Elon Musk already runs the most valuable automaker on the planet. Soon he could be running two of the world's ten biggest public companies.
SpaceX just filed its IPO registration with the Securities and Exchange Commission in a confidential submission - meaning the public won't see the details yet, but the gears are turning toward a June listing.
SpaceX is looking to bring in up to $75 billion from the offering and could target a valuation north of $1.75 trillion. Either figure alone would be historic.
The biggest U.S. IPO ever was Alibaba's $22 billion listing back in 2014. Globally, Saudi Aramco holds the crown at $29 billion from 2019. SpaceX would more than double both.
SpaceX isn't just a rocket company anymore. After merging with Musk's AI venture xAI earlier this year - a deal that pegged the combined business at $1.25 trillion - the company now spans three major operations.
The first is the launch business. SpaceX completed 165 orbital missions last year and remains NASA's go-to partner for getting payloads into orbit. It has pulled in more than $24.4 billion in government contracts since 2008.
The second is Starlink - its satellite internet network with roughly 10,000 satellites circling the planet and millions of paying customers. Between launches and Starlink, the company is on pace to bring in close to $20 billion in sales this year.
The third is xAI, Musk's artificial intelligence arm. That piece is still early - likely under $1 billion in sales - but it plants a flag in the AI race alongside OpenAI and Anthropic.
Five of Wall Street's biggest banks are running the show - Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley. International banks are also lined up to handle orders from Europe, Asia, Canada, and Australia.
One detail worth watching - SpaceX is weighing a dual-class share setup. That's a structure where certain shares carry more voting power than others - and it would let Musk and other insiders keep control of major decisions even after going public.
The company is also reportedly planning to set aside up to 30% of shares for everyday investors. That's a huge slice for retail buyers in an IPO this size.
SpaceX executives are expected to start briefing potential investors this month. Regulators require a public version of the filing to go out no fewer than 15 days ahead of the formal road show.
Timing is the wild card. Markets have been shaky lately - oil prices are spiking, the Nasdaq just posted one of its worst weeks in months, and the conflict with Iran is still hanging over everything.
If things settle by June, SpaceX could pull off the kind of debut that resets what investors think is possible from a single offering. If they don't, even Musk's star power might not be enough to push it through on schedule.
No company has ever tried to raise this much money in one shot.
