SpaceX filed for the largest IPO in history — $75 billion at $1.75 trillion

SpaceX filed a confidential draft registration with the U.S. Securities and Exchange Commission on April 1, targeting $1.75 trillion in valuation and a raise of up to $75 billion — the largest initial public offering in history. The filing, internally codenamed “Project Apex,” was first reported by Bloomberg and independently confirmed by CNBC and Reuters. SpaceX has not publicly commented.

The $75 billion raise would more than double Saudi Aramco’s $29 billion debut in 2019, currently the largest IPO on record globally, and would be more than three times Alibaba’s $22 billion U.S. record from 2014. The company has lined up 21 banks to manage the offering. A listing is targeted for June 2026 on the Nasdaq.

The valuation jumped sharply in February 2026 following SpaceX’s merger with Elon Musk’s AI venture xAI. The combined entity — which now includes the Grok chatbot and social network X, formerly Twitter — was valued at $1.25 trillion at the time of the deal. The xAI business is expected to contribute less than $1 billion in revenue this year, meaning the additional $500 billion in valuation above that figure is almost entirely a forward-looking bet on AI infrastructure.

What makes the $1.75 trillion figure credible — and contested — is what SpaceX actually earns today. The company’s core launch and Starlink broadband businesses generated approximately $16 billion in revenue in 2025, with profits reaching around $8 billion. Starlink, the satellite internet division, ended 2025 with 9.2 million subscribers across 150 countries and is projected to reach $22 billion in annual revenue by the end of 2026. That single division now drives between 50% and 80% of total company revenue.

At $1.75 trillion, SpaceX would rank as the sixth most valuable company on the planet, above every current S&P 500 member except Nvidia, Apple, Alphabet, Microsoft, and Amazon. The valuation implies a price-to-revenue multiple of roughly 94 times last year’s sales — a figure analysts describe as dependent on bets that go well beyond Starlink, particularly Musk’s plan to deploy up to a million orbital data centers to support AI workloads. That project remains theoretical.

For ordinary investors, the most immediately relevant detail in the filing is the proposed 30% retail allocation. Most IPOs of this size are dominated by institutional buyers; a retail tranche of that scale would be unusual for a listing this large. SpaceX is also reported to be pursuing a dual-class share structure, meaning public shareholders could hold stock with significantly less voting power than insiders — a structure that would keep Musk, who owns approximately 44% of the company, firmly in control regardless of what the public buys.

The confidential filing process allows companies to submit financials to the SEC for regulatory review before those materials become public. Under SEC rules, SpaceX must release a public prospectus at least 15 days before its IPO roadshow begins — putting a public filing likely in April or May 2026.

The prospectus will be the first document to contain verified financial disclosures on xAI — subscriber counts, margin data, actual revenue, and the final share structure. Until those numbers are public, the $500 billion AI premium in the valuation cannot be assessed on its actual terms. That document is what investors are waiting for.