Elon Musk's SpaceX files confidentially for IPO: report

SpaceX, the private aerospace firm founded by Elon Musk, has confidentially filed for an initial public offering (IPO), according to a report by Bloomberg.

The company submitted a draft IPO registration statement to the US Securities and Exchange Commission through a confidential filing.

This process allows companies to receive feedback from the regulator and make revisions before publicly disclosing details.

Key information, including the number of shares to be offered and the proposed price range, is expected to be revealed in a subsequent filing.

The move could pave the way for what may become the largest stock market listing in history if the company proceeds with a public debut.

The report added that the company could seek a valuation exceeding $1.75 trillion, a milestone that would mark a major shift in how investors view the space industry.

Once considered a speculative frontier, space exploration is increasingly being seen as a mainstream investment opportunity.

Growth fueled by rockets and satellite internet

SpaceX’s rapid expansion has been driven primarily by its reusable rocket technology and its satellite-based internet service, Starlink.

These innovations have helped the company significantly reduce launch costs while creating a new revenue stream through global broadband connectivity.

The IPO filing follows SpaceX’s recent merger with Musk’s artificial intelligence venture, xAI.

The deal valued SpaceX at approximately $1 trillion, while the developer of the Grok chatbot was valued at around $250 billion.

Musk currently oversees a wide-ranging business empire that includes electric vehicle manufacturer Tesla, along with multiple other technology ventures.

The largest IPO in history

If SpaceX proceeds with the listing, it could raise more than $50 billion, surpassing the record set by Saudi Aramco during its historic 2019 IPO.

Market experts believe the offering could revitalise the global IPO market, which has experienced slower activity in recent years.

Analysts say strong demand could come from both institutional investors and retail traders.

With the expansion of online investment platforms, retail investor participation in high-profile IPOs has grown significantly in recent years.

Many investors are drawn to Musk’s ambitious vision, while others are interested in the company’s rapidly growing satellite and launch services businesses.

SpaceX is currently the world’s most valuable privately held company based on the valuation implied by its merger with xAI.

The rise of “Muskonomy”

A public listing would also place greater scrutiny on what analysts often call “Muskonomy”, the interconnected network of companies led by Musk.

Alongside SpaceX and Tesla, Musk also runs Neuralink and The Boring Company.

Experts believe the IPO may adopt a dual-class share structure, allowing Musk to maintain strong control of the company even after selling shares to the public.

According to reports earlier this year, SpaceX generated roughly $8 billion in profit on revenues between $15 billion and $16 billion last year.

The company is also competing in a growing private space race with companies such as Blue Origin, founded by Jeff Bezos.

Meanwhile, NASA is increasingly relying on commercial partners for space missions.

SpaceX has even proposed launching up to one million solar-powered satellites designed to function as orbital data centres, potentially expanding artificial intelligence infrastructure beyond Earth.

With artificial intelligence becoming one of Wall Street’s most popular investment themes, SpaceX’s potential IPO could represent a defining moment for both the space and technology industries.