SpaceX secretly files for an IPO, and $75 billion in funding could set the biggest listing record in history

SpaceX, the aerospace company owned by Elon Musk, has reportedly secretly filed its initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC), according to a report by Bloomberg on Wednesday, citing people familiar with the matter. If successful, the IPO could be completed as early as June. If it goes public at a scale of $75 billion, it would be more than double Saudi Aramco’s $29 billion debut in 2019, cementing a historic position for the largest IPO in U.S. capital market history.

IPO Core Structure: Dual-Class Shares, a 30% Retail Allocation, and a Lineup of Five Major Investment Banks

According to Bloomberg’s report, SpaceX has conveyed the following key IPO details to potential investors:

· SpaceX is considering using a dual-class share structure, giving insiders at the company—including Musk—greater voting control. This design can ensure the founder maintains a dominant influence over corporate decision-making after going public. The company expects to allocate up to 30% of the shares to individual investors, a higher retail allocation than in typical IPOs, signaling that SpaceX intends to broadly reach retail investors.

· The lineup of investment banks responsible for bringing this IPO to the public includes Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup—five Wall Street institutions working in parallel, reflecting the market expectations for this listing. Management presentations are expected to be held later this month, at which time additional details will be shared with potential investors.

Valuation Standing and Competitive Landscape: How $1.75 Trillion Positions Globally

If a $1.75 trillion valuation is confirmed by the public markets, SpaceX would enter the top 10 most valuable publicly traded companies worldwide:

Apple: Global market value of about $3.5 trillion; SpaceX still has room to close the gap

Meta: Currently valued at about $1.5 trillion—SpaceX’s valuation would directly surpass it

Tesla: Currently valued at about $1 trillion—also to be surpassed by SpaceX

Saudi Aramco: Its 2019 IPO raised $29 billion; SpaceX’s $75 billion target is more than twice that

Earlier this year in February, SpaceX acquired Elon Musk’s AI startup xAI, placing it directly in the AI competition landscape with OpenAI and Anthropic. This week, OpenAI completed its final round of fundraising, securing $122 billion in committed funding, with a valuation of $852 billion; Anthropic is also exploring the possibility of going public. If SpaceX’s IPO successfully comes to fruition, the public-market showdown among the three tech companies will enter a new competitive dimension.

Bitcoin Holdings and Tokenized Shares: The Intersection of Crypto and SpaceX

SpaceX’s balance sheet currently holds 8,285 bitcoins, worth more than $565 million, making it one of the most representative institutions among technology companies that hold bitcoin. In October 2025, SpaceX transferred its bitcoins to a new wallet address, sparking widespread market discussion about whether it plans to adjust its holdings, though official details have not been disclosed as of yet.

Against the backdrop of SpaceX not yet being listed, crypto trading platforms such as Robinhood and Kraken have been offering tokenized shares of SpaceX through blockchain technology, providing an investment channel for retail investors. If SpaceX is officially listed, the demand pathway for tokenized shares could be directly affected, though it could also spur broader circulation of SpaceX-related assets on-chain.

Frequently Asked Questions

What is the timeline for the SpaceX IPO, and when is the earliest you can invest?

According to Bloomberg’s report, the SpaceX IPO could be completed as early as June 2026. The company has already reportedly submitted its application to the SEC in secret, and management presentations are expected to be held later this month. From filing to a formal listing typically takes several months; June is the most optimistic estimate. The final timetable depends on the SEC’s review progress and the market environment.

What is the basis for SpaceX’s $1.75 trillion valuation?

This valuation relies heavily on the growth potential of its Starlink satellite internet subscribers, the continuing revenue from its commercial launch services, and the AI business potential brought by the acquisition of xAI. If the $75 billion IPO fund-raising target is achieved, it in itself represents institutional investors’ recognition of its valuation; the final “reasonableness” will be determined by the public markets.

How would the 8,285 bitcoins held by SpaceX affect the IPO?

Bitcoin holdings will appear as a financial asset in SpaceX’s prospectus, and their value fluctuations will affect the company’s financial statements. Whether last year’s move of bitcoins to a new wallet signals an allocation adjustment will also be one of the key points of attention for institutional investors when assessing the quality of SpaceX’s assets.