SpaceX has confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission, according to Bloomberg, in a move that could lead to a public listing as early as June 2026. The company is seeking to raise as much as $75 billion, using the SEC’s private review process before launching a formal roadshow.
The filing was submitted as a draft registration statement, a route that lets companies begin discussions with regulators before publicly marketing the deal. Key terms such as pricing and final share allocation are expected to appear in later filings. For SpaceX, the structure keeps early-stage disclosures limited while regulatory feedback is still being gathered.
Major banks line up as underwriters
Bloomberg said SpaceX has assembled a group of large banks for underwriting roles, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The company is also considering a dual-class share structure, a setup that would allow insiders to keep stronger voting power after the listing. That would help preserve decision-making control for Elon Musk and other insiders.
If the fundraising reaches its target, the IPO would surpass Saudi Aramco’s $29 billion listing in 2019. The report added that SpaceX could debut at a valuation above $1.75 trillion. That would make it the first public company to cross the $1 trillion mark at the time of listing.
Retail allocation could reach 30%
Axios reported that SpaceX may allocate as much as 30% of the offering to individual investors. That is above the level typically seen in most IPOs, where institutions usually dominate allocations. If adopted, the plan would open a larger portion of the deal to retail participants than is standard in major listings.
Still, the company’s structure may leave investors with a limited financial track record to examine. SpaceX recently acquired xAI, creating a combined entity valued at $1.25 trillion. Axios noted that the merged setup offers only limited historical financial data for investors reviewing the business.
Proceeds aimed at Starship, Starlink, and infrastructure buildout
SpaceX has outlined several intended uses for the IPO proceeds. The company plans to increase Starship launch frequency, expand space-based data infrastructure, and support development of a lunar base. At the same time, Falcon 9 launches continue, while the Starlink satellite network is still being expanded worldwide.
Regulatory scrutiny may also intensify as the listing process moves forward. The report said executive communications during the IPO period could draw attention from regulators. For a company preparing one of the largest offerings ever, the pace of disclosures and compliance handling will remain central to whether the transaction reaches market on the proposed timetable.