SpaceX Moves Toward June IPO at $1.75T Valuation

TLDR

• SpaceX has confidentially filed draft registration documents with the US Securities and Exchange Commission for an IPO.
• The company is targeting a June listing with a valuation that could exceed $1.75 trillion.
• Reports indicate that SpaceX may seek to raise about $75 billion through the public offering.
• Reuters reported that SpaceX is working with 21 banks to manage the IPO process.
• Elon Musk recently merged SpaceX with xAI in an all-stock transaction valued at $1.25 trillion.

SpaceX has confidentially filed draft registration documents with the US Securities and Exchange Commission for a public offering. The move advances plans for a potential June listing at a valuation above $1.75 trillion. Bloomberg reported the filing, citing people familiar with the matter.

SpaceX IPO Advances With Targeted $75 Billion Raise

Bloomberg reported that the company submitted documents to the SEC in recent weeks. The report said SpaceX could seek a valuation exceeding $1.75 trillion. The company has not issued a public statement on the filing.

Earlier reports indicated that SpaceX considered a confidential filing as soon as March. Bloomberg also reported that the company discussed raising about $75 billion. The Information reported that the offering could exceed $75 billion if completed as planned.

Reuters reported that SpaceX has engaged 21 banks to work on the IPO. Citigroup joined Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley in senior roles. These banks will support underwriting and coordination for the listing.

If the company raises $75 billion, it would exceed Saudi Aramco’s $29.4 billion IPO in 2019. Saudi Aramco currently holds the record for the largest public debut. SpaceX could surpass that benchmark by a wide margin.

Combined SpaceX and xAI Entity Prepares for Market Debut

Elon Musk founded SpaceX in 2002 and expanded it into launch and satellite services. The company reported about $16 billion in revenue last year. It generated about $8 billion in profit during the same period.

In recent weeks, Musk combined SpaceX with xAI in an all-stock transaction. The deal valued SpaceX at $1 trillion and xAI at $250 billion. The combined entity now carries a valuation of $1.25 trillion.

Musk founded xAI in 2023 with 11 engineers. All 11 engineers have since departed following internal restructuring. The merged structure now integrates satellite operations and artificial intelligence development.

SpaceX plans to use IPO proceeds to support new infrastructure projects. The company aims to build orbital data centers through an expanded Starlink network. In February, SpaceX filed an FCC application for up to one million Starlink satellites.

Musk also confirmed plans for a chip factory in Austin, Texas. SpaceX and Tesla will produce inference chips and high-performance processors at that site. The chips will support vehicles, robotics, and space-based systems.

The company has stated that it expects to spend more than $20 billion this year. That figure excludes costs for the Texas chip factory and solar projects. The confidential filing now places the company on track for a June market debut.

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