SpaceX Submits Confidential IPO Filing, Targets Up to $75B in New Capital

SpaceX has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, Bloomberg reported, setting the stage for a potential listing as early as June 2026. The company is seeking to raise as much as $75 billion as it ramps up funding for Starship development, Starlink expansion and broader infrastructure investment. Bloomberg said SpaceX submitted a draft registration statement under rules that allow companies to begin SEC review privately before launching a public marketing campaign. Key terms including pricing and share allocation are expected in subsequent filings. For the underwriting syndicate, SpaceX has tapped Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley, according to the report. The company is also weighing a dual-class share structure that would preserve outsize voting control for insiders, including CEO Elon Musk. If the capital raise reaches $75 billion, it would far exceed Saudi Aramco's $29 billion IPO in 2019. Axios reported that such an offering could imply a debut valuation above $1.75 trillion, potentially making SpaceX the first company to list with a market capitalization over $1 trillion. Axios also said SpaceX may set aside up to 30% of shares for individual investors, a higher-than-usual retail allocation for a major IPO. The IPO push comes as Musk's businesses undergo structural shifts. SpaceX recently acquired xAI, forming a combined entity valued at $1.25 trillion, Axios said, while noting investors would have limited historical financial data under the merged structure. SpaceX has indicated IPO proceeds would be directed toward increasing Starship launch cadence, expanding space-based data infrastructure and supporting development of a lunar base, alongside continued Falcon 9 operations and further global rollout of the Starlink satellite network. As the process advances, SpaceX is likely to face heightened regulatory scrutiny, including around executive communications during the IPO period.