Elon Musk’s SpaceX has taken a major step toward becoming a publicly traded company by confidentially filing for an initial public offering with securities regulators.
CNBC reports that Elon Musk’s rocket and satellite company submitted its paperwork to the SEC in private, according to sources who spoke with CNBC’s David Faber, setting in motion what financial analysts expect could become the largest IPO in history.
SpaceX could pursue a valuation exceeding $1.75 trillion with a potential listing around June. The filing comes after SpaceX merged with Musk’s artificial intelligence company xAI in February, a combination that Musk valued at $1.25 trillion at the time of the deal.
Should SpaceX complete its public debut, Musk would achieve an unprecedented milestone as the first person to lead two separate trillion-dollar publicly traded companies. The entrepreneur, whose net worth stands at approximately $840 billion according to Forbes estimates, currently derives the bulk of his liquid wealth from Tesla, which maintains a market capitalization of roughly $1.4 trillion.
The confidential filing mechanism permits companies to submit financial documentation to regulators for preliminary review before making details available to the general public or prospective investors. SpaceX will be required to file a public registration statement at least 15 days prior to beginning its IPO road show presentations to institutional investors.
The scale of the offering, if it proceeds as anticipated, would shatter existing records for U.S. public offerings. Reports indicate SpaceX may seek to raise as much as $75 billion, a figure more than triple the size of the largest American IPO to date. For context, China’s Alibaba Group raised $22 billion in 2014, while Visa’s 2008 offering generated approximately $18 billion.
SpaceX has evolved considerably since Musk established the company in 2002 with the objective of developing reusable rocket technology. Following the conclusion of NASA’s space shuttle program in 2011, the company emerged as the space agency’s primary launch partner. According to FedScout, which tracks federal spending and government contracts, SpaceX has received more than $24.4 billion from federal work since 2008, encompassing agreements with NASA, the Air Force, Space Force, and other agencies.
The company’s operational tempo has accelerated substantially, with 165 orbital flights completed during 2025 alongside additional test flights of its Starship Super Heavy Launch vehicle, the largest rocket ever constructed.
Reena Aggarwal, a finance professor at Georgetown University who specializes in initial public offerings, cautioned that favorable market conditions remain essential for the offering’s success regardless of the company’s strengths. “You can have a great company, with great fundamentals and a lot of investor interest — and an IPO can still flop if the markets have turned south, if there’s too much volatility in the market,” Aggarwal said. She added, “Hopefully the current geopolitical situations will have cooled down by June and there will be less uncertainty.”
Market conditions have indeed deteriorated recently, with stocks experiencing significant volatility driven largely by the ongoing U.S.-Iran conflict and surging oil prices. The technology-heavy Nasdaq Composite index recently posted its steepest weekly decline in nearly a year.
Despite these headwinds, Aggarwal anticipates substantial interest from individual investors when SpaceX ultimately lists its shares. “It’s not like five other companies like this will go public in the next five years,” she observed. “Anyone who wants more exposure to Elon Musk — this is their opportunity to get in.”
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Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.
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