Key points:

• SpaceX confidentially files for US IPO
• Potential valuation of $1.75 trillion
• IPO could raise $40B to $80B

Elon Musk’s space exploration company is shaping up as the world’s largest float ever.

🚀 The Largest IPO in History. If It Happens.

• SpaceX SPACEX has confidentially filed IPO paperwork with the Securities and Exchange Commission, according to people familiar with the matter.
• The giant company is targeting a valuation of more than $1.75 trillion and a capital raise of between $40 billion and $80 billion, the WSJ reported.
• If those numbers hold at listing, it would be the largest initial public offering in stock market history by a significant margin, eclipsing Saudi Aramco’s $25.6 billion raise in 2019.
• A confidential filing is standard practice for large IPOs and allows the company and SEC regulators to exchange feedback on disclosures privately before the prospectus becomes public. Most investors will not see SpaceX’s financial performance until closer to the actual listing date.
• The valuation reflects the post-merger reality. SpaceX combined with xAI earlier this year in a deal that valued the rocket company at $1 trillion and the Grok developer at $250 billion.

🛸 What SpaceX Really Is at This Point

• SpaceX puts more rockets into space than any other company on earth and operates Starlink, a satellite communications network that has opened internet access across much of the globe and is increasingly being used in active military conflicts.
• The sci-fi part: It aspires to return humans to the moon, colonize Mars, and put AI data centers in orbit. The breadth of what the company is attempting simultaneously has no precedent in corporate history.
• The xAI merger adds the Grok chatbot and AI research capabilities to a company already building the physical infrastructure to run AI computing from space. Terafab, the chip manufacturing joint venture with Tesla announced last week, is part of the same vertical integration vision.
• A single entity designing AI, building chips to run it, launching satellites to compute it from orbit, and selling internet connectivity to fund it all is not a company that fits neatly into any existing valuation framework.
• Starlink’s revenue generation is the most immediate and tangible financial story investors will look for in the prospectus. The satellite internet business has millions of subscribers paying monthly fees across consumer, enterprise, and government contracts.

📋 Three Mega-IPOs Waiting in the Wings

• SpaceX is likely the first of what could be three landmark public offerings in 2026. OpenAI and Anthropic are both waiting in the wings for potential listings before year end, setting up a second half of the year that could redefine the IPO market after a period of significant drought.
• Many smaller technology company IPOs have been pushed back as AI disruption fears have made investors cautious about enterprise software business models generally.
• The contrast between the smaller IPO drought and the mega-IPO pipeline is telling a story. Investors are being selective, concentrating appetite on companies at the center of the AI infrastructure buildout.
• For TSLA investors, the SpaceX IPO filing adds another dimension to the Musk ecosystem valuation craze.
• Tesla has long been argued to carry an implicit Musk premium reflecting his involvement across his many companies.
• A public SpaceX with its own market cap and its own shareholder base changes how that premium gets allocated and may force a more precise accounting of what exactly Tesla’s standalone business is worth independent of the broader Musk universe.

Source: Tradingview