SpaceX, the aerospace company led by Elon Musk, has confidentially submitted paperwork for an initial public offering to the US Securities and Exchange Commission, according to a report from Bloomberg citing people familiar with the matter. The filing moves the company closer to what analysts believe could be the largest public listing in US history. Sources indicate the IPO could be finalized as early as June.
The company is reportedly targeting a valuation exceeding $1.75 trillion, a figure that would place it above Meta, Tesla, and Bitcoin in terms of market worth. SpaceX could also raise as much as $75 billion through the offering, which would more than double the record set by Saudi Aramco‘s $29 billion debut in 2019. Prospective investors have reportedly been told to expect briefings from company executives later this month.
SpaceX is weighing a dual-class share structure that would preserve greater voting control for insiders, including Musk himself. Up to 30% of shares are expected to be allocated to individual investors. Major Wall Street institutions, including Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup, are expected to play roles in the company’s transition to a publicly traded entity.
The potential IPO comes shortly after SpaceX’s acquisition of Musk’s AI startup xAI in early February, positioning the company in direct competition with OpenAI, Anthropic, and other private artificial intelligence firms. OpenAI, the organization behind ChatGPT, recently closed a funding round with $122 billion in committed capital, pushing its valuation to $852 billion. OpenAI is separately expected to file for its own IPO in 2026, while Anthropic is also exploring a public listing.
SpaceX currently holds 8,285 Bitcoin valued at more than $565 million on its balance sheet. However, the company moved its holdings to a new wallet address in October, prompting questions about its long-term intentions regarding the cryptocurrency. No official statement has been made clarifying the company’s strategy.
Trading platforms such as Robinhood and Kraken have been working to offer tokenized shares in high-profile private companies, including SpaceX and OpenAI, through blockchain technology. Robinhood CEO Vladimir Tenev stated in February 2025 that retail investors have historically had limited access to private technology firms, and that tokenization could help expand that participation. A traditional IPO, however, would make SpaceX shares available on conventional stock exchanges without the need for such intermediaries.
Originally reported by CoinTelegraph.
