Elon Musk's SpaceX prepares for public offering

SpaceX, Elon Musk's spacecraft and satellite communications company, is preparing to go public after reportedly filing paperwork with the Securities and Exchange Commission (SEC).

After months of speculation, the company has confidentially filed for an initial public offering (IPO) and is aiming for a June listing, according to multiple outlets. Bloomberg reported that it is targeting a record-breaking $1.75 trillion valuation.

SpaceX, which Musk founded in 2002, was most recently estimated to be worth $1.25 trillion following its February acquisition of the tech mogul's AI company xAI.

Musk touted the newly merged company at the time as "the most ambitious, vertically-integrated innovation engine on (and off) Earth," while focusing heavily on the prospect of building data centers in space.

It marked the latest merger between the billionaire's sprawling network of companies. Last March, xAI acquired X in a deal valuing the AI firm at $80 billion and the social media company at $33 billion. Musk purchased X, previously known as Twitter, for $44 billion in 2022.

Even as investors await the SpaceX IPO, some have their sights set on yet another Musk company merger.

"We continue to believe that SpaceX and Tesla will eventually merge into one company in 2027 with the groundwork already in place for both operations to become one organization," Wedbush Securities analyst Dan Ives wrote in a note last week, as reports emerged about the public offering.

"Musk wants to own and control more of the AI ecosystem and step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution," he added.

The SpaceX filing also kicks off what is expected to be a series of major AI-related IPOs, as investors anticipate public offerings from OpenAI and Anthropic as well.