Elon Musk’s SpaceX has confidentially filed for an IPO with the Securities and Exchange Commission, sources told CNBC bringing the rocket company one step closer to what’s expected to be a record public offering.
Bloomberg was first to report on SpaceX’s confidential filing, citing people familiar with the matter, and adding that the company could seek a valuation of $1.75 trillion, with a listing around June.
Founded by Musk in 2002 to develop and operate reusable rockets, SpaceX has turned into NASA’s biggest launch partner after the agency ended its space shuttle program in 2011. The company merged with Musk’s xAI in February, creating a combined entity that he valued at the time at $1.25 trillion.
When SpaceX eventually lists, Musk will become the first person to helm two separate trillion-dollar publicly traded companies. Musk is the world’s richest person, with a net worth of close to $840 billion, according to Forbes.
Tesla which Musk has counted on for the vast majority of his liquid wealth, has a market cap of around $1.4 trillion.
A confidential filing allows companies to submit their financials to the SEC for regulatory review before revealing them to the public and prospective investors. SpaceX will have to release a public filing at least 15 days before its IPO road show.
While SpaceX still has numerous hurdles to clear to reach the public market, the offering — assuming it does happen — will be packed with superlatives.
With the company reportedly looking to raise up to $75 billion, it would be more than three times the size of the biggest U.S. IPO to date.
China’s Alibaba raised $22 billion in 2014, putting it ahead of Visa which raised close to $18 billion in 2008.
SpaceX has received over $24.4 billion from its work with the federal government since 2008, according to FedScout, which researches federal spending and government contracts. That includes contracts from NASA, the Air Force and Space Force, among other agencies. Over the course of 2025, SpaceX conducted 165 orbital flights, and additional test flights of its new and massive Starship Super Heavy Launch vehicle.
In addition to its massive aerospace and defense contracts, SpaceX also operates the Starlink satellite internet service, which runs on a constellation of around 10,000 satellites in lower-earth orbit. It also owns social network X, formerly known as Twitter, which was previously acquired by xAI.
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