SpaceX has reportedly submitted a confidential initial public offering filing to the U.S. Securities and Exchange Commission, seeking a valuation of $1.75 trillion and targeting a capital raise of $75 billion. If the deal moves ahead on those terms, it would rank as the largest IPO ever brought to market.
A $75 billion raise would reset the IPO record book
Bloomberg, citing people familiar with the matter, said the company has entered the SEC’s confidential review process. Under the agency’s rules, a confidential filing lets a company begin regulatory review before publicly releasing detailed financial disclosures. The filing must be made public at least 15 days before the roadshow begins.
On size alone, the proposed offering would stand far above previous market debuts mentioned in the source material. Alibaba’s 2014 listing remains the largest IPO in the U.S. market at $22 billion, while Visa raised nearly $18 billion in 2008. A $75 billion deal from SpaceX would eclipse both by a wide margin.
Space and AI are being packaged into one valuation story
Founded in 2002, SpaceX first built its business around reusable rocket technology. After NASA ended the Space Shuttle program in 2011, the company expanded quickly and became one of NASA’s major launch partners. The report also said that in February this year, SpaceX combined with Musk’s AI startup xAI, with the merged entity carrying an internal valuation of about $1.25 trillion at the time.
The new reported IPO target implies a sharp step up from that level. In the source, the higher figure is tied to investor appetite for a combined “space infrastructure plus general AI” story. If SpaceX eventually lists, Musk could become the first executive to lead two public companies each valued above $1 trillion.
Government revenue remains central to the case
Another pillar behind the valuation narrative is SpaceX’s long-running business with the U.S. government. According to FedScout data cited in the report, SpaceX has generated more than $24.4 billion in revenue from U.S. federal partnerships since 2008. Its government customer base includes NASA, the U.S. Air Force and the U.S. Space Force.
SpaceX has not yet released a public prospectus, so the market still lacks a fuller picture of its finances. Even so, the reported filing path, fundraising target and valuation goal have already placed the company at the center of attention across U.S. capital markets.