Epic! Musk presses the "nuclear button," and $1.75 trillion giant whales are about to surface. Is the "wealth shelter" of $BTC still safe?

Market watchers say SpaceX has secretly filed the initial public offering registration draft with regulators. The rocket and satellite company controlled by Musk is working toward the goal of creating the biggest listing record in the world. If things go smoothly, its shares could begin trading in June.

Insiders say the valuation sought in this offering could surpass $1.75 trillion. Before this, SpaceX had completed the acquisition of xAI, the artificial intelligence company owned by Musk, and after the merger, the combined entity is valued at $1.25 trillion. Through confidential filing, the company can obtain regulators’ feedback in advance and make adjustments before public disclosure.

It is reported that the financing size of this IPO could be as high as $75 billion. If it happens, it would far exceed the $29 billion record set by Saudi Aramco in 2019. To support this ambitious valuation target, the company’s executives plan to hold roadshow meetings with potential investors this month.

A syndicate underwriting group made up of top investment banks is already in place. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are taking leading roles. At the same time, a global bank network will handle subscriptions for specific regions: Barclays for the UK; Deutsche Bank and UBS for Europe; Royal Bank of Canada for Canada; Mizuho Financial Group for Asia; and Macquarie Group focusing on the Australian market.

In terms of its equity structure, the company is considering a dual-class share design to ensure that insiders, including Musk, have a dominant say in decision-making. Notably, this offering is expected to reserve up to 30% of the shares for retail investors.

SpaceX’s core business is built on two main pillars: its dominant rocket launch business, and its Starlink low-Earth-orbit internet satellite services. Analysts point out that by 2026, the combined revenue from these two businesses is expected to be close to $20 billion, while xAI’s revenue contribution is expected to be less than $1 billion.

This company is not only one of the world’s most active launch service providers; with the Falcon 9 rocket dominating the market, its long-term vision is even more ambitious—to establish a lunar base and ultimately send humans to Mars.

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