CAPE CANAVERAL, Florida: Elon Musk's SpaceX has confidentially filed for a U.S. initial public offering, according to two people familiar with the matter, in a move that could lead to the largest stock market debut in history.
The company, which launches more rockets than any rival, is pitching investors a stake in ambitions that range from returning humans to the moon to building a presence on Mars. It is also developing satellite networks that expand internet access globally and are increasingly used in conflict zones.
A public listing at a potential valuation of more than $1.75 trillion follows SpaceX's merger with Musk's artificial intelligence startup xAI, a deal that valued the rocket company at $1 trillion and xAI at $250 billion.
SpaceX is hosting an analyst day on April 21 and has invited research analysts to attend in person, according to a person familiar with the matter. The company is also offering an optional visit to xAI's "Macrohard" data center site in Memphis on April 23, followed by a virtual session on May 4 to discuss financial models with banks' research teams.
Valuing the combined business presents challenges, but investor appetite remains strong.
"Investors could use a sum-of-the-parts analysis, but, like with Tesla, SpaceX's valuation could very much fluctuate wildly based off how much the public believes in Musk's vision," said Angelo Bochanis, data and index associate at Renaissance Capital.
"So far, investors seem to be clamoring for any sort of exposure to SpaceX."
SpaceX did not immediately respond to a request for comment.
Largest IPO ever?
The company could raise more than $50 billion in the offering, surpassing Saudi Aramco's 2019 listing, currently the largest IPO on record.
A high-profile debut could revive global IPO markets after a prolonged slowdown, with strong interest expected from both retail and institutional investors drawn to Musk's track record and SpaceX's growth in launch and satellite services.
SpaceX is already the world's most valuable privately held company based on its merger valuation, though it was last valued at around $800 billion in a secondary share sale.
Other major startups, including OpenAI and Anthropic, are also considering public listings, potentially testing investor appetite for large-scale IPOs.
A confidential filing allows SpaceX to submit documents privately to regulators, giving it time to address feedback before making details public.
‘Muskonomy' in focus
An IPO would bring greater scrutiny to Musk's network of companies and how they are financed and governed.
"A likely dual-class share structure would let Musk tap public capital while retaining firm control, even after the substantial dilution that comes with a public offering," said Minmo Gahng, assistant professor of finance at Cornell University.
Musk also leads electric vehicle maker Tesla, brain-chip developer Neuralink and tunneling firm The Boring Company. He has integrated social media platform X with xAI, linking data and infrastructure across his businesses.
Some analysts say concerns over Musk overseeing multiple large enterprises could weigh on investor sentiment.
"It is understandable that investors would be concerned with Musk overseeing multiple significant enterprises, especially given his polarizing public profile at times. However, SpaceX appears somewhat differentiated," said Kat Liu, vice president at IPOX.
"The business is operationally mature, technologically ahead in several key areas, and profitable, which provides a solid fundamental underpinning."
New space race momentum
The filing comes amid renewed momentum in the space sector, with NASA preparing for a major lunar mission and private companies investing heavily in satellite networks and space infrastructure.
SpaceX generated about $8 billion in profit on $15 billion to $16 billion in revenue last year, according to a previous Reuters report.
The company is also seeking approval to launch up to 1 million solar-powered satellites designed as orbital data centers, far beyond current deployments.
Its integration with xAI has highlighted plans to combine rockets, satellites and artificial intelligence systems to expand computing capabilities beyond Earth.
