Elon Musk’s SpaceX has moved closer to the public market after filing confidentially for a U.S. initial public offering. The company is working toward a deal that could value it at more than $1.75 trillion and place it among the largest listed firms in the United States. A June debut remains the current target, with the offering expected to rank among the biggest stock market listings ever attempted. The filing comes shortly after SpaceX combined with xAI, linking launch services, satellite internet, and artificial intelligence under one corporate structure. Elon Musk’s SpaceX Confidential Filing Sets Up a Record Listing The confidential filing allows SpaceX to address regulatory comments before releasing the full offering details to the public. Key terms such as the share count and price range are expected to appear later in the process. That structure gives the company room to refine the deal while keeping sensitive financial details private during the early review stage. At the valuation now being discussed, SpaceX would challenge the record set by Saudi Aramco’s 2019 public debut. Estimates around the deal have pointed to proceeds of more than $50 billion, with some projections running higher depending on final pricing and share allocation. That size would make the transaction one of the defining capital markets events of 2026. Polymarket data showed a 63% chance that SpaceX will go public by June 30, 2026. The odds climbed by 10 percentage points as reports of a confidential IPO filing surfaced. Polymarket Data | Source: X Nasdaq Emerges as the Preferred Exchange Nasdaq has remained the leading venue in the company’s listing plans, even though the exchange choice has not been publicly finalized in the filing documents. Earlier planning around the deal placed Nasdaq at the center of the process, with the company also seeking fast entry into major index benchmarks after listing. That would give the stock immediate visibility across institutional portfolios and index-linked funds. A Nasdaq listing would also place SpaceX alongside the largest technology and growth companies in the U.S. market. With a valuation above $1.75 trillion, the company would enter public trading near the top end of American market capitalization rankings. That scale would make its debut relevant not only for aerospace investors but also for broader technology, telecom, and AI-focused funds. Large Bank Syndicate Reflects the Size of the Deal SpaceX has assembled at least 21 banks for the IPO, with Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup in senior roles. The underwriting group is expected to manage institutional demand, high-net-worth allocations, and broader distribution channels for one of the largest offerings in recent years. A syndicate of that size reflects both the expected demand and the complexity of placing such a large transaction. The deal has also been referred to internally as Project Apex. The structure remains subject to change, and more banks could still be added before the public filing stage begins. Even so, the current lineup already places the transaction in the same category as the biggest modern IPOs in terms of preparation, coordination, and market reach. Starlink, Rockets, and xAI Shape the Investment Story SpaceX enters the IPO process as the world's leading private launch company, backed by the Falcon 9 program, the Starship development effort, and the Starlink satellite internet business. Starlink has grown into the company’s main commercial engine, with more than 9,500 satellites in orbit and more than 9 million users globally. That network now accounts for roughly half to four-fifths of company revenue, making it central to the public market case. The business also comes to market following the xAI transaction, which valued SpaceX at $1 trillion and xAI at $250 billion. Combined figures tied to the company’s 2025 performance pointed to about $16 billion in revenue and roughly $8 billion in EBITDA.
