SpaceX has confidentially submitted draft registration paperwork to the US Securities and Exchange Commission for an initial public offering that could raise $75 billion at a $1.75 trillion valuation. The filing, as reported by Bloomberg and people familiar with the matter, sets the stage for a potential June listing, which would surpass the previous record set by Saudi Aramco. The move follows the company's recent acquisition of Elon Musk's xAI and comes amid recent Nasdaq rule changes favoring large new listings.
SpaceX, the rocket company led by Elon Musk, filed the confidential paperwork this week, allowing it to seek SEC feedback before public disclosure of financial details. According to sources cited by Bloomberg and the Financial Times, the IPO targets a valuation of $1.75 trillion, up dramatically from $90 billion in 2022. The offering would dwarf Saudi Aramco's 2019 IPO, which raised $29 billion, and only a handful of US tech giants currently exceed that market cap level. SpaceX did not respond to requests for comment from multiple outlets. The timing aligns with Nasdaq's recent removal of the 10% public float requirement for its Nasdaq 100 index inclusion and a shortened 15-day waiting period for large new listings, potentially directing billions from index-tracking ETFs despite SpaceX planning to float less than 5% of its equity. Some existing shareholders may sell stakes on the first trading day, bypassing typical 180-day lockups. The filing caps a period of expansion, including last month's acquisition of xAI—valued at $250 billion in one report or contributing to a $1.25 trillion combined valuation in others—and SpaceX's record 165 orbital launches last year. Funds could support ambitions like the Starship program, Starlink upgrades, lunar bases, Mars missions, and orbital AI data centers, though challenges persist with satellite issues and xAI lawsuits.
