Elon Musk’s SpaceX has reportedly filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission, a move that could produce one of the largest listings in U.S. market history.
Bloomberg, citing people familiar with the matter, reported the confidential filing and said the IPO could be finalized as early as June. Sources previously told Bloomberg SpaceX could seek a valuation exceeding $1.75 trillion, a level that would make it more valuable than Meta, Tesla and even exceed the market value of Bitcoin at times.
The company could also raise as much as $75 billion in the offering, a sum that would more than double Saudi Aramco’s record $29 billion debut in 2019.
SpaceX’s potential IPO follows its acquisition of Elon Musk’s AI startup xAI in early February, placing SpaceX in closer competition with AI firms such as OpenAI and Anthropic. OpenAI recently closed a funding round with $122 billion in committed capital, boosting its valuation to about $852 billion.
Prospective IPO investors have been told to expect briefings from SpaceX executives later this month, according to Bloomberg. The company is reportedly weighing a dual-class share structure that would grant insiders, including Musk, enhanced voting control. The IPO is expected to reserve up to 30% of shares for individual investors.
Major Wall Street firms — including Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup — are expected to play roles in SpaceX’s transition to a public company.
SpaceX also holds 8,285 Bitcoin on its balance sheet, worth more than $565 million, though it moved those coins to a new wallet address in October, prompting speculation about its long-term crypto intentions.
Meanwhile, trading platforms such as Robinhood and Kraken have been pursuing tokenized shares of prominent private companies — including SpaceX and OpenAI — to give retail investors access to nonpublic firms. Robinhood CEO Vladimir Tenev has argued that blockchain tokenization could broaden investor participation in high-profile private tech companies.
OpenAI is widely expected to file for an IPO in 2026, and Anthropic has reportedly explored a possible listing as soon as October, which would make shares available on standard stock exchanges.