SpaceX has taken a major step toward going public. The rocket and satellite company of Elon Musk confidentially filed for a U.S. initial public offering, according to people familiar with the matter. The move puts SpaceX in a position to potentially outpace rivals like OpenAI and Anthropic in the race to tap public markets.
SpaceX’s potential debut could be historic. Sources suggest the company may target a valuation of more than $1.75 trillion, making it one of the largest stock market listings ever. The filing follows SpaceX’s merger with Musk’s AI venture, xAI, in a deal that valued SpaceX at $1 trillion and xAI at $250 billion.
READ: SpaceX to pursue ‘one of the largest’ IPOs in 2026 (December 10, 2025)
Driven by a strong pipeline of well-known private companies and pent-up investor demand, Wall Street is growing more hopeful that 2026 could be a breakout year for IPOs. Should big companies go with listings, Goldman Sachs estimates that U.S. IPO proceeds could explode to a record $160 billion this year.
SpaceX dominates the commercial space sector, launching more rockets than any competitor. It also operates a rapidly expanding satellite communications network that delivers internet access globally and plays an increasing role in defense applications. Beyond that, SpaceX has ambitions to support lunar missions, enable Mars colonization, and even deploy artificial intelligence data centers in space.
To prepare for the listing, SpaceX is engaging analysts through a series of events, including an in-person analyst day on April 21, a visit to xAI’s “Macrohard” data center in Memphis on April 23, and a virtual financial modeling session scheduled for May 4.
READ: Is Elon Musk trying to influence SpaceX’s valuation ahead of IPO (February 3, 2026)
Still, uncertainties remain. Geopolitical tensions and structural shifts in global markets continue to drive volatility in equities, posing risks to IPO momentum.
Valuing SpaceX may prove challenging, as investor sentiment around Musk’s long-term vision could heavily influence pricing. Angelo Bochanis of Renaissance Capital noted, “Investors could use a sum-of-the-parts analysis, but, like with Tesla, SpaceX’s valuation could very much fluctuate wildly based off how much the public believes in Musk’s vision. So far, investors seem to be clamoring for any sort of exposure to SpaceX.”