics, with smaller IPOs like EQT AB considering rescheduling their offerings to avoid direct competition. The IPO is positioned as a validation of the "first principles" tech thesis and could create a halo effect, boosting sentiment and valuation multiples for other private, infrastructure-heavy plays in AI and deep tech.
As reported by Bloomberg, in a memo, SpaceX said it's preparing for a possible IPO in 2026 that would be aimed at funding an "insane flight rate" for its developmental Starship rocket, artificial intelligence data centres in space and a base on the moon. The world's most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit, and is the industry leader in providing internet services from low-Earth orbit through Starlink, a system of thousands of satellites that serves millions of customers globally. The company operates thousands of Starlink satellites and runs a launch cadence of over 100 launches per year. Proceeds are expected to support aggressive expansion plans, including scaling Starship launch frequency, building artificial intelligence data centers in orbit and advancing lunar base ambitions. The timing of this filing is particularly significant as it coincides with other major IPOs expected in 2026, including Anthropic (AI models), Canva (valued at $15 billion+), and Discord, which could create a busy year for public offerings.
