"The biggest IPO in history" is coming! SpaceX is rushing to go public in June!

（Source: Invest Wallstreet）

SpaceX has secretly submitted its first public offering (IPO) application. The company has filed a draft IPO registration statement with the U.S. Securities and Exchange Commission (SEC) and requested anonymity. SpaceX has informed potential investors that it will arrange roadshow presentations by the company’s executives this month. The company has invited Bank of America, Citigroup, Goldman Sachs, J.P. Morgan, and Morgan Stanley to serve as the IPO’s lead underwriters, and has added more banks to participate.

According to media reports citing people familiar with the matter, SpaceX has secretly submitted its first public offering (IPO) application, bringing Elon Musk’s rocket, satellite, and artificial intelligence company closer to achieving the largest-ever IPO in history.

People familiar with the matter said that the company has filed a draft IPO registration statement with the U.S. Securities and Exchange Commission (SEC) and requested anonymity because the relevant information has not yet been made public. This filing would put it on track to go public in June and could mark the beginning of a series of “super IPOs,” expected to outpace OpenAI and Anthropic PBC.

People familiar with the matter said that the valuation SpaceX is seeking in the IPO could exceed $1.75 trillion. Previously, the company acquired Musk’s AI startup xAI, and that deal valued the combined entity at $1.25 trillion.

In a confidential filing process, the company can first obtain feedback from regulators and make revisions before publicly disclosing information. As for the specific details of this offering, including the number of shares to be issued and the price range, they are expected to be disclosed in subsequent documents.

Earlier, media reports said SpaceX’s listing could raise as much as $75 billion. If it reaches that scale, it would far surpass the current record holder—Saudi Aramco’s $29 billion IPO in 2019.

People familiar with the matter said that SpaceX has informed potential investors that it will arrange roadshow presentations by the company’s executives this month. These investor meetings, known as “testing-the-waters,” may provide more details to support its valuation targets.

People familiar with the matter said the company has invited Bank of America, Citigroup, Goldman Sachs, J.P. Morgan, and Morgan Stanley to serve as the IPO’s lead underwriters, and has added more banks to participate.

In addition, SpaceX is working with international banks; these banks will handle IPO subscription matters for specific regions, coordinated by Citigroup. People familiar with the matter said that Barclays is responsible for the UK market, while Deutsche Bank and UBS Group handle orders for Europe. The Royal Bank of Canada is responsible for subscription by Canadian investors, Japan’s Mizuho Financial Group is responsible for the Asia market, and Macquarie Group focuses on the Australian market.

People familiar with the matter said SpaceX is considering adopting a dual-class share structure to give insiders, including Musk, higher voting rights, so as to maintain dominance in decision-making. At the same time, this IPO is expected to include a large proportion of retail investors, and SpaceX may allocate as much as 30% of its shares to small investors.

As the world’s most active rocket launch company, SpaceX dominates the aerospace industry with its Falcon 9 rocket, which can deliver satellites and personnel into orbit. Musk said the company is working to establish a base on the Moon and plans to ultimately achieve its long-term goal—sending humans to Mars.

In addition, SpaceX is also an industry leader in low Earth orbit internet services. Its Starlink system consists of thousands of satellites and has provided services to millions of users.

SpaceX’s main revenue comes from rocket launch operations and Starlink satellite services. It is expected to be close to $20 billion by 2026, while xAI’s revenue is expected to be less than $1 billion.

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