SpaceX Confidentially Files for Initial Public Offering
The Elon Musk-led aerospace giant is targeting a June listing, according to people familiar with the matter cited by media — a timeline that would place SpaceX ahead of highly anticipated market debuts by artificial intelligence competitors OpenAI and Anthropic.
The company is eyeing a valuation north of $1.75 trillion, buoyed in part by its earlier absorption of Musk's AI venture xAI, a deal that pegged the combined entity's worth at $1.25 trillion.
To manage the sheer scale of the offering, SpaceX has enlisted a roster of major international financial institutions. Citigroup is serving as overall coordinator, with Barclays overseeing UK allocations, Deutsche Bank and UBS handling European orders, Royal Bank of Canada managing the Canadian tranche, Mizuho Financial Group covering Asia, and Macquarie Group focusing on Australia.
The company is also weighing a dual-class share structure — a mechanism that would concentrate voting authority among insiders, including Musk himself — while potentially reserving as much as 30% of the offering for retail investors, media noted.
Financially, the offering arrives from a position of considerable strength. SpaceX's rocket launch division and its Starlink low-Earth orbit internet network — which serves millions of subscribers globally — are together projected to generate nearly $20 billion in combined revenue in 2026. By contrast, xAI is expected to contribute less than $1 billion during the same period.
SpaceX has cemented its standing as the world's most active rocket operator, with its Falcon 9 vehicle serving as the backbone of both commercial satellite deployments and crewed spaceflight missions. Its Starlink constellation has further transformed the company into the dominant force in global satellite internet connectivity.
Looking beyond Earth's orbit, Musk has outlined an ambition to first establish a permanent human presence on the Moon, before pursuing the company's defining long-term objective: putting humans on Mars.
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