SpaceX has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), a move that could become the largest IPO in history. According to a Bloomberg report on April 1, 2026, the submission is a draft registration statement, keeping full financial disclosures and a formal prospectus private during SEC review. Under standard rules, a public S-1 filing typically follows two to three months later. If that timeline holds, SpaceX could debut on public markets as early as June 2026.
Record-Breaking Valuation and Fundraising
SpaceX is targeting a valuation above $1.75 trillion, sharply up from roughly $800 billion in a recent secondary share sale. The company aims to raise between $50 billion and $75 billion, surpassing Saudi Aramco’s $29.4 billion offering in 2019, the current global record. SpaceX is already profitable, generating approximately $15–$16 billion in revenue and $8 billion in profit in its most recent reported year. Starlink, its satellite internet service, accounts for a substantial share of revenue, with launch operations contributing the rest.
Strategic Integration with xAI and Bitcoin Holdings
SpaceX recently merged with Elon Musk’s AI company xAI (valued at $250 billion), planning to deploy up to one million solar-powered satellites as orbital data centers for AI systems. This integration differentiates SpaceX from pure-play AI startups pursuing listings. Notably, SpaceX holds 8,285.45 bitcoin on its balance sheet, valued at over $569 million, making it one of the largest corporate BTC holders. The company has previously conducted bitcoin transfers, fueling crypto market speculation.
IPO Preparations and Risks
Preparations are already underway: SpaceX has selected major Wall Street banks, held investor briefings, and is weighing a dual-class share structure to allow Musk to retain voting control. Nasdaq has fast-tracked index-inclusion rules for large IPOs. Analysts expect strong demand, with up to 30% of shares potentially allocated to individual investors. Risks include public scrutiny of financials, Musk’s divided attention across Tesla, xAI, and political activities, and execution challenges for Starship and Starlink growth. A formal S-1 filing is expected within weeks, offering the first detailed look at the books behind what may become the most closely watched public offering in market history.