SpaceX has confidentially submitted draft registration documents (IPO) to the U.S. Securities and Exchange Commission, according to reports from Bloomberg and CNBC published April 1, 2026.
The company is targeting a valuation of more than $1.75 trillion and aims to raise as much as $75 billion in what would be the largest public offering in history, surpassing Saudi Aramco’s $29 billion debut in 2019.
The reported raise would dwarf recent high-profile market debuts by an order of magnitude. AP News, citing two separate sources familiar with the matter, offered a slightly more conservative read – a potential $75 billion raise at approximately $1.5 trillion valuation – underscoring that figures remain unverified absent a public registration statement.
Inside SpaceX $75 Billion Confidential IPO Filing and June 2026 Timeline
The confidential filing route, permitted under SEC rules for emerging growth companies, allows regulators to review financial disclosures privately before they become public.
Under those same rules, the draft registration statement and any prior amendments must appear on EDGAR at least 15 days before SpaceX initiates any investor roadshow – making that public filing the next critical procedural milestone to watch.
Bloomberg reported the filing was conducted under the internal codename “Project Apex,” with approximately 21 banks involved.
Source: Short Squeez
Lead underwriters include Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley, with Citigroup joining in a senior role. A June 2026 listing timeline would position SpaceX ahead of other anticipated blockbuster offerings, including OpenAI and Anthropic, though no company comment has emerged and the timeline remains subject to regulatory clearance.
The reported $1.75 trillion valuation reflects a recent all-stock merger between SpaceX and Elon Musk’s artificial intelligence startup xAI. That transaction valued standalone SpaceX at approximately $1 trillion and xAI at $250 billion, forming a combined $1.25 trillion entity before any IPO-driven uplift. The gap between the merger-implied value and the IPO target range suggests underwriters are pricing in meaningful demand premium, though that remains speculative until a public S-1 is filed.
Proceeds, according to an internal memo viewed by Bloomberg, would fund what the company described as an “insane flight rate” for its Starship rocket program, artificial intelligence data centers in space, and a lunar base. Those use-of-proceeds disclosures will face formal scrutiny once the registration statement becomes public. Assuming regulatory approval and market conditions hold, a June roadshow would put pricing in late Q2 2026.
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