SpaceX Files Confidentially for IPO at $1.75 Trillion Valuation — Largest in History

SpaceX has confidentially filed for an initial public offering targeting a $1.75 trillion valuation — a figure that would make it the largest IPO in human history, surpassing Saudi Aramco's $29.4 billion raise in 2019 by more than three times. The filing, submitted to the SEC on April 1, 2026 under "Project Apex," positions the company for a potential Nasdaq listing as early as June 2026.

A Valuation That Rewrites Records

At $1.75 trillion, SpaceX would rank among the five largest companies on Earth — below Apple, Microsoft, and Nvidia, but above Meta and Tesla. The company plans to raise over $75 billion through the offering. Elon Musk holds approximately 42% of SpaceX pre-IPO; even after dilution, his stake would represent one of the largest individual positions in any publicly traded company.

Twenty-one major banks have been assembled to manage the listing — itself a signal of how seriously Wall Street is treating the offering.

What's Driving the Valuation

Starlink is the engine. SpaceX's satellite internet service surpassed 10 million global subscribers in early 2026 and is projected to generate $24 billion in annual revenue by year-end. That recurring subscription base, combined with the Defence Department and NASA contracts totalling $6 billion over five years, gives SpaceX the kind of predictable revenue profile public markets reward.

Starship adds the upside. SpaceX completed 25 Starship flights in 2025, with commercial missions now priced at $90 million per launch and 100-ton payload capacity to low Earth orbit. Five more uncrewed Mars-window missions are planned for late 2026 — a timeline that turns science fiction into investor roadmap.

The xAI Merger Factor

The IPO follows SpaceX's merger with Musk's xAI, creating what he has called a vertically integrated "Space-AI" conglomerate. The combined entity pairs Starlink's global connectivity infrastructure with xAI's model development and compute ambitions — a combination that reframes SpaceX not merely as a launch company, but as AI infrastructure for the cosmos.

Complications: DOGE, Tesla, and Timing

Musk's political entanglement with DOGE created brand headwinds across his portfolio in early 2026. European boycotts and consumer backlash hit Tesla hard, and critics have raised questions about government contract conflicts for a company whose founder directed federal spending. Musk has since confirmed he will not participate in DOGE again — a signal partly aimed at smoothing the IPO path.

The Bottom Line

SpaceX going public is one of those events that reshapes an entire market. Whether the $1.75 trillion valuation holds through the roadshow will depend on how investors price Starlink's growth ceiling and Starship's commercial timeline. But the filing itself is already the biggest news in finance in years — and it hasn't even priced yet.