Elon Musk's SpaceX Files Confidentially For IPO Ahead Of AI Rivals

SpaceX has filed confidentially for an initial public offering, according to people familiar with the matter, bringing billionaire Elon Musk's rocket, satellite and AI company closer to delivering the biggest-ever listing.

The company submitted its draft IPO registration to the US Securities and Exchange Commission, the people said, asking not to be identified as the information isn't public. The filing puts it on track for a June listing, which would make SpaceX the first of what could be a trio of mega-IPOs, ahead of OpenAI and Anthropic PBC.

A representative for SpaceX didn't immediately respond to a request for comment.

SpaceX could seek a valuation in the IPO of more than $1.75 trillion, people familiar with the matter have said. The company acquired Musk's artificial intelligence startup xAI in a deal that valued the enlarged entity at $1.25 trillion.

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In a confidential filing, companies can receive feedback from the regulator and make changes before the information becomes public. Details of the offering including the number of shares to be sold and the price range are expected to be disclosed in a later filing.

A listing for SpaceX would raise as much as $75 billion, Bloomberg News has reported. At that size, it would dwarf the current record holder, Saudi Aramco's $29 billion debut in 2019.

In a memo, SpaceX said it's preparing for a possible IPO in 2026 that would be aimed at funding an “insane flight rate” for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon.

SpaceX has lined up Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley for senior roles on the IPO, people familiar with the matter have said, and has added more banks to the lineup.

The company is considering a dual-class share structure in the IPO that would potentially give insiders such as Musk extra voting power to dominate decision making, Bloomberg News has reported.

The world's most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit. The company is focused on building out a base on the moon before pursuing its long-held mission of sending humans to Mars, Musk has said.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of thousands of satellites that serves millions of customers.