SpaceX, the rocket maker and satellite operator controlled by billionaire Elon Musk, has confidentially filed for an initial public offering, which could pave the way for the biggest stock market listing in history.
Texas-based company Starbase is targeting a valuation of more than $1.75 trillion, Bloomberg News reported on Wednesday (April 1, 2026), citing people familiar with the matter. This would signal that space exploration has moved from a speculative venture to a mainstream investment.
The filing for the SpaceX IPO follows the merger of SpaceX and Musk’s AI startup xAI. That deal valued the Rocket business at $1 trillion and the developer of the Grok chatbot at $250 billion. Last year, the world’s richest man merged X (formerly Twitter) into XAI through a share swap.
Musk is reportedly seeking a SpaceX listing on Nasdaq.
SpaceX IPO: breaking records
SpaceX could try to raise more than $50 billion, which would surpass the $29.4 billion raised by Saudi Aramco in 2019. The move is a blow to the dormant US IPO market, potentially opening the door to companies like OpenAI and Anthropic.
“Investors are scrambling to make any kind of investment in SpaceX,” Angelo Bochanis, an analyst at Renaissance Capital, told Reuters. He said while the company’s fundamentals are strong, its valuation—much like that of Tesla Inc.—will trade on the public’s confidence in Musk’s long-term vision.
According to reports, SpaceX made a profit of ~$8 billion on revenues of approximately $15.5 billion last year. This profitability is based on two primary drivers:
- A fleet of reusable Falcon 9 and Falcon Heavy rockets that have reduced the cost of reaching orbit.
- The satellite internet group, called Starlink, provides high-margin recurring revenue for Musk’s broader ambitions.
SpaceX IPO: All eyes on Musk
A public listing would examine Musk’s business empire, which includes Tesla, Neuralink and The Boring Company. Investors have expressed concerns over “major risks” and the ability of billionaires to manage multiple trillion-dollar enterprises simultaneously.
To maintain his holding, Musk is expected to use a dual-class share structure. “This would allow Musk to tap public capital while maintaining control even after substantial dilution,” Minamo Gahang, an assistant professor of finance at Cornell University, told Reuters.
SpaceX is currently seeking regulatory approval to launch up to 1 million solar-powered satellites designed to act as orbital data centers — a move that would combine its launch capabilities with xAI’s processing needs.
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SpaceX IPO: A strategic frontier
The IPO comes as the new space race becomes a matter of national security. With NASA’s increasing reliance on commercial partners for lunar missions and the Pentagon viewing space as a contested domain, SpaceX’s infrastructure has become a strategic asset.
By taking the company public, Musk is not only seeking the capital needed to reach Mars, but also betting that Wall Street’s current obsession with AI will spread to the stars.