SpaceX secretly files for IPO, prepares for record offering

Elon Musk’s SpaceX has secretly filed for an IPO with the Securities and Exchange Commission, people familiar with the matter told CNBC’s David Faber, moving Elon Musk’s rocket company one step closer to what is expected to be a record-breaking initial public offering.

Bloomberg first reported SpaceX’s confidential filing, citing people familiar with the matter, adding that the company could seek a $1.75 trillion valuation with a view to going public as early as June.

SpaceX, founded by Musk in 2002 to develop and operate reusable rockets, became NASA’s largest launch partner after the agency ended its space shuttle program in 2011. The company merged with Musk’s xAI in February to create a combined entity that Musk valued at $1.25 trillion at the time.

If SpaceX eventually goes public, Musk will become the first person to separately run a $2 trillion publicly traded company. According to Forbes magazine, Musk is the richest person in the world, with a net worth of nearly $840 billion. teslaThe company, on which Mr. Musk relies for most of his liquid assets, has a market capitalization of about $1.4 trillion.

Confidential filings allow companies to submit their financials to the SEC for regulatory review before disclosing them to the public and prospective investors. SpaceX must announce its public filing at least 15 days before the IPO roadshow.

SpaceX still has a number of hurdles to clear before it can reach the general market, but its products (assuming it actually makes it) will be packed with top-of-the-line products. The company is reportedly aiming to raise up to $75 billion, more than three times the size of the largest U.S. IPO to date. china alibaba raised $22 billion in 2014, surpassing that visawhich raised nearly $18 billion in 2008.

SpaceX has received more than $24.4 billion in collaboration with the federal government since 2008, according to FedScout, which tracks federal spending and government contracts. This includes contracts from agencies such as NASA, the Air Force, and the Space Force. Throughout 2025, SpaceX conducted 165 orbital flights and additional test flights of its new giant Starship superheavy rocket.

Leena Agarwal, a Georgetown University finance professor and IPO expert, said that despite the hype around Musk and SpaceX, the company still needs a receptive public market. Stock prices have been volatile lately, mainly due to the war between the US and Iran and soaring oil prices. The Nasdaq is emerging from its steepest weekly decline in about a year.

“You can have a great company with good fundamentals and lots of investor interest, but if the market goes south or there is too much market volatility, the IPO can still fail,” Agarwal said. We hope that the current geopolitical situation will subside by June and there will be less uncertainty. ”

Still, she expects significant interest from retailers.

“There’s not going to be five other companies like this going public in the next five years,” he said. “This is a chance for anyone who wants more exposure to Elon Musk to participate.”

In addition to large aerospace and defense contracts, SpaceX also operates the Starlink satellite internet service, which runs on a constellation of approximately 10,000 satellites in low Earth orbit. It also owns the social network X, formerly known as Twitter, which was previously acquired by xAI.

WATCH: SpaceX on track for June initial public offering