SpaceX has quietly opened the door to a public listing, filing confidential paperwork with the US Securities and Exchange Commission as it eyes what could become the largest initial public offering in history. Reports on Wednesday said the reusable‑rocket and satellite company is seeking an eye‑watering valuation — cited by some outlets as as high as $2 trillion — and could raise as much as $75 billion in the offering, with the company targeting a June listing.
Bloomberg first reported the confidential filing; earlier coverage from The Information and Bloomberg had suggested the firm might pursue the $75 billion haul. Reuters has reported the company is aiming for a valuation near $1.8 trillion, up from SpaceX’s most recent private valuation of about $1.25 trillion. Company officials are expected to set the final offering size and valuation only a few weeks before the IPO, and full details will be disclosed in the public prospectus closer to the listing date.
Insider control and retail access both appear to be under consideration. Bloomberg reported that SpaceX is weighing a dual‑class share structure that would likely give founders and executives, including CEO Elon Musk, enhanced voting power. At the same time, the company may expand retail participation: sources said the individual‑investor allocation could exceed 20% of the deal, roughly double the typical 10% allotment and mirroring Musk’s known efforts to court individual investors during Tesla’s own rise.
The economics behind the lofty valuations are centered on Starlink, SpaceX’s low‑Earth‑orbit (LEO) satellite broadband service. Launched in 2019, Starlink has become the company’s primary profit driver and a central justification for a blockbuster offering as demand for satellite connectivity grows. That market has also attracted deep-pocketed rivals: the Financial Times reported that Amazon is in talks to acquire satellite telecom group Globalstar for about $9 billion as it expands Project Kuiper, and LEO connectivity deals such as Globalstar’s recent agreement to provide in‑flight internet to Delta Airlines underline the commercial momentum.
An IPO would also further entwine Musk’s business empire. SpaceX, founded in 2002 and the first private company to resupply the International Space Station in 2012, has increasingly overlapped with Tesla. The companies last month announced Terafab, a joint venture to consolidate semiconductor production for both terrestrial and space applications — from Tesla’s full‑self‑driving stack and robotaxi ambitions to space‑hardened chips for satellites and orbital infrastructure.
If priced at the upper ranges being discussed, SpaceX’s market value would eclipse that of many established public companies and put it squarely in the rarefied territory of multi‑trillion‑dollar firms. Market observers will be watching the forthcoming SEC filings for specifics on governance, the mix of retail and institutional demand, underwriters, and how SpaceX plans to allocate the proceeds among satellite expansion, launch capacity and other capital needs. Until the formal S‑1 is made public, the confidential filing marks only the first formal step in what is likely to be a closely scrutinized path to market.