The biggest IPO in history is coming! Elon Musk's SpaceX has reportedly filed for a public listing.

China Securities Journal News (April 2) (Edited by Niu Zhanlin) SpaceX, under Elon Musk’s companies, is reportedly already moving ahead with a possible milestone toward what could become the largest IPO in history, having secretly submitted its initial public offering (IPO) application documents to the U.S. Securities and Exchange Commission (SEC).

Insiders say the satellite manufacturing and rocket launch company has submitted its listing application in a confidential manner. Earlier reports said SpaceX plans to raise about $40 billion to $80 billion through an IPO, with a target valuation for the company of as much as $1.75 trillion.

This filing could enable the company to complete its listing as early as this July, a timeline consistent with the target Musk previously shared with insiders.

SpaceX may become the first case among the three biggest mega-IPO deals in 2026: the AI companies OpenAI and Anthropic are also preparing to go public within the year. At the same time, because investors worry that AI will reshape the software industry landscape, many smaller technology companies have had their IPO plans postponed.

Because SpaceX has chosen the currently popular secret-submission approach, most investors will have to wait until close to the time of listing to see the company’s financial data. This process allows regulators and the company to conduct multiple rounds of communication and revisions on the information to be disclosed before any formal release.

Insiders say SpaceX has selected five institutions—the Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—as joint lead underwriters. Several other investment banks will participate as co-underwriters. If the deal proceeds smoothly, these institutions are expected to earn underwriting fees of tens of millions of dollars.

In February this year, SpaceX and xAI, an artificial intelligence company under Musk, completed a merger, creating a mega-entity with a valuation of $1.25 trillion—one of the largest corporate integrations in U.S. history by deal size. By strengthening synergies between the two companies, Musk has provided xAI with stronger capital support to compete with larger rivals such as OpenAI and Anthropic.

For years, SpaceX’s sales, costs, profits, and balance-sheet information has been kept highly confidential, with only limited disclosure provided to investors closely connected to the company’s management team. At present, its spaceflight business has achieved revenue growth and has become profitable, but its AI business, xAI, is still in an early stage and requires substantial capital investment.

Once the prospectus is made public, the market is expected to gain its first comprehensive understanding of the operating situation of the post-merger company. Its business scope includes satellite manufacturing plants, rocket launch sites, and large xAI data center facilities in Memphis.

The documents may also disclose more customer information. SpaceX has built a large consumer business through Starlink, while also providing services to the U.S. National Aeronautics and Space Administration (NASA) and national security agencies.

For years, SpaceX executives have repeatedly claimed that the company would not go public until after it achieves regular rocket flights to Mars. But that strategy changed last year, and the company began pushing for a stock listing.

That is driven by a high-stakes gamble by Musk: he believes the next frontier in an AI-dominated era lies in building data centers in space. This is an extremely capital-intensive undertaking, and a mega IPO could provide funding support for the plan.

Once SpaceX ultimately lists, Musk will become the first entrepreneur to run two publicly traded companies with market values of $1 trillion each at the same time. Estimates put Musk’s net worth at nearly $84 billion, keeping him firmly in the position of the world’s richest person.

Reena Aggarwal, a professor of finance at Georgetown University, noted that even with Musk and SpaceX surrounded by hype, the company still needs a highly receptive public market to align. Owing to the recent Israel-U.S.-Iran war and the surge in oil prices, the stock market has been seeing intense fluctuations.

“Even if the company has outstanding fundamentals and massive investor demand, if the market turns pessimistic or volatility gets too high, the IPO could still fail. I hope the current geopolitical situation can cool down before June, so that uncertainty will ease.” However, she expects retail investors to show strong interest.