Both Reuters and Bloomberg cited confidential sources familiar with the matter in reporting the filing, with SpaceX possibly seeking a valuation of $1.75trn.

SpaceX has confidentially filed for a US initial public offering (IPO) in what could lead to the biggest-ever stock market listing, according to media reports yesterday (1 April).

Both Reuters and Bloomberg cited confidential sources familiar with the matter in reporting the filing, with SpaceX possibly seeking a valuation of $1.75trn.

Estimates of how much a listing could raise are from around $50bn to around $75bn, well on track to exceed the 2019 listing of Saudi Aramco for $29bn, the current record holder for largest IPO.

A confidential filing would enable the Elon Musk-owned company to privately submit IPO documents to regulators, and then act on feedback as necessary away from the public eye.

Bloomberg said that the submission by SpaceX of a draft IPO registration to the US Securities and Exchange Commission puts the company on track for a listing in June, while a source told Reuters that between late April and early May, the company would be offering various in-person site visits and virtual sessions to research and financial analysts.

Bloomberg sources identified Bank of America, Citigroup, Goldman Sachs, JPMorganChase and Morgan Stanley as planned senior participants in the IPO, with the UK’s Barclays, Germany’s Deutsche Bank and Switzerland’s UBS said to be working on related European orders.

Reuters also recently reported that Musk will be allocating as much as 30pc of shares in SpaceX’s IPO to retail investors, a move that would help him shape who owns the company and how its shares trade.

Musk has consolidated various businesses over the past year to arrive at the mooted $1.75trn valuation. In February, SpaceX acquired xAI, which in March 2025 had acquired X.

Revenue growth from SpaceX’s Starlink satellite broadband service is widely and largely credited for the foundation of the valuation. Starlink currently dominates the global satellite internet service industry, with more than 9,000 satellites in orbit and roughly 9m customers.

In a blogpost regarding the xAI merger on SpaceX’s website in February, Musk said the deal would allow for data centres to be transported to space in order to harness near-constant solar energy from the sun.

According to the tech billionaire, SpaceX’s Starship rockets will begin delivering its next-generation satellites into orbit this year, with each launch expected to add more than 20 times the capacity of current launches to its satellite constellation. Starship also plans to launch the next generation of direct-to-mobile satellites this year.

“My estimate is that within two to three years, the lowest cost way to generate AI compute will be in space,” he said, adding that the cost efficiency would allow companies to train their AI models and process data at “unprecedented” speeds and scales.

The February merger deal valued xAI at around $250bn, but preceded the departure of all 11 of Musk’s co-founders from that company.

The massive SpaceX IPO would precede speculated listings by duelling AI giants OpenAI and Anthropic in the near future.

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Starship mission, March 2023. Image: Official SpaceX Photos via Flickr (CC BY-NC 2.0)