SpaceX Submits Confidential IPO Filing in Pursuit of Record-Breaking Market Debut
With a potential valuation surpassing $1.75 trillion, SpaceX's public offering would position it among the top-10 publicly traded companies globally, exceeding both Meta and Tesla in market cap.
The aerospace venture led by Elon Musk, SpaceX, has allegedly submitted a confidential filing for its initial public offering, bringing the company one step closer to potentially achieving the largest public market debut in United States history.
According to a Wednesday report from Bloomberg, SpaceX filed its IPO documentation confidentially with the US Securities and Exchange Commission, based on information from sources with knowledge of the situation. These sources indicated that the public offering could reach completion as soon as June.
Bloomberg reported in February that SpaceX might pursue a valuation topping $1.75 trillion in its IPO, according to people familiar with the plans. Such a market capitalization would position the aerospace firm as more valuable than Meta (META), Tesla (TSLA) and Bitcoin (BTC).
The company could potentially secure as much as $75 billion through its IPO, a figure that would represent more than double the record-setting $29 billion raised by Saudi Aramco during its 2019 market debut.
The planned public offering from SpaceX comes on the heels of its purchase of Musk's artificial intelligence venture xAI during early February, which positioned the aerospace company in direct competition with OpenAI, Anthropic and additional private AI enterprises.
On Tuesday, OpenAI, which developed ChatGPT, completed its most recent funding round with $122 billion in committed capital, elevating its company valuation to $852 billion.
IPO investors to be briefed on more details this month
According to Bloomberg's reporting, SpaceX has informed potential IPO investors they should anticipate receiving briefings from the company's executive leadership later this month.
The aerospace company is considering implementing a dual-class share structure designed to provide insiders, Musk included, with enhanced voting control.
As much as 30% of shares are anticipated to be designated for individual investors in the IPO.
Major Wall Street banking institutions including Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup are anticipated to play roles in facilitating SpaceX's transformation into a publicly traded entity.
Additionally, SpaceX maintains holdings of 8,285 Bitcoin valued at over $565 million within its corporate balance sheet.
That said, the company transferred its Bitcoin holdings to a different wallet address in October, which sparked questions about whether the firm plans to maintain ownership of the cryptocurrency over the long haul.
Investment platforms including Robinhood and Kraken have been working toward providing tokenized equity shares in prominent private enterprises such as SpaceX, OpenAI and similar companies through blockchain technology, creating opportunities for retail investors to gain exposure to privately held corporations.
In February 2025, Robinhood CEO Vladimir Tenev stated that access to these private technology companies has been restricted for most investors, but suggested that tokenization via blockchain could expand investor participation.
That being said, OpenAI is anticipated to submit its own IPO filing in 2026, while Anthropic is similarly considering a public listing, which would enable their equity shares to become accessible for purchase on traditional stock market exchanges.