Elon Musk’s Space company SpaceX has reportedly filed confidentially for an initial public offering (IPO). SpaceX confidentially filing brings Elon Musk’s rocket, satellite and AI company closer to delivering what is widely speculated to be the biggest-ever listing. According to a report in Bloomberg, quoting people familiar with the matter, Spacex submitted its draft IPO registration to the US Securities and Exchange Commission (SEC). The confidentiality filing puts it on track for a June listing. SpaceX is the world’s most valuable privately held company, based on the valuation implied by its merger deal with xAI. The rocket startup was last valued at about $800 billion in a secondary share sale.With a June listing, Spacex is likely to be first among the trio of mega-IPOs expected in 2026, including ahead of arch-rivals OpenAI and Anthropic. Reports suggest that SpaceX could seek a valuation in the IPO of more than $1.75 trillion. After its acquisition of xAI in early February, SpaceX was valued at $1.25 trillion. The company is considering a dual-class share structure in the listing that would potentially give insiders such as Musk extra voting power to dominate decision making.
What is confidential filing in IPO
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. The IPO is expected to have a large retail component, with SpaceX potentially allocating as much as 30% of the offering to small investors.A listing for SpaceX would raise as much as $75 billion, Bloomberg News has reported. At that size, it would dwarf the current record holder, Saudi Aramco’s $29 billion debut in 2019.SpaceX is reportedly telling prospective IPO investors to expect briefings from company executives this month. The so-called testing-the-waters investor meetings would potentially include more detail that would support its valuation target. When the documents are released, SpaceX’s IPO filing will likely reveal details about its operations, including its satellite and rocket manufacturing, alongside its xAI artificial intelligence arm.
Spacex lines up world’s biggest banks
Spacex has reportedly lined up some of the world’s biggest banks for its IPO. Name include Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley. SpaceX is also said to be working with international banks, who are looking after taking IPO orders in specific regions, with Citigroup coordinating their roles, people familiar with the matter have said. Barclays Plc is in charge of the UK and Deutsche Bank AG and UBS Group AG are working on European orders, they said.Royal Bank of Canada is managing share orders from Canada, Mizuho Financial Group Inc. is working on Asia orders and Macquarie Group Ltd. is focused on Australia, Bloomberg News has reported.SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter.
