SpaceX Submits Confidential IPO Filing Amid Advances in Artificial Intelligence Sectors

SpaceX Edges Closer to Historic IPO with June Listing

SpaceX, the rocket, satellite, and AI company founded by billionaire Elon Musk, has taken a significant step towards listing on the public market by filing confidentially for an initial public offering (IPO) with the US Securities and Exchange Commission. The draft IPO registration submitted by the company puts it on track for a June listing, which would make SpaceX the first of what could be a trio of mega-IPOs, ahead of OpenAI and Anthropic PBC.

According to people familiar with the matter, SpaceX could seek a valuation in the IPO of more than $1.75 trillion, a figure that is more than 60 times the current record holder, Saudi Aramco's $29 billion debut in 2019. The company acquired Musk's artificial intelligence startup xAI in a deal that valued the enlarged entity at $1.25 trillion.

In a confidential filing, companies can receive feedback from the regulator and make changes before the information becomes public. Details of the offering, including the number of shares to be sold and the price range, are expected to be disclosed in a later filing. A listing for SpaceX would raise as much as $75 billion, dwarfing the current record holder.

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The company has lined up a team of top banks, including Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley, for senior roles on the IPO. SpaceX is also considering a dual-class share structure in the IPO that would potentially give insiders, including Musk, extra voting power to dominate decision making.

SpaceX dominates the space industry with its Falcon 9 rocket, which lifts satellites and people to orbit. The company is focused on building out a base on the moon before pursuing its long-held mission of sending humans to Mars. SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of thousands of satellites that serves millions of customers.