Elon Musk’s aerospace company SpaceX has reportedly filed confidentially for an initial public offering, moving it closer to what could be the biggest public listing in US history.
SpaceX submitted its IPO confidentially to the US Securities and Exchange Commission, according to a report from Bloomberg on Wednesday, citing people familiar with the matter. The IPO could be finalized as early as June, the sources said.
SpaceX could seek a valuation exceeding $1.75 trillion in the IPO, sources told Bloomberg in February. A valuation of that size would make the aerospace company more valuable than Meta (META), Tesla (TSLA) and Bitcoin (BTC).
SpaceX could also raise up to $75 billion from the IPO, a size that would more than double Saudi Aramco’s record $29 billion debut in 2019.
SpaceX's potential IPO follows its acquisition of Musk’s AI startup xAI in early February, putting the company in an AI race against OpenAI, Anthropic and other private AI startups.
OpenAI, the creator of ChatGPT, closed its last funding round with $122 billion in committed capital on Tuesday, bumping its valuation to $852 billion.
IPO investors to be briefed on more details this month
SpaceX reportedly told prospective IPO investors to expect briefings from company executives later this month, Bloomberg noted.
SpaceX is weighing a dual-class share structure that would give insiders, including Musk, greater voting control.
The IPO is expected to allocate up to 30% of shares for individual investors.
Wall Street firms Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup are expected to be involved in SpaceX’s transition to a public company.
SpaceX also continues to hold 8,285 Bitcoin worth more than $565 million on its balance sheet.
However, the company shifted its Bitcoin to a new wallet address in October, prompting speculation over whether it intends to hold the cryptocurrency in the long term.
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Trading platforms such as Robinhood and Kraken have been seeking to offer tokenized shares in high-profile private companies like SpaceX, OpenAI and others on the blockchain, giving retail investors a way to invest in nonpublic companies.
Robinhood CEO Vladimir Tenev said in February 2025 that investors have had limited access to these private tech firms, but that blockchain tokenization could help broaden participation.
However, OpenAI is expected to file for an IPO in 2026, and Anthropic is also exploring a public listing, which would make their shares available for trading on regular stock exchanges.
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