SpaceX: Historic IPO Could Happen as Soon as June, to Beat OpenAI and Anthropic

Elon Musk's space company SpaceX has filed confidential documents for an initial public offering with the U.S. Securities and Exchange Commission (SEC). According to information from informed sources, this could become the largest IPO in history. The filing brings Elon Musk's conglomerate, which combines rockets, satellites, and artificial intelligence, one decisive step closer to the public capital markets.

The registration documents will initially remain sealed. Under SEC regulations, SpaceX must publish its S-1 prospectus no later than 15 days before the start of the investor roadshow. Observers expect a stock market listing as early as June 2026. Until the documents are disclosed, important details about the company's financial condition will remain in the dark.

SpaceX is reportedly targeting a valuation of $1.75 trillion and plans to raise around $75 billion through the IPO. These figures significantly exceed the most recent private market valuation, where the company was last valued at $1.25 trillion. The targeted valuation would make SpaceX the most valuable publicly listed technology company.

What revenues the Starlink satellite internet service generates, how high the capital burn rate of the Starship program is, and how the recently integrated AI division xAI is embedded in the corporate structure all remain unclear for now. This information will only become available with the publication of the prospectus. Investors and analysts will until then have to rely on speculation about the actual earning power of Musk's orbital empire.

The SpaceX IPO could mark the beginning of a wave of exceptionally large IPOs. Alongside SpaceX, the AI companies OpenAI and Anthropic are also preparing for stock market listings. This trio of mega-IPOs will put the absorption capacity of the public capital markets to an unprecedented test. SpaceX would be the first of these three companies to venture onto the stock market, potentially paving the way for the others -- or draining the market with its giant IPO, leaving little for the rest.

After all, Musk and OpenAI CEO Sam Altman are arch-enemies; they will face each other in court in April.