SpaceX has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, Bloomberg reported, citing people familiar with the matter. The filing could clear the way for an IPO as soon as June and sources say the company may seek a valuation north of $1.75 trillion — a level that would exceed the market value of companies like Meta and Tesla and at times top Bitcoin. The offering could raise as much as $75 billion, more than double Saudi Aramco’s record $29 billion debut in 2019. Earlier this year SpaceX acquired Elon Musk’s AI startup xAI, bringing the company into closer competition with AI players such as OpenAI and Anthropic; OpenAI recently secured funding commitments that have pushed its implied valuation toward roughly $852 billion. Prospective investors have been told to expect briefings from SpaceX executives later this month as the company evaluates deal structure. Reports say SpaceX is weighing a dual-class share setup that would preserve outsized voting control for insiders, including Musk, while reserving up to about 30% of IPO shares for individual investors. Major Wall Street banks — Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup — are expected to have roles in the transition to a public company. Separately, SpaceX holds 8,285 Bitcoin on its balance sheet, valued at more than $565 million, and moved those coins to a new wallet address in October, prompting questions about its longer-term crypto strategy. At the same time, retail platforms like Robinhood and Kraken are pushing tokenized shares of high-profile private firms, including SpaceX and OpenAI, to give wider investor access; Robinhood CEO Vladimir Tenev has argued tokenization could broaden participation in leading private tech companies. Industry watchers note OpenAI is widely expected to pursue an IPO in 2026, while Anthropic has explored a potential listing as early as October, which would bring shares to standard exchanges.
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