SpaceX IPO Filing Targets June Debut At Up To $1.75T

SpaceX has filed confidentially for an IPO in the US. People familiar with the matter said the draft registration went to the Securities and Exchange Commission, putting a June debut on the table. At scale, it would reset the IPO tape. 

The confidential process lets SpaceX address regulator feedback before disclosures become public, with share count and price range expected in a later filing. SpaceX is scheduling investor briefings with executives this month. Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley are set for senior roles, with a dual-class structure and up to a 30% retail allocation under consideration.

Bloomberg News has reported the offer could raise as much as $75 billion, well above Saudi Aramco’s $29 billion record debut in 2019. Talks have pointed to a valuation above $1.75 trillion. SpaceX recently acquired Musk’s xAI in a deal valuing SpaceX at $1 trillion and the AI unit at $250 billion, sources told Reuters. 

The banking roster is also expanding beyond Wall Street. Barclays is slated to run UK orders, while Deutsche Bank and UBS are working on European demand, people familiar said. Citigroup is coordinating international roles, and regional banks are managing Canada, Asia and Australia, Bloomberg News has reported. 

Much of the pitch rests on Starlink cash flow. Reuters said Starlink serves more than nine million users and provides 50% to 80% of revenue, giving the business a subscription-style profile. Bloomberg Intelligence estimates 2026 revenue near $20 billion. That estimate has xAI contributing under $1 billion, leaving the listing story tied to launches and satellites rather than model sales. 

A dual-class structure would likely keep control with Elon Musk, while a large retail allocation could broaden demand and scrutiny at the same time. The next milestone is the first public S-1. Investors will watch for analyst-day readouts and any timetable update as SEC review advances.