SpaceX has confidentially filed its S-1 registration statement with the Securities and Exchange Commission, targeting what would be the largest initial public offering in history. The company seeks a valuation of $1.75 trillion.
Why it matters: a SpaceX listing at this valuation would surpass Saudi Aramco’s $1.7 trillion debut in 2019 and give retail investors their first opportunity to buy into Musk’s space and AI conglomerate.
The numbers
SpaceX plans to raise up to $75 billion, more than three times the size of the largest US IPO to date. The company was valued at $1.25 trillion following its recent merger with Elon Musk’s artificial intelligence company xAI. The IPO targets an additional $500 billion in market capitalisation.
The filing was independently confirmed by Bloomberg, CNBC, Reuters, and the Wall Street Journal.
Timeline
The full prospectus is expected to become public in late April or early May. An investor roadshow is planned to begin during the week of 8 June, when SpaceX executives and bankers will present the offering to institutional and retail investors. A listing is expected in June.
Retail access
Up to 30% of shares may be allocated to retail investors, triple the industry standard for IPOs of this size. The move follows growing pressure from regulators and retail advocacy groups to democratise access to high-profile listings.
What happens next
The SEC will review the S-1 filing and may request amendments before the prospectus is made public. Investors will be watching for revenue figures from Starlink, SpaceX’s satellite internet division, and the combined financials of the xAI merger, neither of which have been publicly disclosed.