Elon Musk’s SpaceX starts IPO process behind closed doors in potential record-breaking debut

For years, SpaceX has kept the hard numbers close to the chest. Sales, costs, profits, and balance-sheet details have mostly stayed inside a small circle of investors with direct access to the company’s leadership.

That could soon change. Once the filing becomes public, it is expected to give a much clearer look at how the combined business actually works behind the scenes. That now covers a lot more than rockets. It stretches from satellite production and launch sites to xAI’s huge facility in Memphis.

The space business already has real revenue coming in and has been making money. xAI is a different story. The artificial intelligence arm is still much earlier in its build-out and needs heavy funding as it grows.

The documents are also likely to show more about who pays SpaceX and where that money comes from. The company has built a major consumer business through Starlink. It also does work for the National Aeronautics and Space Administration and for US national-security agencies.

For a long time, SpaceX executives said the company would wait to go public until its rockets were flying to Mars on a regular basis. That plan changed last year.

According to Wall Street media, Elon Musk has submitted a confidential draft registration to the US Securities and Exchange Commission (SEC), after which SpaceX will hear back from the regulator, make changes, and sort things out before the market sees the full document.

SpaceX has privately started the process to go public, pushing Elon Musk’s rocket, satellite, and AI company closer to what will become the biggest stock market debut ever.

According to Wall Street media, Elon has submitted a confidential draft registration to the US Securities and Exchange Commission (SEC), after which SpaceX will hear back from the regulator, make changes, and sort things out before the market sees the full document.

Right now, the timeline points to a possible June listing. If that happens, SpaceX would likely be the first in a run of giant IPOs that could also include OpenAI and Anthropic later on.

The size being discussed is huge. SpaceX could go into the offering at a valuation of more than $1.75 trillion. That would put it in record territory. It also comes after the company bought Elon’s AI startup, xAI, in a deal that valued the combined business at $1.25 trillion.

As Cryptopolitan previously reported, SpaceX is also considering a dual-class share structure, which would give insiders, including Elon, extra voting power and keep decision-making tightly controlled after the company goes public.

At the same time, we also covered earlier that the IPO is expected to include a major retail piece, with as much as 30% of the shares possibly set aside for smaller investors. If that holds, everyday buyers could end up getting a bigger slice than they usually do in deals of this size.

A lot of the key numbers are still not public. SpaceX has not yet disclosed how many shares it plans to sell or the price range for the IPO.