Elon Musk's SpaceX could lead a wave of jumbo IPOs after reportedly making this key move

SpaceX reportedly filed confidential IPO paperwork, setting the stage for a listing as soon as June

SpaceX was most recently valued at $1.25 trillion in the private market.

SpaceX seems to be getting a step closer to a blockbuster initial public offering.

Elon Musk's aerospace firm has submitted its draft IPO registration to the U.S. Securities and Exchange Commission, Bloomberg News reported, citing people familiar with the matter. That should put it on track for a June listing that could lead a trio of mega-IPOs expected soon. OpenAI and Anthropic are other major private companies that could soon test public-market appetites.

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

Confidentially filing IPO paperwork has become popular since it was introduced 14 years ago. Robinhood Markets (HOOD) and Krispy Kreme (DNUT) opted to file confidentially. So did Uber Technologies (UBER) and Lyft (LYFT).

See: Nasdaq paves the way for SpaceX and OpenAI to quickly join a premier index after IPOs

There are a few benefits to going this route. For one, companies get feedback from regulators before the public is allowed to view their financial information. The process also helps reduce lawsuits, frivolous or otherwise, which can negatively impact IPO proceeds, according to a 2020 study.

SpaceX, valued at $1.25 trillion following its recent acquisition of Musk's xAI, is reportedly seeking a $1.75 trillion valuation. The company is aiming to raise as much as $75 billion, far more than what Saudi Aramco hauled in through a $29.4 billion fundraise in 2019.

"They've been the best company I've ever worked with in 45 years," EchoStar CEO Charles Ergen, whose firm has a deal to acquire up to $11 billion worth of SpaceX stock, said on a March 2 earnings call. "I don't think any amount of valuation is probably crazy there."

The massive valuation stand in contrast to SpaceX's relatively meager financials. The company brought in an estimated $15 billion of revenue in 2025 and $7.5 billion in earnings before interest, taxes, depreciation and amortization, according to PitchBook. By contrast, Musk's Tesla (TSLA) generated $94 billion in sales last year.

Read: SpaceX's stock could trade like Tesla 'on steroids' after its IPO, analyst says

The funding SpaceX could secure is crucial for achieving Musk's ambitious goals, which range from developing an enormous satellite constellation that could power artificial intelligence to colonizing the moon and an ambitious chip-making collaboration with Tesla. Analysts say SpaceX's orbital data center and chipmaking plans could easily cost trillions of dollars to pull off.

See: 'Do you believe in Elon?': Musk tests Tesla investors' faith with an expensive chip-making plan

The company also needs to continue developing Starlink, a satellite-communications business that accounts for most of SpaceX's revenue, and rebuilding xAI. All of xAI's co-founders not named Elon Musk have reportedly left the company, which Musk said was "not built right." Ross Nordeen, the last of the group, exited xAI over the weekend.

SpaceX's plans are largely reliant on Starship, a mega-rocket capable of carrying dozens of satellites with every launch. Musk wants SpaceX to eventually launch a Starship every hour, on the hour, but the vehicle is still in the testing phase. The debut launch of the third-generation Starship is expected for sometime this month.

Don't miss: You can invest in SpaceX before its IPO - but should you?

-William Gavin

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