【New Stock IPO】SpaceX secretly files for IPO with an estimated valuation of $1.75 trillion

According to a report cited by CNBC, Elon Musk’s SpaceX has secretly filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC), bringing Musk’s rocket company one step closer to a potentially record-setting public offering.

Bloomberg was first to report on SpaceX’s secret filing, citing people familiar with the matter, adding that the company may seek a valuation of $1.75 trillion and expects to go public around June.

SpaceX was founded by Musk in 2002 with the goal of developing and operating reusable rockets. After the National Aeronautics and Space Administration (NASA) ended the Space Shuttle program in 2011, the company became NASA’s largest launch partner. The company merged in February with Musk’s xAI to create a combined entity; at the time, Musk valued it at $1.25 trillion.

When SpaceX ultimately goes public, Musk will become the first person to helm two separate $1 trillion-plus publicly listed companies at the same time. According to Forbes data, Musk is the world’s richest person, with net worth approaching $840 billion. Most of Musk’s liquid wealth relies on Tesla, whose current market value is about $1.4 trillion.

A secret filing allows a company to submit its financial situation to the SEC for regulatory review before disclosing it to the public and potential investors. SpaceX must publish its public filing materials at least 15 days before its IPO road show.

Even though there are still many hurdles for SpaceX to clear before entering the public markets, this issuance (assuming it does take place) will be full of “biggests.” The company is reported to plan to raise as much as $75 billion, which would be more than three times the largest U.S.-scale IPO to date. Alibaba in China (U.S.: BABA) raised $22 billion in 2014, ahead of Visa’s nearly $18 billion fundraising in 2008.

Research data from FedScout, which tracks federal spending and government contracts, shows that since 2008, SpaceX has earned more than $24.4 billion from collaborations with the federal government. This includes contracts from agencies such as NASA, the Air Force, and the Space Force. During 2025, SpaceX conducted 165 orbital flights, along with additional test flights of its massive new “Starship Super Heavy” heavy-lift launch vehicle (Starship Super Heavy).

In addition to major aerospace and defense contracts, SpaceX also operates the Starlink (Starlink) satellite internet service, which runs as a network of roughly 10,000 satellites in low Earth orbit. It also owns the social networking platform X (formerly Twitter), which was previously acquired by xAI.

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