Summary:
SpaceX has reportedly filed confidentially for a massive IPO that could raise up to $75 billion and value the company at over $1.75 trillion, potentially making it the largest public offering ever. The filing with the US SEC may pave the way for a listing as early as June, ahead of rivals like OpenAI and Anthropic. The company’s revenue is largely driven by its rocket launches and Starlink business, which are expected to generate nearly $20 billion by 2026, while its newer AI unit remains relatively small. Starlink, with over 10 million users and expanding beyond rural markets, is emerging as a major competitor in the broadband space, while SpaceX continues to advance its Starship program for future large-scale missions and satellite deployments.
SpaceX — the aerospace, satellite, and artificial intelligence company founded by Elon Musk — has reportedly made a confidential submission for an initial public offering (IPO) that could raise up to $75 billion and target a valuation exceeding $1.75 trillion, according to Bloomberg.
The report states that SpaceX filed a draft registration with the US Securities and Exchange Commission (SEC), potentially setting the stage for a public listing as early as June. This timeline could place it ahead of anticipated IPOs from AI competitors like OpenAI and Anthropic.
If completed, the offering could become the largest IPO in history, with the company said to be considering a valuation above $1.75 trillion. Earlier in February, SpaceX acquired Musk’s AI venture xAI in a deal that valued the combined entity at $1.25 trillion.
The SEC will now review the filing and provide feedback. Specific details, such as the number of shares to be offered and their pricing, are expected to be disclosed in a subsequent filing. Bloomberg also noted that up to 30% of the shares may be allocated to retail investors.
According to The Wall Street Journal, SpaceX has selected Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to manage the IPO. The company is also reportedly considering a dual-class share structure that would grant Musk and other insiders enhanced voting control.
A future public filing is expected to outline detailed information about SpaceX’s financials, customer base, partnerships, and overall operations.
Core revenue drivers: rockets and Starlink
Bloomberg Intelligence estimates that the majority of SpaceX’s revenue comes from its launch services and Starlink satellite business. Together, these segments are projected to generate close to $20 billion in revenue by 2026, compared with under $1 billion from the xAI division. Data cited by CNBC from FedScout indicates that SpaceX has secured over $24.4 billion in US federal contracts since 2008.
The company’s launch operations are currently led by the Falcon 9 rocket. Meanwhile, its next-generation Starship vehicle — despite facing delays and launchpad incidents — is designed to carry significantly larger payloads, including upcoming V2 and V3 Starlink satellites for its low-Earth orbit broadband network, as well as future missions to the Moon and Mars.
Starship is also expected to support SpaceX’s ambitions to deploy orbital AI data centers made up of as many as one million satellites. Other companies, such as Starcloud, which recently raised $170 million, are also depending on Starship’s development for similar goals.
Starlink’s growing reach
SpaceX’s Starlink division has deployed more than 10,000 satellites and serves over 10 million users globally, including around 2.5 million in the United States. The service also offers direct-to-device (D2D) connectivity and plans to expand further using spectrum acquired from EchoStar.
Initially aimed at underserved rural areas, Starlink has increasingly expanded into urban and suburban markets, focusing on monetizing its growing spectrum resources. Its broader reach and competitive positioning are making it a significant challenger to traditional broadband providers. Hans Geerdes, principal strategist at CableLabs, recently noted this shift at an industry conference in Denver.
Supporting this view, Opensignal highlighted in a recent report that Starlink has evolved from a niche solution into a major disruptive force. The firm also observed a shift in customer trends in the US, with Starlink now attracting more users from cable providers rather than primarily drawing from telecom and satellite services.
