The most consequential corporate event in a generation is moving from rumor to reality: SpaceX is preparing to file its IPO prospectus with the U.S. Securities and Exchange Commission, targeting a listing that would shatter every record in the history of public markets.
SpaceX is preparing to file its IPO prospectus with the SEC as early as this week, targeting a June listing and a valuation of more than $1.75 trillion — a figure that would make it the most valuable company ever to go public, and the sixth most valuable publicly traded entity on earth. To put that number in context: at $1.75 trillion, SpaceX would sit above every S&P 500 company bar Nvidia, Apple, Alphabet, Microsoft, and Amazon — and comfortably above Elon Musk’s own Tesla.
This is not a speculative rumor. It is a business story unfolding in real time, with Wall Street’s biggest institutions already maneuvering for position.
The Numbers Behind the Record
The offering is expected to raise as much as $75 billion, eclipsing the previous record set by Saudi Aramco’s $29.4 billion listing in 2019 by an astronomical margin. Morgan Stanley and Goldman Sachs are reportedly competing for lead underwriter roles in what insiders are calling the most anticipated public market debut since Facebook in 2012.
The mechanics of the filing reflect the complexity of the deal. SpaceX is using the confidential SEC filing process — a pathway that allows companies to address regulatory requirements privately before making financials public. Once the documents go public, the company must wait a minimum of 15 days before beginning its public roadshow. With a June listing target, the formal S-1 prospectus is expected to land in April or early May at the latest.
SpaceX’s filing is set to be the largest in history. The concentration of investor demand means that initial market reactions have been broadly euphoric, with specialized space ETFs seeing record inflows as retail and institutional investors scramble for exposure ahead of the formal listing.
What Made a $1.75 Trillion Valuation Possible
The valuation trajectory of SpaceX is unlike anything the private markets have ever produced. The company was valued at $46 billion in 2020. By early 2025, secondary market trades implied a valuation of $800 billion. The decision to go public comes after a dramatic rise in SpaceX’s internal valuation over the past several months. Since July 2025, the company’s valuation has more than doubled.
The primary engine is Starlink. By the end of 2025, Starlink had amassed 9.2 million active subscribers, doubling its user base in just 15 months. The service generated over $10 billion in revenue last year, with analysts projecting that revenue could reach between $15.9 billion and $24 billion in 2026. Starlink’s high-margin, subscription-based business model is a key factor in SpaceX’s transformation from an aerospace contractor to a global telecommunications powerhouse.
This is the detail that most casual observers miss about the SpaceX valuation. The company being brought to public markets is not primarily a rocket company. It is a satellite internet provider with nine million paying subscribers, a defense services contractor with billions in government commitments, and now — following the xAI merger — an AI infrastructure business building orbital data centers powered by the sun.
The xAI Merger and the AI Infrastructure Pivot
The single biggest driver of the valuation jump from $1.25 trillion to $1.75 trillion in the weeks leading up to this filing is the SpaceX-xAI integration. The merger represents a fundamental shift in SpaceX’s architecture — pivoting toward orbital data centers that integrate Starlink’s global satellite mesh with xAI’s large language models, moving massive compute workloads into space to exploit constant solar energy and natural radiative cooling.
For investors, this pivot reframes the entire thesis. SpaceX is no longer competing with Boeing or Lockheed Martin. It is competing with Microsoft Azure, Amazon Web Services, and Google Cloud — while also being the only company on earth that controls the launch vehicles, the satellite constellation, and the AI models that run on top of it.
The key players in this IPO extend beyond Musk. SpaceX President and COO Gwynne Shotwell is widely credited with the operational discipline that made the company IPO-ready, while major investment banks led by Morgan Stanley and Goldman Sachs are jockeying for lead underwriting roles in what could be a $75 billion capital raise.
What Happens When SpaceX Joins the Public Markets
The passive investment implications of a SpaceX IPO are significant. At a $1.75 trillion market cap, SpaceX triggers automatic inclusion considerations for major indices. To be included in the S&P 500, a company must be profitable for four consecutive quarters. SpaceX qualifies. Expect index inclusion discussions to begin within 6 to 12 months of the IPO, triggering another wave of mandatory institutional buying.
For the broader IPO market, this listing arrives at a moment of genuine momentum. The current IPO market is active, with a 38% quarterly increase in listings. SpaceX’s blockbuster debut threatens to dominate investor attention, potentially overshadowing other high-profile anticipated deals. OpenAI is reportedly targeting a valuation between $750 billion and $830 billion for its own potential listing, with Anthropic eyeing approximately $350 billion. Both companies are watching SpaceX’s process carefully.
The Retail Allocation Question
One of the more surprising elements of the reported IPO structure is SpaceX’s approach to retail investors. SpaceX is reportedly considering directing 30% of the IPO shares to retail investors — individuals using standard brokerage accounts — a move that would represent an unusually democratic allocation for a deal of this size.
If confirmed, that decision would mark SpaceX as a generational company not just in valuation terms, but in how it chooses to distribute ownership of its future. Retail participation at scale in a $75 billion raise would be unprecedented.
What Comes Next
The formal S-1 prospectus, once public, will be the most closely read financial document in the country in years. Investors, analysts, and everyday Americans with brokerage accounts will scrutinize Starlink’s subscriber economics, Starship development timelines, the mechanics of the xAI integration, and how the company intends to account for its AI assets and liabilities.
When the prospectus is filed — using a confidential SEC process that allows the company to work through complex disclosures privately before the public roadshow begins — the central question is whether $1.75 trillion, right now, in the middle of a global energy shock, is a price the market is prepared to pay for the most audacious corporate vision of the century.
What happens next at Bayfront Park will set the tone for the U.S. IPO market for the rest of 2026 — and potentially define how a generation of retail investors thinks about the intersection of space, AI, and public equity.
Disclaimer: This article is intended for informational and editorial purposes only and does not constitute financial, investment, or legal advice. Information regarding SpaceX’s IPO plans, valuation, and filing timeline is based on reporting from third-party sources including European Business Magazine, TECHi, Spacexstock, and other media outlets as of the date of publication. SpaceX has not publicly confirmed or commented on its IPO filing plans, and all details remain subject to change. USReporter does not endorse, recommend, or advise on the purchase or sale of any securities. Readers should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. Projections and analyst estimates cited in this article reflect third-party forecasts and are not guarantees of future performance.
