Billionaire Elon Musk's rocket company SpaceX, which is also parent to his artificial intelligence startup xAI, has confidentially submitted draft initial public offering (IPO) filings, Bloomberg reported on Wednesday, citing sources. If it goes through, this will become the biggest-ever listing, beating Saudi Aramco's debut in 2019.
SpaceX has filed its registration to the United States Securities and Exchange Commission (US SEC), sources told the publication. This puts the company on track for a June listing ahead of AI rivals Anthropic PBC and OpenAI, it added. All three are hyped for mega public debuts on the US stock markets this year.
A spokesperson for SpaceX did not immediately respond to queries, the report added.
What is the valuation of SpaceX's IPO?
As per the sources, Musk's rocket, satellite and AI company could seek a valuation of over $1.75 trillion in the IPO. Notably, SpaceX in February acquired xAI in a deal that valued the enlarged entity at $1.25 trillion.
In a confidential filing, companies can receive feedback from the regulator and make changes before the information becomes public. Details of the offering including the number of shares to be sold and the price range are expected to be disclosed in a later filing, the report added.
A previous Bloomberg News report said that SpaceX's listing would raise as much as $75 billion — miles ahead of current biggest IPO record holder, Saudi Aramco’s $29 billion listing seven years back.
SpaceX looks to fund ‘insane flight rate’: What we know
- In a memo, SpaceX said it’s preparing for a possible IPO in 2026 that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon, as per Bloomberg.
- It added that sources said the company has lined up Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley for senior roles on the IPO, and has added more banks to the lineup.
- According to a Reuters report citing a source, SpaceX is set to hold a virtual financial discussion with banks on 4 May.
- SpaceX is considering a dual class share structure that would potentially give insiders such as Musk extra voting power to dominate decision making, the Bloomberg News report added.
(With inputs from Bloomberg)
